Economy & Regulation
A number of cryptocurrency businesses are now based in the Belarus Hi-Tech Park after the government in Minsk legalized crypto-related activities for its residents. Registering an entity in the special economic zone was supposed to be a straightforward process, but clearer guidelines and detailed regulations are still needed to attract more investors.
Almost 400 HTP Residents
Less than eight months after President Lukashenko’s Decree №8 entered into force, the number of companies registered in the Belarus High Technologies Park (HTP) has increased to 388. Around half of them have become residents of the economic zone this year. The decree “On the Development of the Digital Economy” was signed by the Belarussian leader in December 2017. One of its main goals was to bring foreign high-tech businesses to the former Soviet republic.
Minsk also wanted to attract promising projects from the cryptocurrency space. The document legalized activities such as digital asset exchange, crowdfunding through initial coin offerings (ICOs) and cryptocurrency mining for entities that are registered in the HTP. Currently, most of the companies belong to traditional hi-tech sectors such as IT and software development. They work with customers in 67 other countries, often as outsourcing partners.
Crypto businesses form a small but diverse group. For example, Aetsoft is a blockchain development company which has provided services to ICOs and decentralized exchanges since 2014. It deals with clients in a number of markets, including the U.S., Germany and Denmark. Biggico is a joint startup established by Belarusian and Latvian entrepreneurs. Its international team has built an advertising platform for crypto projects.