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22 December 2017, 16:24

Digital Economy Development Ordinance

Digital Economy Development Ordinance

The document enables unprecedented conditions for resident companies of the Hi-Tech Park and gives a serious competitive edge to the country for creating a 21st-century digital economy.

New kinds of activities for HTP residents

Development of biotechnologies, medical, aviation, and space technologies, cybersport. There are no restrictions on the volume of proceeds from indirect business.

Legalization of ICO, cryptocurrencies, and smart contracts

Belarus is the world's first jurisdiction to offer comprehensive regulations for business based on blockchain technology and is the world's first country to legalize smart contracts at the national level.

Conditions to encourage the development of product-oriented IT companies

Foreign trade deals can be sealed digitally using the Internet.

Maximum simplification of regulations for HTP residents

A number of restrictions on operations with digital currencies have been dropped for HTP residents.

Several English Law components can now be used such as convertible loans, stock options, option contracts, non-compete agreements, indemnification of material losses.

Support for IT education and personnel training for the IT industry.

HTP residents can now offer training in ICT sphere in accordance with the curricula adopted by the Hi-Tech Park administration. Foreign employees and founders of HTP resident companies no longer require visas.

Virtually all the clauses of the Digital Economy Development Ordinance will come into force in three months after the publication.

Source: The Digital Economy Development Ordinance

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