20 Jun 2018
Belarus issues regulations for Blockchain businesses, following president Alexander Lukashenko signing the official bill. The same bill has legitimized smart contracts at the state level.
20 June, AtoZ Markets – Belarus appears to have made another step towards becoming a crypto-friendly country. The president of Belarus, Alexander Lukashenko, has inked a bill that will make this country the first jurisdiction with an extensive regulation of businesses based on Blockchain.
The same bill has legitimized smart contracts at the state level, following the move from Belarus on June 18. The nation is one of the few European countries that are proactively moving towards the adoption of Blockchain.
Earlier last year, Alexander Lukashenko has signed a decree that legitimized transactions in cryptocurrencies. The law has come into effect this March. The key purpose of this law was to attract private Blockchain businesses to the country. Moreover, the law has also exempted Blockchain companies from particular taxes, which allows them to increasingly engage with foreign banks.
Yet, Belarus is not the only nation that attempts to become the number one crypto-friendly nation. Some other European countries such as Estonia, Malta, and also Gibraltar are trying to attract cryptocurrency startups by legitimizing and regulating the sector.
Malta, for instance, has seen an inflow of Blockchain startups following its initiative to establish crypto-attracting laws. In fact, one of the biggest cryptocurrency exchanges has decided to move to Malta. The CEO of Binance, Changpeng Zhao, has also welcomed other cryptocurrency projects to Malta, these including Tron.
Malta has welcomed Binance, as the company looks into starting the upcoming partnerships with local banks to allow fiat-to-cryptocurrency deposits and withdrawals as soon as possible. Binance appears to move to Malta due to the heightened cryptocurrency environment strictness in Japan, South Korea, and China.
In addition, this April, Malta has also welcomed a major cryptocurrency exchange OKEx, as per the official press release from the exchange. OKEx has written in their press release that after the meeting with the regulators from Malta in regards to the regulator cryptocurrency framework, they are “confident in the Malta government’s approach and decided to make Malta a foundation for further OKEx growth.”
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