Cryptocurrency accounting standards to be made mandatory – Belarus

An Eastern European country called Belarus recently asked its cryptocurrency companies to submit their customer records, based on which the government will be updating a new decree based on cryptocurrency. Belarus had legalized cryptocurrency transactions as a part of a movement to foster the growth of the private sector and attract foreign investors.

The Decree on the Development of Digital Economy is revised as the government feels it mandatory for cryptocurrency exchanges residing in the country to provide customer data. The companies operating inside are ought to keep transparency. Information regarding the management’s structure, Clienteles’ names, and communication records are obligatory.

The companies must follow the updated financial standards and are also required to designate a risk manager and a technical director. According to a news agency in Belarus, the beneficiaries must meet the standard requirements such as involvement in no criminal activity, no bankruptcy-related issues. And a minimum of $5 million should be available in the accounts.

By the end of December last year, Alexander Lukashenko the president of Belarus signed a decree for the legalization of cryptocurrency exchanges. The president exclaimed regarding the country’s adoption of latest global trends and technology. The ministry of finance in Minsk, Belarus has been working on developing a new set of standards for cryptocurrency transactions.

Havier Metal, a Redditor says:

“What if I find a partner and start up a business in Belarus that accepts cryptocurrency. As a US citizen, I invest into said business. Since my friend is the owner of the business he allocates my money to where I need it to go. Yes, his business needs a Ferrari that he only lets me drive! But see he doesn’t mind because he gets a cut of the crypto.”

Kdkelva, another Redditor says:

“What you guys are forgetting is that Belarus is Russia’s satellite for the lack of a better word. Such a decision would never go through without Putin’s approval or at least no disapproval. My guess is, this is Russia’s pilot project.”

Raymond Carl, a crypto enthusiast says:

“Belarus has been very accommodating towards crypto. I think even more start-ups would move there if the location and language and were easier.”

The country has opened up opportunities for financial companies to trade in the country’s High-Tech-Park with minimal tax and offering incentives until 2023. This validates the legalization of crypto-related activities such as currency mining, exchange platforms, ICO’s, etc.

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