Belarus, a crypto-friendly country is preparing to allow investment funds to invest in digital currency. The plan is part of a slew of law measures aimed at luring such organizations to the country. The Ministry of Finance has submitted amendments aimed at enticing investment capital to Belarus. Despite having a statutory framework in place for communal investments, no single fund has been registered in the country to date. Representatives from professional circles have pointed out that one of the key reasons for the lack of such funds is that they are now prohibited from investing in crypto assets. According to the finance ministry, the market for ‘digital signs (tokens),’ the legal word for cryptocurrencies, has been rapidly expanding. The ministry has drafted a resolution revising its own decree on securities market activities relevant to investment funds. It intends to allow the funds to work as securities dealers and inhabitants of the Belarus High-Tech Park at the same time (HTP). The latter is in charge of a specific legal framework designed to help the country’s digital economy, which includes the crypto sector. Belarus opened its doors to crypto firms in the spring of 2018 when it passed a decree ‘On the Development of the Digital Economy.’ President Alexander Lukashenko approved the legislation, which included tax reductions and other incentives for businesses working with digital assets. While it is illegal to use cryptocurrencies for payment in Belarus, HTP residents can create and exchange coins and tokens. The country’s largest bank offers a service that allows users to purchase and sell digital currencies. According to Chainalysis’ crypto adoption index, Belarus is ranked third in Eastern Europe after Russia and Ukraine, due to substantial peer-to-peer activity.
The post Belarus is Preparing to Allow Investment Firms to Acquire Crypto Assets appeared first on Cryptoknowmics-Crypto News and Media Platform.
