Last week new regulation was passed by Belarusian government.

The new law cuts the taxes for crypto businesses encouraging the development of cryptocurrency and blockchain related companies.

The new decree was signed by the Belarusian president, Alexander Lukashenko, last Friday and it legalizes all the businesses that are based on blockchain technology. Not only legalizes but also offers extraordinarily controversial tax reduction, which is complete removal of taxation for companies focused on developing blockchain technology. The incomes from such businesses will not be taxed until 2023.

The new law is a part of a big plan – to create the most advanced technological center in this part of Europe. The decree will probably boost the High-Tech Park development, which is a special economic zone, which the government created in 2005 near Minsk. Right now the only companies that use this zone are foreign software houses that are exploiting the Belarusian economic system – lower wages for programmers as well as low taxation. The plan is to create a business incubator there, that will support the development of private Belarusian companies and start-ups that are operating in a field of cryptocurrencies.