Belarus Becomes New Location For Crypto Operations After Legalization of Bitcoin Activities

2018-11-11 02:48

Belarus Becomes New Location For Crypto Operations After Legalization Of Crypto Activities

A recent News.Bitcoin.com report revealed that after the Minsk government legalized crypto activities, number of crypto businesses have seen a spike in the Belarus Hi-Tech Park (HTP). In particular, that number has grown to approximately 388, with nearly half of them considered as an official resident.

As per the claims made, the reasons for such legalization are countless. However, the primary aims have been to encourage high tech businesses in Belarus, with emphasis on innovative and promising crypto projects.

As for what aspects of crypto has been approved by the government, the news outlet revealed them as being Initial Coin Offerings (ICOs), crypto exchanges, and mining.

Some Notable Crypto Businesses To Date

So far, a fair share of notable crypto businesses has chosen their location of operations as Belarus. This includes blockchain development company, Aetsoft, crypto-related advertising platform provider, Biggico, Far East Technologies and Kbl Group – both of whom are aspiring to bring crypto mining services, cloud-mining specialist, Smartpool, crypto payment services provider, Aiscom, and tech-based firm, Omertex to name the least.

This is definitely a starting point for Belarus, given that the government wishes to attract promising projects and take a stance within this competitive field. However, they still have a long way to go, as the HTP still lacks proper regulation when it comes to dealing with digital assets.

The lack of clarity is concerning as it still prevents banks from taking part in crypto transactions. If this persists, Belarus will simply become a dumping spot for all types of crypto projects – good and bad.

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