The crypto craze has taken the world by storm. In tandem, governments across the globe are deciding how to react to the crypto industry. express.co.uk reports that the Finance Minister and the Central Bank Governors of both France and Germany would like cryptocurrency regulations to be a part of the discussions at the G-20 Summit that will be held in the latter half of March in Buenos Aires. Although regulations are being discussed, they do recognize the growth potential of cryptocurrencies and the technologies that they represent.
The Government of Belarus has taken a wildly different approach to the rate at which new cryptocurrency companies are being launched. Belarus is a small country in eastern Europe that shares its borders with Russia, Ukraine, Poland, Lithuania, and Latvia. With a population of about 9.46 million, so far, their main economic activity has been in the production sector. Belarusian president Alexander Lukashenko has now signed a decree that legalizes cryptocurrency and ICO’s - and tax-free at that, for at least five years. In a move to nurture private sector growth, the decree allows for individuals to set up their companies, develop their products and trade in cryptocurrencies legally. All income that is generated by crypto trades will be tax-free for five years. Additionally, exchange of cryptocurrency for traditional currency will be allowed on Belarusian exchanges.
However, the decree only allows a special economic zone in the country these benefits - the country’s High Technologies Park (