Belarus President Alexander Lukashenko has signed a decree creating a legal framework for “cryptocurrency banks.”
According to BelTA, Decree No. 19, which came into effect on January 16, aims to pave the way for crypto banking activities in the country and strengthen Belarus’s leading position in financial IT technologies.
According to the decree, cryptocurrency banks are defined as joint-stock companies that can conduct token usage alongside traditional banking, payments, and related financial transactions. To enter the market, these entities must have established status within High-Tech Park Belarus and be registered in the cryptocurrency bank registry of the Central Bank of the Republic of Belarus.
The new regulation requires crypto banks to comply with the regulations applied to non-bank credit and finance institutions in their operations and to comply with the decisions of the High-Tech Park Supervisory Board.
According to officials, the new regulation is seen as a key part of Belarus’s goal to become a regional hub for cryptocurrencies and digital assets.