How Different Countries use and have their Regulate in Blockchain?

Presidential Decree No. 8 “On the Development of the Digital Economy” dated December 21, 2017, came into force in Belarus on 28 March 2018. The document was developed in accordance with the instructions of the President of Belarus by the administration of the High-Tech Park in cooperation with residents of the HTP, the IT community, leading law and consulting firms in Belarus, as well as foreign experts. Decree No. 8 extended the special tax and legal regime of the High-Tech Park until 2049. The extraterritorial registration principle has been preserved, and the basic economic conditions for HTP residents have also remained unchanged. The key provisions of the decree are the expansion of the activities of HTP residents, support for IT education and training for the industry, creating conditions for the development of grocery IT companies, comprehensive legal regulation of businesses based on blockchain technology. Thus, the development of biotechnologies, medical, aviation and space technologies, and eSports are envisaged as new types of activity of residents of the park. Also, the decree provides for the possibility of HTP residents not only to develop, but also to produce high-tech high-tech products. The possibilities for residents to commercialize the software products developed by them are expanding – including through the provision of advertising and marketing services, business process outsourcing, etc. The new decree does not contain any previous restrictions on the amount of revenue from additional activities (consulting, testing, etc.) . The document creates legal conditions for ICO, the use of cryptocurrency and the introduction of smart contracts. Belarus becomes the world’s first jurisdiction with complex legal regulation of businesses based on blockchain technology. The decree does not imply any restrictions and special requirements for operations on the creation, placement, storage, alienation, exchange of tokens, as well as the activities of crypto platform operators and cryptocurrency exchange operators. The mining, acquisition, and alienation of tokens carried out by individuals are not business activities, and tokens are not subject to declaration. The decree creates the conditions for the development of grocery IT companies. The document provides for the simplification of the procedure for concluding foreign economic transactions using the Internet – the possibility of concluding them in electronic form. The document introduces individual institutions of English law. In particular, there are a convertible loan, an option and option agreement, an agreement on non-competition and the prohibition of luring, compensation for property losses. The introduction of these tools in Belarus will help create a favorable environment for the development of a venture capital ecosystem, provide potential investors with tools that are understandable to them and widely used in international practice. The HTP residents are allowed to carry out educational activities in the field of information and communication technologies, according to educational programs approved by the park administration. In addition, a set of measures has been established to attract highly qualified IT specialists to the country. In particular, HTP residents are not required to obtain permits related to the employment of foreigners. Such foreigners in a simplified manner issued a permit for temporary residence in Belarus. For foreign workers and founders of HTP residents, visas have been abolished. After the adoption of the decree on the development of the digital economy, there has been a record growth in those wishing to join the High-Tech Park. Thus, in the first quarter of this year, the number of companies – residents of the park increased by a quarter. For the more than 10-year history of the HTP, such a substantial one-time increase – from 192 to 238 residents, that is, by a quarter of the total – occurred for the first time. The sphere of their technological competence is, first of all, artificial intelligence, machine learning, Internet of things, augmented reality technology.