March 28, 2018 “Development of the digital economy” Law is entering into force. This document was elaborated in cooperation with Belarusian government, lawyers, IT community and introduces an action framework to liberalize the business environment for the innovative and high-tech sector.
Key points of the Law:
expansion of activities for High-Tech park residents. For example, design, development, support, etc. of software based on or using the Blockchain; creation, training of neural networks and other algorithms in the specialized sections of Artificial Intelligence; development, support, maintenance and production of unmanned vehicle driving systems; development or separate development stages of medical technologies, biotechnologies as well as the implementation of the results of these developments; business processes outsourcing activity; software publishing and promotion; mining, cryptocurrencies exchange activity, cybersport;
simplification of work with international companies in sphere of marketing, advertising;
easier foreign exchange transaction process;
facilitation of international hiring process;
creation of legal basis for the circulation of digital currencies and tokens based on blockchain technology;
facilitation of transactions with foreign capital by introduction of English law individual institutions;
extension of the special legal status of Belarus Hi-Tech Park till January 1, 2049.
“Development of the digital economy” Law gives great opportunity to create favorable conditions for the development of IT companies and open Belarus for foreign investments. In addition, it will help to transform Belarus into a regional leader of Eastern Europe in building digital economy and to obtain unique knowledge and experience in the use of blockchain technology.