Cryptocurrency Accounting Standards Set In Belarus
Belarus is a European country, home to a population of just nine million people. Famous for its sweeping green landscapes and beautifully clean cities, it’s rare the country makes headlines with regards to cryptocurrency news.
The Ministry of Finance in Belarus have formally introduced standards for Cryptocurrency Accounting which are to be adhered to with immediate effect.
The Ministry of Finance have released a document that details how cryptocurrency should be categorised by organisations, according AtoZForex. This is important for companies that are completing accounting documents, essentially now they must include details of cryptocurrency-based transactions, including information on the type of coins used, the content of the coins used, the value of the coins when first used and the value of the coins at the time of reporting.
The bill also informs that it will support the development of cryptocurrencies and initial coin offerings in an aim to inspire more Belarusian people to kick start their own cryptocurrency campaigns.
By setting a legal requirement and a list of cryptocurrency standards for companies in Belarus completing their own accounting tasks, the government remains committed to ensuring transparency exists within cryptocurrency markets.
The High Tech Park Building in Belarus offers a great economic boost to the area. Maybe this will help more companies to move their operations to Belarus, especially those who are interested in cryptocurrencies.