Belarus has recently legalized the cryptocurrencies and the Initial Coin Offerings (ICOs). The cryptocurrencies could push forward the struggling economy of the country. Companies operating in Belarus can freely launch ICOs to raise funds, without fear of conflicting with the authorities.
The new regulation enables the exchange of cryptocurrencies. The companies from the IT sector can now operate under the English law, because the legal system in Belarus can create obstacles for foreign investors.
The director of Microsoft Belarus, Anton Myakishev said: “This is a major step forward for Belarus.” He also added: “This enables the industry to take a step forward when it comes to its development and enables the foreign capital to come to Belarus and work in comfortable conditions.”
Denis Aleinikov, one of the partners in the private lawyer firm Aleinikov and Partners and the main author of the decree said the legal system in the country frightens the foreign capital: “We are facing legal issue on a regular basis. When a Western company buys a Belarus company, it wants to structure the agreement outside Belarus. The investors do not want to deal with the Belarus legislation.”
Some experts think this will be an upturn for Belarus. The International Monetary Fund expressed a cautious optimism towards Belarus, but also warned the reforms should focus on the management of state companies to avoid stagnation.