The Belarusian Decree on the Development of Digital Economy gave a green light to the development of IT-entrepreneurship and cryptocurrency business, as well as made the country interesting for foreign companies.
Experts discussed this topic at the Blockchain & Bitcoin Conference Belarus, a large-scale conference dedicated to the development of blockchain technology, topical trends in the crypto market and ICO projects.
More than 400 people attended the event, which took place in Minsk on February 27. Crypto industry experts from Belarus, Australia, Israel, Ukraine and Russia made presentations.
Entrepreneurs, crypto trailers, lawyers, representatives of the banking sector and successful blockchain startups, as well as developers are among them.
Focus on the blockchain
ICO, investments, smart contracts, implementation of the blockchain technology into business processes, as well as legislative regulation of the industry were the most discussed topics at the event.
According to Aviya Arika, the head of the blockchain innovation direction at the Israeli law firm Nir Porat & Co, the role of the state on the cryptocurrency market should be minimal.
“Authorities must see cryptocurrency projects as traditional banks or other financial institutions. There is no regulation of the blockchain industry and ICO in Israel. There is only an amendment to the legislation that determines the exchange of cryptocurrency”, she said.
Independent crypto trader Kir Kelevra covered the topical trends in crypto trading in the CIS. According to him, cryptocurrency will not be able to replace traditional money, but it will become the same application as social networks.
Technical director at BitRent Dmitriy Kolesnik spoke about the practical application of distributed registry technology in construction.
“We decided to use blockchain to monitor construction processes. The monitoring usually takes up to 10% of the cost of the object. Over time, we will reduce this figure several times,” he emphasized.
Green light for cryptocurrency VS uncertainty
The discussion panel “Will Belarus Become a Slavic crypto Singapore” was of particular interest to the conference participants.
Speakers focused on discussing the Decree on the Development of Digital Economy, which should come into force on March 28, 2018.
The lawyer, founder and managing partner of the law firm REVERA Dmitry Arkhipenko, said that the decree solves the most important problems of the cryptocurrency market and ICO.
“Firstly, while the world is discussing what a token is, the decree gives an answer to this question. Second, it clearly specifies the mutual rights and obligations of the issuer of tokens and investors, which is a good protection for investors. And thirdly, it will regulate the tax system”, Arkhipenko said.
Experts emphasized that the decree would gradually be filled with the necessary rules and regulations. However, do not expect that the explanations and clarifications will be submitted in the near future.
One of the most urgent issues remains the regulation of crypto projects and ICO companies.
Most of the participants agreed that Belarus has every chance to become a Slavic crypto Singapore. But the high level of regulatory intervention in business can override all the revolutionary rules of the document. Therefore, in order for foreign companies to enter the Belarusian market, successful cases are needed that will gradually change the attitude of the international business towards the country's legal policy.
Other highlights of the Blockchain & Bitcoin Conference Belarus
There also was an exhibition at the conference. 14 companies presented their mounts at the exhibition area. Suppliers of household and industrial property equipment Minershop, Bitterium, Bitferma presented their products. Exenium, BeEasy, Coin Japan presented solutions in the field of trading and consulting.
The visitors had an opportunity to see the latest developments in the industry, and the exhibitors were able to establish useful links and receive feedback from the target audience.
Blockchain & Bitcoin Conference Belarus is the sixth Smile-Expo conference in this series in 2018. Estonia, Israel, Ukraine, Germany are next in line.