DECREE OF THE PRESIDENT OF THE REPUBLIC OF BELARUS

of December 21, 2017 No. 8

About development of digital economy

For the purpose of development of the Park of high technologies, the innovative sphere and creation of modern digital economy in the Republic of Belarus I decide:

1. Extend till January 1, 2049 the validity of special legal regime of the Park of high technologies with preserving exterritoriality, having in addition granted to residents of this Park the right to implementation in accordance with the established procedure:

educational activities in the field of information and communication technologies;

activities in the field of cybersport, including training of cyberteams, the organization and competitions, the organization of their broadcastings;

activities in the field of artificial intelligence, creation of systems of pilotless control of vehicles;

other types of activity specified in Regulations on the Park of high technologies approved by the Decree of the President of the Republic of Belarus of September 22, 2005 No. 12.

2. Create conditions for implementation in economy of the Republic of Belarus to technology of the register of blocks of transactions (блокчейн) *, other technologies based on the principles of distribution, decentralization and safety of the transactions made with their use. Taking into account that before adoption of this Decree the address of digital signs (tokens) (further - token) was not settled by the legislation and, respectively, they were not object of legal relationship, to determine that:

2.1. legal entities have the right to own tokens and taking into account the features established by this Decree, to make the following transactions:

through the resident Park of high technologies performing the corresponding type of activity to create and place own tokens in the Republic of Belarus and abroad;

store tokens in virtual purses;

through operators of cryptoplatforms, operators of exchange of cryptocurrencies, other residents of the Park of the high technologies performing the corresponding type of activity to acquire, alienate tokens, to make with them other transactions (transactions).

Legal entities - residents of the Park of high technologies have the right to perform the competences specified in parts one of this subitem, and also other activities with use of tokens according to the procedure, the established Regulations on the Park of high technologies;

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* For the purposes of this Decree terms are used in the values determined according to appendix 1.

2.2. physical persons have the right to own tokens and taking into account the features established by this Decree, to make the following transactions: mining, storage of tokens in virtual purses, exchange of tokens for other tokens, their acquisition, alienation for Belarusian rubles, foreign currency, electronic money and also to grant and bequeath tokens.

The activities for mining, acquisition, alienation of tokens performed by physical persons independently without involvement of other physical persons according to employment and (or) civil contracts are not business activity. Tokens are not subject to declaring.

Individual entrepreneurs - residents of the Park of high technologies have the right:

perform the competences specified in part one of this subitem;

through the resident Park of high technologies performing the corresponding type of activity to create and place own tokens in the Republic of Belarus and abroad;

perform other activities with use of tokens according to the procedure, the established Regulations on the Park of high technologies;

2.3. operators of cryptoplatforms, operators of exchange of cryptocurrencies shall provide availability on accounts in banks of the Republic of Belarus of money in the amount of at least 1 million Belarusian rubles for the operator of cryptoplatform, at least 200 thousand Belarusian rubles for the operator of exchange of cryptocurrencies.

The operator of cryptoplatform has the right:

open accounts in banks, the non-bank credit and financial organizations in the Republic of Belarus and abroad for carrying out calculations for the biddings and the transactions performed by it;

earn for the rendered services reward, including tokens, to establish its size and procedure for collection from bidders (clients);

make (to organize) the transactions with residents and nonresidents of the Republic of Belarus directed to placement of tokens, including abroad, acquisition and (or) alienation of tokens for Belarusian rubles, foreign currency, electronic money, exchange of tokens for other tokens for the benefit of clients or in the interests;

make (to organize) other transactions (transaction) with tokens, except for transactions on exchange of tokens for objects of the civil laws others, than Belarusian rubles, foreign currency, electronic money, tokens;

2.4. for transition to other person of the rights which make sure tokens there is enough transfer of token to this person, except for transition of the right requiring state registration.

Transfer of token is considered the confirmed transaction made at the time of reflection on transfer of token to the addressee in the register of blocks of transactions (blokcheena), to other distributed information system agrees to the rules (protocols) existing in them.

