Belarusian Ministry Of Finance Releases Cryptocurrency Accounting Framework

Belarusian Ministry Of Finance Releases Cryptocurrency Accounting Framework

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Belarus officially introduced the standards for cryptocurrency accounting, according to a document from the Ministry of Finance on March 6, yesterday, March 25, the local news edition Jourtify.

The document outlines the information required for tokens for accounting purposes, as well as how to classify the tokens received by organizations (with the exception of the National Bank, the Bank for Development, non-financial banking institutions and various banking institutions), depending on their further use.

In December last year, President of Belarus Alexander Lukashenko signed a bill “The Growth of the Digital Economy”, which supports the development of Blockchain and cryptocurrency. The bill aims to simplify and eliminate the bureaucracy that can prevent Blockchain’s innovation, the goal that the cryptocurrency accounting standards are consistent with their clear accounting guidelines for crypto users.

Tokens or “digital marks”, as they are mentioned in the document, purchased for “realization of the rights certifying the token” will be classified according to the categories of loans “Calculations with different creditors and debtors” and “Other expenses and incomes”.

Tokens that should be sold again must be classified in the Goods section of the debit, while the sections “Payments with counterparties and suppliers” and “Current expenses and income”, as well as the amounts received from crypto mining, go through the debit “Finished Products” accounts and a credit account “Primary production”.

Updating the existing accounting standards adds that the content and type of tokens, as well as their initial value at the beginning of the year and at the end of the reporting period, should be included.

Last November, Lukashenko also signed a crypto-related bill for the Belarusian High Technology Park (HTP), which will create an economic zone modeled after the Silicon Valley, which will allow developing new technologies, including cryptocurrencies and Initial Coin Offerings (ICO).

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