In all states of the world, they know about the existence of cryptocurrencies, but some of them are trying to ban them, while others, on the contrary, consider it an important part of development, and still others cannot decide. We want to talk about the most prominent representatives of all 3 “parties” and explain why the situation in the country is such.
Glory to the crypt
On December 22, 2017, the President of Belarus, Alexander Lukashenko, turned Belarus into a progressive “crypto valley” by signing the Decree on the Development of the Digital Economy. This document describes in detail questions regarding the taxation of transactions with cryptocurrencies, mining at various scales, describes the competencies of individuals and legal entities in the field of cryptocurrency circulation, and so on. The decree itself entered into force on March 21, 2018.
Belarus has also introduced rules that allow people to trade and invest in cryptocurrencies, and the number of small countries falling into space is increasing. It can also offer a lifeline to those who have previously tried to act from repressive states such as India and China, as the digital divide widens.
Large financial centers, such as New York or London, may have infrastructure for the financial sector and an instantly accessible market, but startup costs are usually prohibitive. Conversely, the report added that small jurisdictions that are poorly regulated can offer easier access to the market, but at the same time reduce investor protection and weaken checks on money laundering.