How to Buy Cryptocurrency in Belarus
Buying cryptocurrency in Belarus
According to the Belarusian law, all legal persons are allowed to mine, buy, sell, and exchange cryptocurrencies online. Throughout the last decade, the country has taken serious steps toward adopting and developing the digital economy. Their goal is for Belarus to become a major crypto hub in Europe, which is why they fully legalized businesses based on blockchain - the technology behind Bitcoin and other cryptocurrencies. What's interesting is that the country even provided privileges for those who decide to buy and use cryptocurrencies. Namely, there will be no taxation for any transactions done with cryptocurrency tokens until 2023. In other words, any citizen of Belarus is completely exempt from taxes on all profits made from cryptocurrencies. This is a highly attractive environment for companies and self-employed entrepreneurs who are dealing with high taxes in other parts of the world
As of 20/03/2021
These exchanges all accept customers from Belarus. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options
Based in Vienna, Austria Bitpanda specializes in buying & selling Bitcoins within the Eurozone. Bitpanda is suitable for both novice & pro traders with high-end security features and servers.
- Beginner-friendly with a wide variety of payment options
- It supports fiat to crypto and cash purchase
- 30+ digital assets including gold and silver.
- Supports IBAN to convert euros into digital currency.
- Fees are not stated clearly rather it is included in price.
- Not available worldwide.
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
OKEx is the second-largest cryptocurrency exchange in the world by volume. It posts over $2 billion in trades daily and has over 400 trading pairs.
- Good range of coins
- DEX trading
- No hacking history
- Not available in US
- KYC required
Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Coinmama was formed in Slovakia in 2013. As a user, you are not allowed to exchange cryptocurrencies with other users on this platform. Instead, you will be trading cryptocurrencies with Coinmama directly which makes your transactions more secure.
- Receive coins to your wallet instantly.
- High limits for buying bitcoin
- Faster customer service
- High levels of security
- No option for trading with other users
- Higher fees
- No mobile app