Armenia and Belorussia Attitude to Crypto
Crypto New Year 2018
After beginning of 2018 we may notice activation of different countries willing or considering the possibility to become pioneers in legalization of cryptocurrencies. Such early start may give such pioneers an opportunity to become leaders in this sector and attract new investments without need to make significant and capital-intensive preparations such as deep infrastructure development, etc.
After Bulorussia’s announcement made in Belarussian President Decree №8 dd. 21.12.2017 “On Development of Digital Economy” about their intentions to adopt regulations and provide legal basis for, inter alia, the blockchain, mining, tokens, ICO and other crypto-related activities, Armenia also declared their potential loyalty to this new and still remaining wild business area.
As it was said by representatives of the Blockchain Armenian Forum, Armenia is going to create a free economic zone for the development of high-tech startups from around the world. On the territory of such free economic zone they are planning to allocate national “Silicon valley”who’s main task will be — organization and regulation of a unique infrastructure for the development of high-tech projects operating on the basis of the distributed registry, artificial intelligence and machine learning. As first stepsit is planned (1) to open so called “international accelerator” which will become a basis for launchand developmentof innovative projects from around the world, and (2) to organize industrial data centers, which will focus on ensuring operating processes of projects based on distributed databases.
“The implementation of this initiative will stimulate development of high-tech projects in the country, will allow to turn Armenia into one of the technological leaders in the international arena, to attract investment and create new jobs. Of course, it will give an additional impetus to the economic development of the country”, — said Suren Karayan, the Minister of economic development and investments of the Republic of Armenia.
KPMGintends to provide consulting, technical and legal support for this initiative. As planned, that residents of the free economic zone will be exempt from value added tax when rendering services and supplying goods to the territory of the zone, as well as from income tax.
Not only Armenia and Belorussia are involved. By today we have information that Lithuanian and French official bodies seriously considering possibilities to develop cryptocurrency regulations. We will follow the developments in this area and inform you about news deserving your attention.