Belarus sets a cryptographic currency accounting standard. Before legalizing its cryptographic activities, Belarus adopted a new accounting standard that addresses cryptographic currencies. It classifies standard digital tokens according to their acquisition and intended use. The standard also defines the terms that will be required for information companies to share with the authorities. The presidential decree, which sets the crypto-monetary accounting standard, enters into force on March 28th.
The Minsk Ministry of Finance has developed a new standard that sets out the procedures for keeping accounting records of cryptographic money transactions. Belgede is not mentioned explicitly in cryptographic circles that are not considered legal tender in Belarus. Nevertheless, cryptography is effectively regulating the reporting of money flows.
In the Ministry's decree, the obligations of establishments that sell tokens to assess the cost of "digital tokens" are defined by definite approaches. The rules apply to government agencies as well as private institutions.
The new standard classifies crypto parasites according to their acquisition and intended use. The tokens obtained through ICOs are called investments. Short-term financial investments are classified as "long-term financial investments" for periods exceeding 12 months. These amounts should be accounted for under "Other income and expenses" and "Reconciliation with different borrowers and their receivables".
If the business processes for subsequent sales through an enterprise or a clearing, the "Goods" should be reported in the debt account and in the following credit accounts: "Agreements with suppliers and contractors" and "Revenues and expenses for current activities". The fee for verification of digital tokens or crypto operations obtained as a result of mining activities shall be recorded as "Main activities" under the "Finished goods" debt account and in the credit department of the consultant.
Changes have been made to some other standards of the National Account Plan. These include individual accounting statements and financial tables in the console. The Ministry of Finance has stated that data companies operating on crypto-money mining must disclose their accounting records. The information should include the amount of tokens possessed and the initial value calculated at the end of the previous year.
The decision was signed by President Alexander Lukashenko in December on the development of the digital economy. This decision legalizes cryptographic activities and creates conditions for exchange services. It also includes regulations for ICOs and crypto-currency mining operations. The document also provides tax reductions and other incentives for crypto businesses until 2023. This arrangement will take effect on March 28, 2018.
With the implementation of the new regulation, Belarus is preparing to have its first judicial power arguably with a comprehensive legal framework regulating the Blockchain industry. The decree does not imply restrictions or any special authority for the publication, placement, storage and alteration of digital tokens.
Individual entrepreneurs and legal entities will be free to trade crypto money in the country if they register as residents of Belarus High Technology Park (HTP). At the same time, the use of crypto money is not considered as a legal means of payment, so it is expected to remain limited for a while.
