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There is now a formal declaration from Belarusian President Alexander Lukashenko that supports the free circulation of cryptocurrencies like Bitcoin. President Alexander Lukashenko signed Decree №48, which established a legal framework for the Belarusian cryptocurrency regulator Hi-Tech Park to oversee the use of virtual wallet addresses by criminals.
Why do they have this legislation?
Digital asset market participants will be protected against property loss because of this legislation, as well as any unintentional involvement in illicit activities. It is utilized by law enforcement to track down sources of funding for violence and terrorism, among other issues as well.
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The new move by Lukashenko in the Belarusian crypto regulatory environment highlights the country’s commitment to cryptocurrency ecosystem growth, including mining and trading, while Belarus’ largest financial institution, Belarus bank, appears to have established a cryptocurrency exchange operation previously. Facts that the country is being the first to make smart contracts lawful under national law. The first jurisdiction to allow for smart contracts to be used in transactions.
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ANOTHER CRYPTO-FRIENDLY COUNTRY, PORTUGAL? WHY NO TAX?
The Portuguese have always been open to new ideas and approaches. Traders and miners in the cryptocurrency industry have reaped the benefits of Portugal’s crypto-friendly policies throughout the years. It makes it possible for foreign businesses, investors, and digital nomads to earn tax-free bitcoins.
Since BitBase, a Spanish company, and certain Portuguese residents may already pay their power bills with BTC, merchant adoption is picking up pace. There are currently 57 establishments in the Lisbon area that accept Bitcoin, according to Coinmap.com.
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Do you know of a family who invested all of their money in crypto and migrated to ‘bitcoin paradise’ Portugal because of its 0% crypto tax?
As a result of Portugal’s crypto-friendly tax structure, Taihuttu’s family has previously said that in 2017 they sold all their tangible possessions so that they could invest in bitcoin and travel the globe full-time and eventually has opted to live in Portugal.
According to the country’s 2021 population census, the number of foreign residents has increased by 40% in the recent decade which tells us, people are willing to migrate to countries without taxes?
BELARUS, PORTUGAL THEN WHO’S NEXT?
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