A few days before the legalization of the activities related to the digital currency, Belarus has adopted a new accounting standard which deals with the crypto-currencies. It is used to classify the virtual currency as a function of their acquisition and their use. The document defines the information that companies will be required to share with the authorities. The presidential decree regulating the sector of digital currencies comes into force on the 28 march.
Source : Vimeo. The Belarusian has a new standard for crypto-currencies.
A new regulation for crypto-currencies
The ministry of Finance, Minsk has developed a new standard covering the procedures for keeping of accounting records of transactions cryptographic. The document does not specifically mention digital currencies, which are not legal tender in Belarus. In addition, it regulates effectively the flow of crypto-currencies. The obligations of organizations achieving sales and symbolic approaches to assess the cost of virtual currency, are also defined in this decree. These rules apply to private companies and non-banks, public or government institutions.
This new standard classifies crypto-currencies in function of their acquisition and their use. The foreign currency acquired through the ICO are considered investments. They should be charged as a long-term financial products, if their distribution period is greater than 12 months.
Other changes have been made
Various changes have also been made in terms of the standards of the accounting plan of national. The ministry of Finance has imposed on companies operating in the sector of crypto-currencies, disclose a variety of data in their accounting records. It is, in particular, the quality of the crypto-currencies, their type and initial value calculated at the end of the previous year.
Source : Wikimedia Commons. The belarusian president signed a decree legalizing the activities related to crypto-currencies.
President Alexander Lukashenko has signed decree no. 8 concerning the development of the digital economy in December. It legalizes the activities related to the virtual currency. This device includes tax relief for businesses crypto until 2023.
Source : NewsBitcoin