Cryptocurrency Belarus, one of the friendly countries, is preparing to allow mutual funds in the country to invest in digital currencies. With the draft law, it is aimed to attract such investors to the country by making the necessary legal changes.
Belarusian Ministry of Finance Takes Steps to Facilitate Cryptocurrency Investments in the Country
The legislative changes aimed at attracting investment funds to Belarus were shared by the country’s finance ministry to get the public’s opinion. The Ministry cited the reason for taking this decision that although there is a legal framework for the regulation of collective investments in the country, no fund has so far registered.
Among the reasons why such funds are not available in the country is that, according to experts, currently mutual funds do not allow investing in cryptocurrencies. The Belarusian Ministry of Finance also noted that the digital token market is growing at a rapid pace.
In order to remove the restrictions, the ministry prepared a draft law amending the activities related to mutual funds in the securities market. With the bill, mutual funds will be able to work both as sellers of securities and as residents of the Belarusian High-Tech Park, a concept similar to Silicon Valley.
Another concern of experts was the lack of long-term guarantees from the government regarding tax cuts in the country. The Belarusian Ministry of Finance, which also dealt with this problem, extended the tax exemption valid for organizations working with collective investments until January 1, 2031.
However, cryptocurrencies and bitcoin Payment is still prohibited.