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Belarus Releases New Regulations to Legalize Smart Contracts

Flag of Belarus

Yesterday Belarusian president Alexander Lukashenko signed a bill regulating blockchain businesses and legitimizing smart contracts.

The Eastern European country is one of the world’s most progressive when it comes to cryptocurrencies. Late last year a decree legalizing cryptocurrency transactions was passed and came into effect in March this year.

The government is working hard to promote cryptocurrency in order to attract blockchain businesses to the country and hopefully boost the flagging economy. The new law also exempts tech companies from certain taxes and allows further cooperation with foreign banks.

Similar legislation has been put into place by other small European nations which are aimed at attracting blockchain initiatives. Estonia, Gibraltar and most recently Malta have all been in the news lately for their progressive views toward the future of crypto and blockchain adoption. Leading cryptocurrency exchange Binance recently announced its plans to move to Malta later this year, prompting a wave of interest from blockchain businesses.

Larger European nations are beginning to follow suit, with France announcing plans earlier this year for an ICO regulatory framework and plans for crypto tax cuts. Late last month the EU parliament passed a resolution backing Blockchain Technology and Germany’s second-biggest stock exchange began testing a new cryptocurrency app.

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