Decree on Development of Digital Economy

The Decree No. 8 ‘On the Development of Digital Economy’ is a presidential decree in Belarus that created favourable legal conditions for the IT sector, stimulating the inflow of international investments and local startups development. The idea of the document was proposed and formulated by the High-Tech Park, a core organization in Belarusian IT. The Decree was signed on 21 December 2017, and came in force on 28 March 2018. Decree No. 8 adopted the widespread institutions of UK law like convertible bonds and non-compete agreements, but also has preserved some features of continental law based on the principles of good faith and reasonableness, thus creating a favourable environment for starting and running a business.

As a result of the Decree introduction, Belarus became the first country in the world to legalize smart contracts and cryptocurrencies. As a result, the number of HTP resident companies increased by 600 by 2020, and Belarus' IT exports exceeded $3 bln as of the same year.