Belarus Already Has Growing Number Of Cryptocurrency Companies

In eight months, after the Decree №8 “on development of digital economy” came into force in Belarus on March 28, the number of residents of the High Technology Park in Minsk (HTP) has doubled and now their number is 388. However, experts note that the legal framework of the Republic is not prepared to attract more investment in the special economic zone of the country.

The main purpose of Decree No. 8 of the President of the Republic of Belarus Alexander Lukashenko, which came into force in March this year, was to attract foreign high-tech companies, including from the cryptocurrency sector. For residents of the Belarusian HTP, Decree No. 8 legalized activities related to the exchange of digital assets and crowdfunding by initial coin offering (ICO), as well as mining of cryptocurrencies. At the same time, currently the majority of HTP residents are companies from traditional high — tech sectors.

Companies, whose activities are connected in one way or another with cryptocurrencies, diverse group in the HTP. These include, for example, the company Aetsoft, developing blockchain solutions for ICO and DEX (decentralized exchanges) since 2014. Among its clients are international companies based in several markets, including the USA, Germany and Denmark. It should also be noted the Belarusian-Latvian startup Biggico, whose international team has built a platform for advertising crypto-projects.

The HTP is based, including “far Eastern technologies” and Kbl Group, which are engaged in the development and supply of enterprises for industrial mining of cryptocurrencies, as well as the Pm Pool company, specializing in cloud mining services for customers from the Commonwealth of Independent States and the Baltic region. Similar services are provided by another HTP resident company, Smartpool.

Here is also registered the company Aiscom, offering solutions for cryptocurrency payments to exchanges, wallet providers and ICO-projects, and the company Omertex, which develops high-tech solutions for FINTECH.

Still, the authors of Decree No. 8 should be paid tribute, because thanks to him, the country was the first in the world to legalize ICO.