On November 13, 2019, the Resolution of the Ministry of Economy of the Republic of Belarus dated April 01, 2019 No. 9 “On electronic auction for the sale of property in economic insolvency (bankruptcy) proceedings” entered into force (the “Resolution”).

The Resolution does not contain transitional provisions so that it shall be applied to any auction in insolvency held from November 13 (including the property transferred for sale earlier, or rebidding).

Belarus: New draft laws on insolvency. The Government of the Republic of Belarus has submitted a new draft law on insolvency to the Parliament. The Resolution No.9 of the Ministry of Economy ‘On electronic bidding for the sale of property in economic insolvency (bankruptcy) proceedings” will come into force on 13 November 2019.

The much talked-of Decree No.8 “On the Development of Digital Economy” has been in effect since March 28 of this year (further referred to as the “Decree”). Among other things, it is aimed at the creation of conditions for implementing the Blockchain technology in the Belarusian economy and it secures the terms of Blockchain itself in the legal environment of Belarus (smart contract, token, owner and offering of tokens), and it introduces the definitions of crypto-currency, its operator and the operator of its exchange, the e-wallet, mining etc.