To date, the cryptocurrency in Belarus has turned from a prohibited asset into a legal means of payment. In the legal environment, cryptocurrencies are divided into tokens and coins, and in accordance with Decree No. 8 of 2017, transactions with digital currencies are allowed by law, which gives individuals and legal entities the freedom to buy, sell and profit from them without income tax.
Tax benefits and reporting obligations
Decree No. 8 defines specific permissions for legal entities that allow them to engage in various operations with cryptocurrencies, including the formation and placement of virtual signs, the storage of digital units and transactions. The legislation provides for tax exemption for individuals engaged in cryptocurrency activities until 2023 without the obligation to file an income tax return.
For transparent and appropriate tax accounting, it is important for enterprises to integrate cryptocurrency into their electronic accounting systems. The tax situation is still favorable: individuals involved in cryptocurrency mining, token acquisition and exchange operations are exempt from income tax obligations until 2025. Although the legislative framework is favorable, the willingness to provide relevant information to the tax authorities, if necessary, is important for individuals receiving benefits related to cryptocurrency.
For legal entities-residents of the Hi-Tech Park (HTP), there is an exemption from income tax on transactions with cryptocurrency, creating the most favorable conditions for development.
P2P trading
Law enforcement agencies associate large-scale P2P trading with entrepreneurial activity, which may lead to their prohibition. The government is taking measures against money laundering and illegal activities, signaling increased control over anonymous P2P transactions. In order to ensure transparency and legality, legislative acts are being developed that restrict the individual exchange of cryptocurrencies by directing transactions through legal cryptoplatforms managed by residents of the Hi-Tech Park.
Features of accounting for cryptocurrency transactions in Belarus
The accounting procedure for cryptocurrencies in Belarus involves reflecting the costs of mining, buying bitcoins for rubles and accounting for crypto transactions with counterparties. A cryptocurrency created independently is not recognized for accounting purposes, which underscores the importance of transactions through crypto platforms. Legal entities can store cryptocurrency in wallets, but cryptoplatforms are required for operations such as sales and exchanges. Although cryptocurrency transactions are allowed in Belarus, the mechanisms of legal regulation and accounting are developing, which requires timely adaptation to changes.
How to contact us
To stay up to date with the latest legislative changes in this area, do not hesitate to contact us. We are here to help and support you.
Phone and email communication options are available for your convenience:
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