Belarus is known as one of the friendliest crypto countries in the world. Residents of Belarus can freely operate with cryptocurrencies. They can buy, sell and exchange currencies with no additional fees or monitoring.
During March 2018, The President of Belarus, Alexander Lukashenko, issued a document called “Order Nr.8, The development of the digital economy”. The document went live on March 28. It anticipated the development of “Hi-Tech Park” which will be the base for Belarus digital economy.
Since then, many Tech and Crypto enthusiasts anticipated that this is a turning point for Belarus to become a cryptocurrency and blockchain capital of Europe. They thought that this order would attract many new cryptocurrency companies, hundreds of blockchain developers and investments worth millions of dollars.
The harsh reality after the order nr.8
However, in reality, during the first four months, only two mining companies got official licenses with one of them being a cloud mining company.
Our friends at Kripto.Media got in touch with Valery Yevdoshenko while visiting Belarus. Valeriy is the director of a mining company called Cryptocode. He expressed concern as their company’s applications hadn’t yet been confirmed after three months of reviewing. He said that “..practically all legal mining in Belarus has stopped for legal persons,” quoting Kripto.Media.
In general, Belarus opened the cryptocurrency world to its residents, but not companies that are willing to work within their country. It looked like plans to make Belarus a similar state to Malta had failed because of the lack of legislation. A regular resident could use and operate with cryptocurrencies with ease, but if he decided to open up an exchange or a blockchain company, he faced problems with the inadequate legislation.
It looks like Belarus has worked on the legislation on cryptocurrency and blockchain companies, and with the help of Kripto.Media, we can share insights on how to open up a bank account for a company in Belarus. In this specific example, Kripto.Media visited BSB Bank of Belarus in Minsk.
First, to become a legal person in Belarus, you have to show the following documents:
1. The copy of the company’s statutes in which the legal person is doing business.
2. The copy of the company’s registration papers.
3. For individuals who are operating in the name of the company also have to hand in:
3.1. Proof of approval that he is authorized to represent the company when engaging to a bank (the company’s protocols or decisions about taking a position, the contract of employment).
3.2. Passport copy and a declaration of residence place certificate.
3.3. A copy of the power of attorney document, which points out that the individual can perform activities with the company’s bank account (open up, make payments and also close it).
4. The company’s stamp
A legal person has to submit answers to various questions and has to form an application for opening a bank account on location in Belarus. Also, the samples of signatures have to be submitted for review, but if the company has multiple individuals with signature rights, then notarized samples need to be provided. The text needs to be translated and approved by Apostille.
Also, various questionnaires need to be filled out. It is advised to answer honestly to all the questions since nowadays information can be easily verified.
At first, these documents need to be submitted electronically. You can visit the bank in person after three working days when the answer will be sent.
There is one, generally odd peculiarity. New foreign customers, for the first two to three months, will have to operate their bank account transactions within the physical bank, in Minsk, Belarus. That looks awful a lot like the 90’ties. Only after the period as mentioned above the bank will grant access to the i-bank. However, there is a positive aspect of this as well – the Belarusian banks generally approve their services to foreign companies which are related to cryptocurrencies. Also, an important fact is that individuals who travel by air and stays only for 30 days, don’t need a visa for traveling to Belarus.
We very much thank our partners – Kripto.Media, for testing foreign grounds on cryptocurrency operations. This information helps us to spread the knowledge to other crypto-related companies or individuals who now are struggling with legislation of their business.
Additional materials (in Russian):
BSB Bank website: https://www.bsb.by/en/
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