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Blockchain & Cryptocurrency
December 2018 www.intellinews.com I Page 16
generated from wind and solar installations.
However, even earlier reports on the plans acknowledged a decline in interest as the price of bitcoins had stopped growing.
Several of the former Soviet republics have become destinations for cryptocurrency mining.
Bitfury has located a massive processing farm in Georgia where it mines for bitcoins and has
a whopping 6% of global mining capacity.
In October, a new crypto mining farm that claimed to be one of the largest in the world opened in the Armenian capital Yerevan. According to local media reports, the farm is
a joint venture between Armenian’s Multi Group which was founded by Gagik Tsarukyan, whose Tsarukyan Alliance is the second largest bloc in the Armenian parliament, and international mining firm Omnia Tech.
Belarus passes blockchain legislation
IntelliNews Pro
Belarus has enacted new legislation that lays
the ground rules for operating a cryptocurrency market and covering blockchain operations, according to a document published by the Belarus High Technologies Park (HTP) on December 3.
The document was termed the “second stage of cryptocurrency regulation” and has laid down regulations for activities regarding cryptocurrency trading, btcwires.com reports. It also specifies the guidelines for companies looking to offer initial coin offerings (ICOs).
The “first stage” of this process was set in motion last year, setting out general guidelines for the industry. Filed under Decree No. 8 On the Development of the Digital Economy, the decree legalised cryptocurrency exchanges, mining, blockchains, cryptocurrency exchange operators, smart contracts, and tokens. The order was signed by President Alexander Lukashenko in December last year and came into force on March 28.
This has made the crypto trading climate in the country very favourable, allowing the issuing, storage and trade of digital tokens. Companies and individuals only have to register as residents
of the HTP, which is the hub of the country’s high tech business.
Belarusian news outlet Dev.by reported that “the HTP administration, together with the National Bank, the Financial Monitoring Department of the State Control Committee, international experts and other bodies, compiled and signed all the necessary documents.”
This marks a significant step forward for the industry in Belarus, establishing a robust framework for how the government and its concerned departments tackle illicit crypto trading and hacking.
Incentives to the crypto business include tax breaks in profit generated from mining, issuing, and placement of digital coins. Similarly, crypto- related incomes of private individuals won’t be taxed either.
The Belarusian HTP, popularly dubbed “the Silicon Valley of Belarus” has played a significant role in technological advancements in the country: 80% of the total production from companies within
the area are exported to North American and European technology markets.