Belarus governments action to legalize crypto-related activities in the country is reflecting positively on the industry as the cryptocurrency related businesses are growing in numbers there. Although it is a straightforward process to register as an entity in Belarus Hi-Tech Park, but detailed guidelines for the process are still not in place hence investors are unsure before moving.
In less than eight months after President Lukashenko’s decree “On the development of the digital economy” came into effect, the number of companies registering for the Belarus High Technologies Park (HTP) has increased sharply to 388. This year approximately half of those became resident of the HTP. The decree was signed on December last year with plans to increase the flow of foreign high-tech businesses to the country.
The government has a clear intention to attract crypto related businesses. As the document also legalizes the activities such as crowdfunding through initial coin offering (ICO), digital asset exchange and also crypto mining for registered entities in the HTP.
The most companies at the HTP are from hi-tech and IT sectors serving customers from around 67 countries often as partners of outsourcing.
Although numbers are small but the crypto business has a diverse presence in the former Soviet nation of Belarus. For instance, Aetsoft a blockchain development company since 2014, provides its services to ICO and decentralize exchanges. It has a widespread list of clients from U.S., Denmark, and Germany. Another company, Biggico provides advertising platforms for crypto projects was established by Latvian and Belarusian entrepreneurs.
Experts from the cryptocurrency ecosystem note that there is no digital asset trading platform among the Belarus High Technologies Park residents. Recently, a company launched by Belarusian immigrants in the U.S. has advertised itself as “the first Belarusian cryptocurrency exchange.” The platform is known as Crexby and its based in New York.
There are many factors preventing from crypto exchanges to rise in Belarus as explained by a recent article in Belamarke, by Artem Handriko of the Revera law firm points out to lack of legal practice is one of them. Apart from it, the central bank of the country shows a lukewarm attitude response towards banks trying to engage with crypto related business.
Earlier this year, few crypto experts also expressed their concern as they don’t think the countries stand on the digital sector will benefit the digital economy sector. They highlighted that the implementation of these actions are not only enough if the government discludes the additional regulatory requirements.