Belarus has taken a decisive step toward formalizing cryptocurrency within its financial system.
Alexander Lukashenko has signed Decree No. 19, creating a legal framework for so-called cryptobanks to operate under state supervision.
The move officially embeds digital assets into the country’s regulated banking sector, allowing licensed institutions to combine traditional banking services with cryptocurrency operations.
What Is a Cryptobank Under Decree No. 19?
The decree defines a cryptobank as a joint-stock company authorized to handle both fiat currency and digital tokens on a unified legal basis. Unlike standalone crypto exchanges, these institutions are designed to function as full-service banks.
JUST IN: President of Belarus signed decree to officially establish legal status of crypto banks. pic.twitter.com/b4LjC0uYRQ
— Bitcoin Magazine (@BitcoinMagazine) January 16, 2026
Under the framework, licensed cryptobanks are allowed to offer:
- •Integrated accounts, where Bitcoin and other digital tokens are treated similarly to fiat for accounting and balance-sheet purposes
- •Consumer banking products, including crypto-linked payment cards, cryptocurrency-backed loans, and standard deposit services
- •Payroll services, enabling self-employed citizens to legally receive income in cryptocurrency, as long as payments are processed through a licensed cryptobank
This structure effectively places crypto assets inside the traditional banking perimeter rather than alongside it.
Dual Licensing and State Oversight
To maintain tight control, Belarus has introduced a layered regulatory model for cryptobanks.
First, institutions must be listed in a dedicated register maintained by the National Bank of Belarus. This ensures direct monetary and supervisory oversight.
Second, cryptobanks must hold resident status in Hi-Tech Park, a government-backed technology hub that provides tax incentives while enforcing strict operational and reporting standards.
In addition, cryptobanks are required to comply with existing rules governing non-bank credit and financial organizations. This includes full adherence to AML and counter-terrorist financing requirements, as well as capital adequacy and reporting obligations.
Strategic Goals Behind the Policy
Belarusian authorities expect the first licensed cryptobank to become operational within six months, once secondary regulations are finalized.
Officials have acknowledged several strategic motivations behind the move. One is economic resilience, as the framework allows for regulated cross-border crypto transactions at a time when Belarus remains subject to international sanctions. Another is domestic control: the decree follows a December 2025 crackdown on offshore crypto exchanges, aimed at eliminating unregulated gray-market activity.
The cryptobank model is also positioned as a stepping stone toward the country’s broader digital currency ambitions. Authorities have confirmed that the framework will support the planned launch of the Belarusian digital ruble, which is currently scheduled for the second half of 2026.
By bringing cryptocurrency directly into licensed banks, Belarus is signaling a preference for centralized oversight rather than decentralized experimentation, using crypto as a state-managed financial tool rather than an alternative system.