Key Developments in Fintech Regulation

President Alexander Lukashenko has signed Decree No. 19, establishing a legal framework for 'cryptobanks' that will integrate digital token operations with traditional banking services. This decree, signed on January 16, 2026, aims to position Belarus as a progressive fintech hub with dual regulatory oversight.

Dual Regulatory Oversight for Integrated Operations

The newly established framework for cryptobanks will operate under the combined oversight of the National Bank of Belarus and the High-Tech Park (HTP). This dual regulatory approach is designed to facilitate the efficient merging of digital tokens with traditional banking services. According to President Lukashenko, this dual regulation will enable cryptobanks to offer clients innovative financial products that combine the advantages of traditional banking operations with the technological efficiency, speed, and convenience of digital token transactions.

Requirements for Cryptobank Registration

Under Decree No. 19, entities operating as cryptobanks are required to register as residents of the High-Tech Park. This regulation ensures that these innovative financial institutions adhere to established financial norms while facilitating the development of new financial products.

Impact on Financial Products and Ecosystem

The implementation of this decree is expected to lead to a significant increase in hybrid financial products that leverage both blockchain technology and conventional banking methods. This strategic move aligns with Belarus's ongoing initiatives to cultivate a modern financial ecosystem that is responsive to evolving market demands, including those driven by sanction-related pressures.

Compliance and Financial Standards

Cryptobanks operating under this new framework will be required to meet stringent compliance standards, similar to those expected of non-bank financial institutions. These standards include adherence to capital adequacy requirements and anti-money laundering protocols. The primary objective is to foster a controlled and secure environment for cryptocurrency operations within Belarus's broader financial sector.

Reinforcing Belarus's Fintech Standing

This regulatory advancement further solidifies Belarus's reputation as a notable hub for information technology and fintech. The decree is seen as a continuation of the country's crypto-friendly policies, which date back to 2017. The aim is to enhance crypto operations and reduce gray market activities through robust state oversight.

Future Outlook for Digital Finance

The integration of digital tokens and traditional banking is anticipated to position Belarus as a leader in digital financial innovation. Historical trends demonstrate a consistent commitment to enhancing crypto operations, even amidst external challenges. The focus remains on balancing technological advancement with stringent compliance measures.