Belarusian President Alexander Lukashenko signed Decree No. 19 on January 16 establishing a legal framework for "cryptobanks" that combine digital token operations with traditional banking services.
The decree permits joint-stock companies with High-Tech Park residency status to integrate token-based financial services alongside conventional banking, payments and related operations under dual regulatory oversight.
Registration and Compliance Requirements
Cryptobanks must obtain resident status within Belarus's High-Tech Park special economic zone and secure registration in a dedicated cryptobank registry maintained by the National Bank of Belarus.
The framework subjects cryptobanks to dual supervision from both HTP authorities and the central bank, requiring compliance with legislation governing non-bank credit and financial organizations.
According to state media outlet BelTA, the decree aims to strengthen Belarus's position as a financial technology hub by offering hybrid products combining traditional banking security with blockchain transaction speed.
Context of Domestic Control
The cryptobank framework follows September 2024 regulations restricting cryptocurrency trading by individuals to domestic exchanges and exchangers registered within the High-Tech Park.
Belarus blocked access to major international exchanges including Bybit, OKX, Bitget and BingX on December 10, 2024, citing "inappropriate advertising" violations, though access was restored two days later.
None of the temporarily blocked platforms held HTP resident status, meaning their use for local peer-to-peer trades operated outside legal boundaries established by the September restrictions.
Mining and Energy Strategy
The decree builds on Lukashenko's March 2025 directive ordering development of cryptocurrency mining infrastructure in regions with surplus energy capacity, particularly targeting nuclear power facilities.
High-Tech Park residents operating cryptobanks will benefit from preferential tax treatment, with crypto transaction profits taxed at 9% compared to standard rates of 20-25% for non-residents.