The government of Belarus, with the approval of its President Alexander Lukashenko, has officially acknowledged bitcoin as a legal currency and has legalized initial coin offerings (ICOs), smart contracts, and blockchain development.
All crypto transactions and related income, including from mining, will be tax-free for the next five years.Bitcoin and other virtual cash can now be given as a gift and inherited in Belarus. All operations with cryptocurrencies are not considered a business activity.
Those who want to participate in the Belarusian bitcoin haven, will not be obliged to reside in the country. They will only have to register a firm in Belarus. However, if you want to launch a cryptocurrency exchange in the country, you must have at least $500,000 in a local bank.
The primary motive of the government of Belarus in providing a favorable environment for both cryptocurrency businesses and investors is to better facilitate the growth of its digital economy, beginning with the fastest growing technology and financial network in bitcoin.
Currently, the global cryptocurrency market is largely dominated by four regions: the US, South Korea, Japan, and Hong Kong. The US and Japan settle more than 60 percent of the global bitcoin and cryptocurrency trades, while South Korea and Hong Kong account for more than 10 percent of the market. This year, the Australian government passed various regulations to eliminate taxes for investors and offer friendly regulations for businesses. Still, the Australian bitcoin market is lagging behind other regions. Zug in Switzerland is better known as Crypto Valley.
On other hand, South Korea has imposed new regulations on crypto currency trading. Read full news.