Despite the skeptics, who was especially strong in recent months and concerned when the first resident dealing with the blockchain technology would join the High Technologies Park (HTP). And also about the fact when the first Belarusian ICO will thunder on the whole world. The HTP published on November 30, 2018 a list of documents regulating the conduct of business based on blockchain technology, including the holding of ICO. These rules have been agreed and approved by the National Bank of the Republic of Belarus, as well as by the State Control Committee.

Despite the fact that the HTP officials still declare that activity with tokens is not a priority for the HTP. This news has caused fans of the blockchain, not only in Belarus, but all over the world, a feeling of irresistible optimism. And the Belarusian legislator will not have to blush for the fact that the news about the inclusion of Belarus in the top ratings of the countries where the optimal conditions for conducting cryptobusiness have been created is empty, in fact, a hype.

Of course, no one thought that joining the HTP for cryptocurrency companies in the HTP would be easy. Belarus, as expected, completed the legalization of cryptobusiness only under conditions agreed with the FATF requirements. The HTP will check the reputation of the HTP residence applicants intending to operate a cryptocurrency company. Including verification will affect employees of these companies, as well as the origin of assets and issues of crypto-security. The person responsible for security will have to have in addition to economic and legal education training in the fight against money laundering (AML).

Financial requirements have also been established on the basis of the required liquidity indicators and the overall financial stability of companies in this area, taking into account cross-border experience. Thus, the authorized capital of the operator of the cryptoplatform should not be less than two million Belarusian rubles. And for the ICO operator, this criterion will be at least half a million of the same Belarusian rubles. Compliance with high standards will be checked by auditors from the «big four».

Foreign experts note the high level of regulations prepared by the employees of the HTP. So it is noted that data protection will be carried out at the level stipulated by the law of the European Union (GDPR and MiFID2). No less appreciated was the anti-money laundering system, CFT (anti-terrorist financing system) and KYC (“know your customer” system).

Companies operating the blockchain will have to develop internal control rules. And also to inform clients about the risks associated with such activities. Advertising of activities related to cryptocurrency and ICO will not have to mislead customers by speaking of tokens as an easy enrichment method. Minors, as well as nationals of countries where transactions with tokens are prohibited, operators of cryptoplatforms will not be allowed to bargain at all. And the citizens of Belarus receive assurances that they understand the essence of the operations being carried out.

Speaking about the ICO rules in Belarus, it should be noted that they can only be conducted by HTP residents who have the status of ICO operators, as well as other HTP residents, using the mediation of other ICO residents with the above stated status. The good news is that ICO customers can be not only Belarusian, but also foreign residents. However, the control over such persons will be high, starting from the presence of closed key positions in the state, ending with an appropriate business reputation. The ICO will be conducted on the basis of White Paper, which will be available to customers and contain information on the procedure and prospects for ICO.

In conclusion, it should be said that the news about the legalization of business with tokens cannot be assessed as positive. Indeed, until 2023 in Belarus there are significant benefits for activities related to tokens. These benefits provide an opportunity to turn Belarus into an IT-country. And to become an IT country, bypassing the development of trends based on the blockchain technology, of course, will not work. One can only hope that the crisis in the cryptocurrency market will pass, and respectable cryptoinvestors will turn their eyes to our country. Although someone may argue with us, saying that it is the preferential regime of the HTP that will provide an opportunity to reverse this negative trend until 2023.