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Belarus had adopted national Tokens accounting standards

Neironix
March 29, 2018 12:00 AM
51 813 Views
Belarus had adopted national Tokens accounting standards

It is about accounting standards and the accountability for " digits (Tokens)". As can be seen from a new text of the Document available on the National legal Internet portal RB, the type of Tokens accounting depends of how they had acquired and expected appointment:
The digits received for Tokens rights realization will be taken into account by an output of accounts as for long-term or short-term investments (depending on the dates). On the loan - as settlings with various debtors and creditors or as other income and expenditure.Tokens received for further realization are shown in the accounts as commodities, payments to vendors or income and expenditure on the current activities.Tokens remunerations for services shall be taken into account as investments and goods (short-term or long-term).Tokens created in the course of mining will be set off as finished goods. There are also Tokens earnings in the form of Commission."Own manufactured" Tokens that was made by the organization for placement to accounting, aren’t accepted by the organization.The means, Tokens and E-money gained through coins primary placement (ICO) are charged as long-term or short-term investments, goods, settlement or currency accounts. Moreover, on the loan - as payment for short-term and long-term deposits and loans.Furthermore, the Standards define feature of Tokens valuation and account at the termination of their use. The cost of the digital signs established by the Park of High Technologies the resident-organization, in the provision of Tokens’ promoting services are debited of the memorandum accounts t as the property accepted on responsible storage.
During the reporting period the organization should also account for their results on the following points:
The composition of Tokens by type Primary cost of Tokens against accounting records under the net realizable value.The sums of the total commitments after placement of the Tokens to the owners of these Tokens.It should be noted that the President of Belarus Alexander Lukashenko signed digital economy development a decree at the end of December 2017 and has come into force on March 28. He defines a framework of cryptocurrency and Tokens realizations and establishes tax benefits for cryptocurrency operations. At the beginning of March, it was reported that a number of the largest holders of cryptocurrencies want to receive tax residence of Belarus Republic.