Use of tokens as remuneration for verification, making of other transactions in the register of blocks of transactions (blokcheena), other distributed information system is allowed;

2.5. projects implementation in the field of information and communication technologies, including with use of technology of the register of blocks of transactions (блокчейн), other distributed information system, can be performed based on agreements on public-private partnership;

2.6. if other is not stipulated by the legislation, is illegal and business activity of physical persons, and also the legal entities who are not the residents of the Park of high technologies performing the corresponding types of activity on is forbidden:

to rendering in the territory of the Republic of Belarus and (or) with use of information networks, systems and resources of national segment of the global computer Internet to other persons of assistance in making and (or) execution of transactions (transactions) with tokens (including acting as the party according to such transactions (transactions) with use of the information system functioning on the global computer Internet or by means of provision of the right (permission) to other persons to use such information system);

to acquisition and (or) alienation, including exchange, tokens, except the cases provided in subitems 2.1 and 2.2 of this Item.

3. Provide privileges and preferences to participants of the relations connected using modern technologies. For this purpose to determine that:

3.1. till January 1, 2023 are not recognized the taxation objects:

the value added tax and the income tax (the income tax from physical persons) - turnovers, profit (income) of residents of the Park of high technologies on activities for mining, creation, acquisition, alienation of tokens. At the same time revenue and costs (expenses) from such activities and transactions are not considered for the purposes of calculation and the tax discharge on profit, and tax amounts on value added shown in case of acquisition (paid when importing) of goods (works, services), the property rights connected with implementation of such activities and transactions are not deductible;

the income tax from physical persons - the income of physical persons from activities for mining, acquisitions (including according to the procedure of donation), alienations of tokens for Belarusian rubles, foreign currency, electronic money and (or) exchange for other tokens. At the same time expenses of physical persons - individual entrepreneurs from such activities and transactions are not considered in case of the taxation of income gained from implementation of business activity;

the value added tax - turnovers on alienation of tokens, including turnovers on their alienation by the foreign organizations which are not performing activities in the Republic of Belarus through permanent mission and not consisting with respect thereto on accounting in tax authorities of the Republic of Belarus. At the same time the tax amounts on value added shown in case of acquisition (paid when importing) are not deductible goods (works, services), property rights connected with implementation of activities and (or) transactions on acquisition (creation) and (or) alienation of tokens;

tax in case of simplified taxation system - revenue from alienation of tokens by their exchange for other tokens;

the income tax - profit on alienation of tokens by their exchange for other tokens. At the same time revenue and costs (expenses) on such transactions are not considered for the purposes of calculation and the tax discharge on profit.

For the purposes of the taxation alienation of tokens, including by their exchange for other tokens, is considered as realization of property rights.

The tokens, money, electronic money received as investments by legal entities as a result of creation and placement through residents of the Park of high technologies of own tokens or exchange of the received tokens for money, electronic money are not revenue for the purposes of the taxation;

3.2. action of the foreign exchange legislation does not extend on:

physical persons and legal entities (except banks and the non-bank credit and financial organizations) who are residents of the Republic of Belarus, when carrying out by them the permitted transaction types specified in subitems 2.1 and 2.2 of Item 2 of this Decree performed with use of tokens;

residents of the Park of high technologies when making of transactions by them with use of tokens.

At the same time use of foreign currency in calculations between residents of the Republic of Belarus, except for transactions (calculations) made by such residents among themselves in systems of operators of cryptoplatforms or with the specified operators and also on foreign trading floors is not allowed;

3.3. the legislation on securities, securitizations, requirements about licensing of professional and exchange activity for securities do not extend to the relations (activities, transactions) of residents of the Park of high technologies with use of tokens, including on identical (similar) to the relations (activities, transactions), regulated by the specified legislation.

The Mining, activities of the operator of cryptoplatform, the operator of exchange of cryptocurrencies, other activities with use of tokens are not recognized banking activity;

3.4. for the purposes of financial accounting:

the tokens which arose (got) in the course of mining or acquired by different way are recognized assets;

placement by legal entities of the tokens created by them leads to emergence of the obligation to owners of these tokens.

Operators of cryptoplatforms, operators of exchange of cryptocurrencies, other organizations performing activities with use of tokens reflect the transactions made by them in financial accounting, and also constitute the accounting and (or) financial reporting according to the procedure, established by the Ministry of Finance.

The legal regime set by this Decree extends to the tokens acquired (got) before entry into force of this Decree;

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