Belarus Releases Cryptocurrency Accounting Standard

last year Minsk made a strategic decision to embrace crypto, surprising many of its critics. In December, President Lukashenko Decree №8 to legalize cryptocurrencies, initial coin offerings, and smart contracts. It on March 28 and introduces tax breaks and other incentives for crypto-related activities until 2023, in order to develop the local digital economy.

The document defines the information companies will be required to share with authorities.

Tokens, or “digital signs” as they are referred to in the document, purchased for the “realization of token-certified rights” will be classified under the credit categories “Settlements with various creditors and debtors” and “Other expenses and revenues.”

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.

Tokens that are to be sold again must be classified under the “Goods” debit section and the “Settlements with contractors and suppliers” and “Current expenses and incomes” credit sections, and those obtained by crypto mining go under the “Finished Products” debit account and the “Primary Production” credit account.

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The government has also decreed that data companies must disclose their accounting records, which include values, amounts and types. Interestingly, there is a stipulation in the regulations that says that any state-controlled crypto will be exempt from a number of these laws, which could imply that Belarus are gearing up to launch their own crypto – or are at least thinking about it.

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.”

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