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Belarus Officially Introduces Cryptocurrency Accounting Standards

Kristina Frunze | Mar. 27, 2018
Belarus Officially Introduces Cryptocurrency Accounting Standards

Belarus officially introduces cryptocurrency accounting standards, as the Ministry of Finance of Belarus has outlined the information in relation to the tokens for account purposes. Moreover, the Ministry of Finance has laid out the information about how to categorize tokens that are received by organizations. 

27 March, AtoZForex Belarus has formally introduced cryptocurrency accounting standards, according to the latest document issued by the Ministry of Finance. The document outlines the information in relation to the tokens for account purposes.

Moreover, the Ministry of Finance has laid out the information about how to categorize tokens that are received by organizations. This point excludes the National Bank, Development Bank, non-financial bank institutions, and various banking institutions.

Belarus Officially Introduces Cryptocurrency Accounting Standards

Back in 2017 December, Alexander Lukashenko, the Belarusian President, has inked “Digital Economy Growth” bill. The document supports Blockchain and cryptocurrency development. The document also plans to streamline and avoid bureaucracy that might be an obstacle for Blockchain innovation.

The latter is also appearing as a primary goal for the cryptocurrency accounting standards due to more transparent accounting instructions for cryptocurrency users.

Tokens are purchased for the “realization of token-certified rights” will be categorized under the credit categories “Settlements with various creditors and debtors" and "Other expenses and revenues.” Likewise, the tokens that are to be sold again should be categorized under the “Goods” debit section and the "Settlements with contractors and suppliers" and "Current expenses and incomes” credit sections.

Tokens obtained by crypto mining fall under the “Finished Products" debit account and the "Primary Production" credit account.

Belarusian High-Tech Park

The Belarusian update to the existing accounting standards also adds that the type and content of tokens should be included in the accounting process. The same goes for the tokens’ initial value at the start of the year and the end of the reporting period.

In November 2017, Alexander Lukashenko has also signed a cryptocurrency related bill regarding the Belarusian High-Tech Park (HTP). The Park will create an economic zone designed on the same principles as Silicon Valley. The bill allows new technologies to advance – this includes cryptocurrencies and Initial Coin Offerings (ICO).

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