On December 21, 2017 the President of the Republic of Belarus signed the Decree № 8 “on the development of digital economy”.
First and foremost, a legal act aims to: development of high-tech Park;
development of innovation sphere; construction of modern digital economy in the Republic of Belarus.
According to the document, the status of the Park of high technologies, approved by the Decree of the President of the Republic of Belarus from September 22, 2005 № 12 is set out in a new edition. Legal Act also specified the boundaries.
The decree established that the validity of a special legal regime to HTP with upholding the principle of extraterritoriality extended from 2020 until January 1, 2049.
In addition, the residents were given the right to carry out additional educational activities in the field of information and communication technologies; activities in the field of cybersports, artificial intelligence; crypto platform operator; cryptocurrency exchange operator; mining, etc.
It also provides necessary conditions for the introduction into the economy of the Republic of Belarus of technology transaction blocks registry (blokchain). Digital signs (tokens) are now the subject of legal relations and handling of tokens will be regulated by law. The decree established who has the right to own tokens, especially their ownership when operations can be conducted with them and through whom. It is noted that tokens must be declared. An important innovation of the document is to provide a number of benefits and preferences to participants the relations connected with the use of modern technologies.
So, until January 1, 2023 the following income will not be taxed: turnover, profit from mining, creation, acquisition, alienation of tokens; income of individuals from the mining activities, acquisitions (including as a donation), disposition of tokens for Belarusian rubles, foreign currency, electronic money and (or) other Exchange tokens; turnover on the alienation of tokens, including turnovers on their alienation of foreign organizations operating in the Republic of Belarus through a permanent representation and not therefore registered with the tax authorities of the Republic of Belarus; revenue from selling tokens by exchanging them for other tokens.
In addition, within the HTP will be held legal experiment, whose main purpose is testing new legal institutions for their further implementation in the civil legislation of the Republic of Belarus.
Besides, in the context of this experiment the residents will be able to conclude between themselves and (or) with third parties convertible in a loan contract; an option agreement on the conclusion of the contract and an option agreement; Smart contracts; agreement on compensation for property losses, etc.
Legal Act has a set of measures for attracting highly skilled professionals in the field. For example, residents do not need to obtain a special permission to work in the Republic of Belarus in respect of foreigners employed in HTP. Such foreign citizens under the simplified procedure are issued a permit for temporary residence in the Republic of Belarus. For foreign employees and founders of HTP visas are cancelled.
The main provisions of the Decree shall enter into force three months after its official publication.