Belarus defines the accounting status of tokens

The Ministry of Finance of Belarus has developed the National Accounting and Reporting Standard "Digital Signs (Tokens)" which fixes the accounting status. This decision is fixed in the resolution of the department from 6 March 2018 No. 16, which was published on the National Legal Internet Portal, reports BelTA.

The adopted standard determines the procedure for the formation in the accounting of information about digital signs (tokens) and obligations arising from the placement of own tokens in front of the owners of these tokens in organizations. The truth is the National Bank, banks, the Development Bank, NCFD, banking groups, bank holdings and budget organizations.

Accounting status is an important part of regulation

The Ministry of Finance decided that the tokens received by the organization should be accepted for accounting, depending on the method of obtaining them and the intended purpose. For example, the digital signs purchased for the implementation of tokens certified rights – in the debit of the accounts "Long-term financial investments" (if the circulation period exceeds 12 months from the date of placement), "Short-term financial investments" (if the circulation period does not exceed 12 months from the date of their placement ) and the credit of accounts "Settlements with different debtors and creditors", "Other income and expenses". If the tokens are purchased for subsequent sale – in the debit of the "Goods" account and the credit of the accounts "Settlements with suppliers and contractors", "Income and expenses for current activities".

Tokens that were obtained as a result of mining or received as remuneration for verification of transactions in the register of transaction blocks (block account) are taken to the accounting under the debit of the "Finished Products" account and to the credit of the "Primary Production" account.

Own tokens created by the organization for placement, to the accounting of the organization are not accepted.

The Ministry of Finance also identified approaches to assessing the cost of tokens.

In addition, several accounting and reporting standards have been amended, in particular, in the standards "Individual financial statements" and "Consolidated financial statements". The Office determined which information is to be disclosed in the notes to the buh. reporting organization that works with tokens. In particular, the composition of the tokens by their types and the initial value at the end of the previous year and the reporting period.

As reported, since Dec. 28, Decree No.8 "On the development of the digital economy" comes into force in Belarus. The document creates legal conditions for ICO, the use of crypto currency and the introduction of smart contracts. Belarus becomes the first jurisdiction in the world with comprehensive legal regulation of businesses based on blockbuster technology. The decree does not imply any restrictions and special requirements for the creation, placement, storage, alienation, exchange of tokens, as well as the activities of crypto platform operators and crypto currency exchange operators.

Author: Yevgeny Yakubenko, Analyst Freedman Club Crypto News

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