On 21 December 2017 President Lukashenka signed Decree No. 8 On Development of the Digital Economy (unofficial translation from Russian into English) to foster innovation and development of the digital economy in Belarus.
The Decree will come into force on 28 March 2018 and will introduce the following changes:
- Extension and expansion of the High-Tech Park preferential regime until 31 December 2049;
- Introduction of a basic regulation on blockchain, cryptocurrencies, and ICO;
- Easement of migration formalities for foreign talent arriving to work at resident companies of the High-Tech Park;
- Introduction within the High-Tech Park of legal instruments that are new to the Belarusian legal system, especially: convertible loan, option agreements, indemnification agreement, non-compete and non-solicitation agreements, irrevocable power of attorney.
The evolving IT industry in Belarus has accepted the novelties with optimism, especially the long-awaited prolongation of the High-Tech Park regime (initially established for the period 2005 – 2020), and expansion of the range of businesses eligible for tax exemptions. The business community is now awaiting a number of supporting laws and regulations to be adopted by the National Bank of Belarus and other government authorities.
More detailed information on Decree No. 8 is available at link.