Key Points
- •President Lukashenko has signed Decree No. 19, establishing crypto bank operations in Belarus.
- •Crypto banks will combine traditional banking services with token-based operations under a dual regulatory system.
- •Only residents of the Hi-Tech Park registered with the National Bank are permitted to operate as crypto banks, aiming to boost fintech innovation.
President Alexander Lukashenko has signed Decree No. 19, establishing the legal framework for crypto banks and regulating token-based financial activities in Belarus. This initiative is designed to reinforce Belarus’s position as a leader in financial IT innovation while creating a structured environment for cryptocurrency operations.
Crypto Banks: Combining Traditional Finance with Blockchain Innovation
Under the new decree, a crypto bank is defined as a joint-stock company authorized to operate with digital tokens alongside traditional banking, payment, and related financial services. Only companies that hold resident status in the Hi-Tech Park and are registered in the National Bank’s crypto bank registry may operate in the sector.
Crypto banks are required to comply with existing regulations for non-bank financial institutions and adhere to decisions from the Hi-Tech Park Supervisory Board. This dual regulatory oversight ensures that crypto banks can offer customers innovative financial products while maintaining compliance with established financial standards. According to experts, this structure allows crypto banks to provide the benefits of both conventional banking security, reliability, and legal protections, and blockchain-based operations, such as fast, programmable, and tokenized transactions.
Driving Innovation and International Recognition
The decree positions Belarus as a hub for financial technology development by offering legal clarity and operational support for blockchain-based institutions. Authorities hope this framework will attract investment and encourage the development of tokenized financial services, including payments, lending, and other innovative offerings.
By providing a regulatory pathway for crypto banks, Belarus joins a growing list of countries seeking to balance technological innovation with financial oversight. Observers note that this initiative could make Belarus a competitive player in the global crypto economy while fostering domestic fintech talent and adoption.
In a related development, the Belarusian president called on the country’s banking sector to widen its adoption of cryptocurrencies as a strategic response to tightening Western sanctions that are impacting the national economy. Lukashenko emphasized the escalating role of digital assets in facilitating external payments and bypassing traditional banking constraints hampered by sanctions.