Belarus vs Luxembourg
Crypto regulation comparison
Belarus
Luxembourg
Legal
Legal
Belarus legalized cryptocurrency through Decree No. 8 (2017), creating a favorable environment in the Hi-Tech Park special economic zone. As of 2025, crypto transactions via HTP residents remain tax-exempt, while transactions on foreign platforms are taxed at 13%. A crypto bank framework was introduced in 2026.
Luxembourg is a major European hub for crypto and blockchain financial services. The CSSF regulates VASPs and crypto-related investment funds. Crypto held for more than 6 months is generally exempt from capital gains tax for individuals, making it attractive for long-term holders. Luxembourg hosts several prominent crypto exchanges and fund administrators.
Tax Type
Varies
Tax Type
Capital gains
Tax Rate
0% (HTP) / 13% (foreign platforms)
Tax Rate
0-42%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Hi-Tech Park (HTP), National Bank of the Republic of Belarus
Regulator
CSSF (Commission de Surveillance du Secteur Financier)
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
Regulated under EU MiCA framework; Luxembourg hosts major stablecoin issuers
Key Points
- Decree No. 8 'On the Development of the Digital Economy' legalized crypto in 2017
- Income from crypto via HTP residents and mining remains tax-exempt; 13% tax on foreign platform transactions since 2025
- Crypto exchanges and businesses must operate through Hi-Tech Park residency
- Mining is legal and considered a business activity
- HTP preferential regime extended until 2049; crypto bank framework introduced in 2026
Key Points
- CSSF oversees VASPs under the Luxembourg AML/CFT framework
- Individuals holding crypto for 6+ months are generally exempt from capital gains tax
- Short-term gains taxed at progressive income tax rates up to 42%
- Major hub for crypto investment funds and blockchain companies
- MiCA framework fully applicable from December 2024
