The government of Belarus has passed new statutes aimed in part at encouraging the development of companies around cryptocurrency and blockchain.

According to the state-owned media agency BelTA, on Dec. 22 Belarus President Alexander Lukashenko signed a digital economy development decree that legally enshrines the use of emerging technologies like blockchain, while also offering significant tax incentives in a bid to attract business activity.

The decree, as summarized by a local IT firm that advocated for the legislation, boosts development of the country's High-Tech Park, a special economic zone the government wants to serve as a hub for tech and financial startups.

One component of the law provides a legal basis for companies working on smart contract development, token issuance, cryptocurrency trading and mining – all of which would be exempt from income taxes for the next five years.

The law states:

As reported

in July, the country's central bank had already been considering avenues for domestic banks to incorporate blockchain as part of a transaction guarantee system.

In another report published today, central bank chief Pavel Kallaur noted the push for the High-Tech Park to serve as a place for cryptocurrency businesses to set up shop.

"As for cryptocurrencies, the Digital Economy Development Ordinance allows resident companies of the Hi-Tech Park to use cryptocurrencies for international deals. We are okay with that," he told BelTA.

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