In 2005, Belarus president Alexander Lukashenko signed a decree to set up an IT-focused special economic zone, similar to Silicon Valley in the U.S, called the High-Tech Park. HTP explores provisions for cryptocurrencies and ICOs at the legislative level.
Among other provisions, if the law is passed, cryptocurrencies and initial coin offering (ICO) tokens will be approved for circulation. In addition, exchanges will be able to trade rubles for cryptocurrency, ICOs can be used for financing, and mining will also be allowed by law in Belarus.
The decree provides for the introduction into civil circulation of cryptocurrencies and tokens based on the technology of blockchain. A comprehensive legal regulation is proposed so that HTP residents can provide crypto exchange services, exchange cryptocurrencies, attract financing through ICOs, [and] use cryptocurrencies and tokens in civil circulation.
Belarus is also about to have its first centralized cryptocurrency exchange. Set to launch in the spring of next year, it will be the first centralized cryptocurrency exchange in Belarus with the possibility of legal input and output of fiat funds.