In the framework of the decree “On the development of the digital economy” the Ministry of Finance of Belarus has adopted a national standard of accounting and reporting “Digital signs (tokens)”. The document is published on the website of the National center of legal information of Belarus.
According to the document received by the organization tokens are accepted for accounting, depending on their method of preparation and the intended destination. For example, tokens acquired for the implementation of the rights certified by the tokens, recorded by accounting, depending on the maturity of the debit accounts as long-term or short-term financial investments, loan accounts, settlements with various debtors and creditors, or as other income and expenses.
If the tokens are acquired for subsequent sale, they are recorded in the accounts as goods, payments to suppliers or as income and expenses from current operations.
Tokens that are received as compensation for services are also held as long-term or short-term financial investments and commodities.
Tokens that are received as a result of mining will be considered as finished products. Also taken into account, and the tokens received as Commission.
Own tokens created by the organization to embed, to accounting organizations will not be accepted.
Tools, tokens, and electronic money received from the IPO coins (ICO) are recorded in the debit of accounts as a long-term or short-term financial investments, commodities, settlement and foreign currency accounts and loan payments on short-term and long-term credits and loans.
The standard also establishes procedures for the evaluation tokens, and also account for end-of-token use. Thus, the cost of tokens created by the resident of the Park of high technologies in the provision of services to promote the tokens, is reflected in the debit Memorandum accounts as property taken for safekeeping.
The reports of the organizations at the end of the reporting period should be reflected: composition of tokens according to their types; the initial value of the token shown in the financial statements at net realizable value; liabilities incurred in the placement of their own tokens to the owners of these tokens.
We will remind, the Decree about the development of the digital economy was signed by President of Belarus Alexander Lukashenko at the end of December 2017 and will enter into force on 28 March. In particular, it establishes the framework conditions for the use of the cryptocurrency and token, and introduces tax incentives for cryptocurrency transactions. In early March it became known that the largest holders of cryptocurrencies asked for advice about obtaining tax residency in Belarus.