A bank in Belarus has officially acquired the green light to process transfers that are related to digital assets. DFS, which is an affiliated company to Belveb banking Holdings member, VEB technologies, was recently registered as a resident of the high-technology park. The special economic zone of the country has already become home to many of crypto businesses and investments.
DFS LLC is the facilitator of finstore.by, which is a platform for token sales and trading. Belbev bank will now provide its clients with regular banking services, as reported by a Belarusian news outlet. Corporate entities and private individuals will also be able to purchase tokens from various coin offering projects that Finstore hosts.
The first such sale will begin on November 1, 2019, and will be conducted on behalf of the Belwest, which is a shoe manufacturer and supplier that was founded by the German concern salamander. finstore will offer 63000 digital tokens and sell them for euros, Russian, and Belarusian rubles. The platform plans to use its own token next month, which will be used to facilitate any future sales.
Investors that will be buying the coins from these and other offerings will enjoy fixed income from the Investment much similar to bank deposits, which are at least before interest rates in Europe entered the absolute territory. They will alternatively be able to withdraw their dividends to a regular checking account or a bank card account.
Belarus has legalized crypto-related activities with a presidential decree that was signed by Alexander Lukashenko in late 2017. The law “on the development of the digital economy, “came into implementation on March 28, 2018, to regulate crypto exchange services, initial coin offering, mining conducts, and smart contracts. A tax holiday of five years and other incentives were introduced for the registered crypto entities.
The decree will provide legal definitions of key terms that will be used in the crypto space. For example, it defines cryptocurrency like bitcoin or a digital tokens that are used in international circulation as a universal means of exchange. To improve the decree’s implementation, Minsk adopted new accounting standards for the industry and later expanded the applicable regulatory framework.
Fiunstore is not the only digital asset trading platform operating in the country. There exist at least two more fully-fledged crypto exchanges that provide services to traders and investors under the preferential terms of the registration with the Belarus Hi-Tech Park. Currency.com, for instance, facilitates the purchases and sales of decentralized cryptocurrency, including bitcoin cash and bitcoin core, with a choice of Fiat currencies that include the Euro, the US dollar and the Russian and Belarusian ruble. Another such exchange, which is Belarus regulated, is Lexchange.