Belarus Implements Cryptocurrency Accounting Standards

Rate this post

The Eastern European country Belarus, has adopted a new accounting standard that includes cryptocurrencies. Digital tokens are classified according their acquisition and use. At the same time, the document explains which information companies will have to share with the local authorities. The decree regulating the cryptocurrency industry will be effective on March the 28^th.

Belarus Modernizes the Country

Belarus is known in the cryptocurrency community to be one of the most favourable countries towards cryptocurrencies on earth. It has implemented several measures that regulate the market, but at the same time allow the industry to grow. For example, there is a free tax zone (or reduced tax zone) for cryptocurrency companies that want to settle their operations in the country.

The new standards that have been developed by the Ministry of Finance, companies would be able to keep accounting records for cryptocurrency transactions. This is an important step that would allow crypto investments to operate on a legalized environment. The document does not mention cryptocurrencies by their name but they explain that it regulates cryptocurrency flows in general

The new standards approved consider tokens according to their acquisition and their intended use. Tokens that are acquired through an Initial Coin Offering (ICO) are referred to as investments. Depending on the time frame in which the tokens will be circulating, they would be considered as long term financial investments or as short term financial investments. If the period of time in which they would be in circulation exceeds 12 months, they would be considered as long term financial investments.

At the same time, if the tokens are bought thinking about a selling them in the future, they must be reported as “goods” in the debit account. The tokens that have been acquired by miners or for the verification of cryptocurrency transactions, should be considered as “finished goods” debit account and as “main activities” in the credit section of the balance.

Belarus Cryptocurrency Land

In the past, this country has been in the media due to the fact that it is deeply involved in cryptocurrency operations. The government has taken a very friendly approach to cryptocurrencies and enterprises are settling their investment operations there.

Belarus has an important human resource related to the financial and IT industry. This is also an important advantage over other countries.

In the next weeks, Belarus would be legalizing cryptocurrencies, Initial Coin Offerings, and mining activities. The president, Alexander Lukashenko, will sign a decree that will consider cryptocurrencies as legal assets.

Tut By Media reported about that:

“The decree provides for the introduction into civil circulation of cryptocurrencies and tokens based in the technology of blockchain. A comprehensive legal regulation is proposed so that HTP residents can provide crypto exchange services, exchange cryptocurrencies, attract financing through ICOs, and use cryptocurrencies and tokens in civil circulation.”

Join the conversation over at Telegram (https://t.me/coinstaker)

Image Courtesy of Pixabay