• Belarus will allow crypto businesses, including miners, to operate tax-free until 2025.
• Exempted taxes include value added tax, income tax and personal taxes.
• The latest news from Belarus indicates the country has extended its tax exemptions for crypto related platforms and entities.
Belarus Extends Tax Exemptions for Crypto Firms
Belarus recently signed a decree that allows crypto miners and developers to operate tax-free within the country until 2025. This includes value added tax, income tax, and personal taxes, as well as firms and individuals working around the exchange of coins and tokens for the Belarusian ruble and foreign currencies. This is part of an effort by Belarus to incentivize more crypto-related investments in their jurisdiction.
Countries with Crypto Tax Exemptions
Several other countries have followed suit in providing a welcoming environment for crypto firms by offering them tax exemptions. These countries include Singapore, the UAE, Switzerland and Germany – all of which are now considered “crypto-tax free” jurisdictions.
Benefits of Crypto Tax Exemption
The benefits of being able to enjoy these exemptions are twofold: firstly it reduces the cost of doing business in these countries; secondly it encourages more people to invest in cryptocurrencies in those areas as they do not have to worry about high taxation costs eating into their profits or returns on investment.
High-Tech Park Incentive
In 2017, Belarus unveiled its High-Tech Park initiative which sought to attract new waves of crypto miners into the country. Coupled with incentives offered through making initial coin offerings (ICO) legal, this move is another example that illustrates how serious the country is about encouraging more people towards investing in cryptos within its borders.
Conclusion
Taxation can be an inhibitor when it comes to investing in cryptocurrency but thankfully there are some places where investors can take advantage of exemptions or even zero taxation on their investments which makes them a much more attractive option than other locations that impose high rates on digital assets transactions.