In April and May 2023, a series of legal acts have been adopted affecting activity of residents of the Hi-Tech Park, Belarus (“HTP”).
Below we briefly outline key developments for current HTP residents and prospective applicants seeking such status.
On April 12, 2023, the Edict No. 80 “On Development of the Hi-Tech Park” has been adopted. The main developments at HTP include:
- Establishment of a management company of HTP to facilitate its strategic, organizational and ongoing development (investment attraction, export expansion, etc.)
- Creation of the HTP Secretariat, to which HTP Administration will be joined. The HTP Secretariat will review documents for registration as an HTP resident (within 2 months from the date of docs submission, with the right of extension for 1 month for expert examination), conducts an analysis of HTP residents’ activities in accordance with declared types of activities, considers issues related to revocation of HTP resident status, and etc.
- Certain new requirements have been introduced for HTP residents (prior notification requirements due to changes in the shareholders composition, etc.).
It is assumed that metioned structural changes within HTP should take place shortly.
On May 5, 2023, the HTP Supervisory Board adopted the Rules for conducting activities related to providing services for conducting transactions (operations) with tokens on behalf of other persons.
The new rules regulate crypto-broker’s activity in Belarus.
According to the rules, crypto brokers are granted the following rights:
- to execute one or several transactions (operations) with tokens on behalf of clients in their own name, but at the clients’ expense.
- to provide advisory services on matters related to conducting transactions (operations) with tokens, including clarification of issues related to conducting transactions (operations) with tokens, their storage, market analysis for the purpose of formulating investment (trading) strategies and investment portfolios, and minimizing risks for clients when dealing with tokens.
Crypto-brokers activity is permitted exclusively within the framework of HTP resident crypto-platform operators (transactions on foreign crypto exchanges are not permitted).
Main requirements for crypto-brokers include:
- having the status of an HTP resident.
- the business project shall involve the implementation of other activities involving tokens, including activity having features of professional and exchange activity related to securities, investment fund activity, securitization, as well as conducting operations for the creation and placement of tokens, specifically for providing services for conducting transactions (operations) with tokens on behalf of other persons.
- the authorized capital shall consist of monetary funds amounting to at least 500,000 BYN (about 170 kUSD).
- employees directly involved in conducting transactions (operations) with tokens on behalf of clients within the crypto exchange’s information system, as well as those providing consultation on conducting transactions (operations) with tokens, shall hold a first-category specialist qualification certificate in the securities market.
Therefore, similar to professional securities market participants, professional token (cryptocurrency) market participants have been legalized in Belarus.
If you have any additional questions regarding activities within the Hi-Tech Park or need advice on obtaining status of Hi-Tech Park resident, please feel free to contact us.
