Last updated on November 1, 2025
Yes. According to Presidential Decree No. 8 “On the Development of the Digital Economy,” individuals and companies engaged in cryptocurrency activities, including mining, are exempt from income tax until January 1, 2025. This exemption was designed to stimulate innovation and attract investment in Belarus’s digital economy.
A Bold Leap into the Digital Future
Belarus made headlines in December 2017 when President Alexander Lukashenko signed Decree No. 8, a groundbreaking legal act aimed at creating a “digital economy” in the country. This decree didn’t just legalize cryptocurrency—it offered unprecedented tax benefits to those willing to embrace blockchain technology. From mining Bitcoin to trading tokens, the law opened doors for individuals and businesses to operate without the burden of income tax until 2025.
The move was strategic. Belarus sought to position itself as a regional leader in IT and fintech, competing for talent and investment in a rapidly evolving global market. By eliminating tax barriers, the government hoped to attract entrepreneurs and tech companies, turning the country into a hub for digital innovation.
The Legal Foundation: Decree No. 8
The core of this policy lies in Decree No. 8 “On the Development of the Digital Economy,” signed on December 21, 2017. Effective from March 2018, the decree granted legal status to cryptocurrencies and tokens, treating them as digital assets. It explicitly stated that activities such as mining, buying, selling, and exchanging cryptocurrencies would not be considered entrepreneurial activities for individuals. As a result, no income tax or capital gains tax applied to these operations during the exemption period.
For businesses, especially those registered in the High-Tech Park (HTP), the decree offered additional incentives. Companies operating under the HTP regime enjoy a simplified tax structure, including a 1% turnover tax instead of the standard corporate income tax. This special economic zone became the epicenter of Belarus’s crypto ecosystem, hosting exchanges, token issuers, and blockchain developers.
Why Did Belarus Choose This Path?
The rationale was clear: diversify the economy and attract foreign investment. At the time, Belarus faced economic challenges and saw digital technology as a way forward. By creating a favorable legal and tax environment, the government aimed to draw global attention and establish itself as a pioneer in Eastern Europe’s tech landscape.
President Lukashenko emphasized that the decree was about more than just technology—it was about shaping the future. The state promised stability and legal clarity, giving innovators confidence to build and grow within Belarus.
What Happens After 2025?
The tax holiday is not permanent. It expires on January 1, 2025, and the government has signaled plans to introduce new regulations. Recent discussions suggest a shift toward stricter oversight, focusing on transparency and investor protection. While details remain under development, it’s clear that the era of zero-tax crypto mining may soon end.
Practical Impact for Miners Today
For now, miners in Belarus enjoy a rare advantage. No income tax means higher profitability, making Belarus an attractive destination for mining operations. Combined with relatively low electricity costs, this policy has spurred growth in mining farms and blockchain startups. However, participants should stay informed—regulatory changes are on the horizon, and compliance will become increasingly important.
A Digital Economy in Motion
Belarus’s experiment with cryptocurrency regulation is a fascinating case study in proactive governance. By embracing blockchain early and boldly, the country carved out a niche in the global digital economy. Whether this approach will sustain long-term growth or give way to tighter controls remains to be seen. For now, the message is simple: if you’re mining crypto in Belarus, the tax-free window is still open—but not forever.
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Sources
Декрет № 8 от 21 декабря 2017 г. О развитии цифровой экономики
https://president.gov.by/ru/documents/dekret-8-ot-21-dekabrja-2017-g-17716
22 December 2017
Meeting to discuss development of digital currency sector
https://president.gov.by/en/events/sovesanie-po-voprosam-razvitia-sfery-cifrovyh-znakov-1757083396
September 5, 2024