Belarus is a well-known name in the crypto circles, as one of the most digital currency-friendly nations in the world. On June 18, the country took yet another progressive step in the industry by regulating blockchain businesses.

President Alexander Lukashenko signed a bill making Belarus the first jurisdiction in the world with comprehensive blockchain policies. It has also provided legal status to smart contracts. The country has already legalized cryptocurrencies.

Belarus is not just focused on blockchains; it is also bullish on digital coins. In December 2017, when the digital currencies were experiencing an unprecedented rise in prices, the country legalized their use. The decision was enacted in March 2018, since then the cryptocurrency market has been flourishing in this part of Eastern Europe.

The country is banking on emerging businesses in blockchain and digital currencies from new technology companies. This could help them in gaining valuable tax revenue and collaborate with foreign banks. It could also help in attracting some foreign companies and institutional investors to the country.

Belarus is in an endless race with other European countries like Malta and Estonia to attract foreign companies and help boost new domestic businesses. Legalizing blockchain could be yet another step to tell the world that they are not just looking for tax revenue but want to create a genuine enabling community for innovative businesses.

Malta is making headlines in the crypto community as many emerging and established crypto companies are moving there because of friendly regulations. Its biggest catch is Binance, one of the largest cryptocurrency exchanges in the world. It is now the home to two of the five top digital currency exchanges.

Gibraltar, which is a British autonomous overseas territory, became the first country to recognize blockchain technology legally on January 1, 2018. However, they do not have comprehensive laws and regulations like Malta yet.

Bigger European nations have started to recognize the potential of this innovative technology as well. Earlier this year, France decided to create a new regulatory framework to attract ICOs like Hong Kong and Singapore. They even went ahead and slashed their crypto taxes to less than half, going from 45 percent to 19 percent.

The post Belarus Issues Decree to Regulate and Legalize Blockchains and Smart Contracts appeared first on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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