The new rules place crypto-related banking activity firmly under state supervision, signaling a controlled but deliberate expansion of digital finance within the country.
Key Regulatory Framework for Cryptobanks
- •Belarus has created a legal framework for “cryptobanks” under direct state oversight.
- •Cryptobanks will combine traditional banking services with token-based operations.
- •Participation is limited to licensed joint-stock companies registered with authorities.
- •Firms must operate within Belarus’s Hi-Tech Park and central bank registry.
On Friday, Belarusian President Alexander Lukashenko signed Decree No. 19, which defines how cryptobanks may be created, licensed, and operated. Rather than treating crypto as a parallel financial sector, the decree embeds token-based activity into the existing banking and regulatory architecture.
Under the framework, cryptobanks will operate as joint-stock companies authorized to combine traditional banking services — such as payments and settlements — with token-based transactions. Participation is tightly regulated: institutions must obtain resident status within Belarus’s Hi-Tech Park, a state-backed technology zone, and be listed in a special register maintained by the country’s central bank.
Dual Oversight by Financial and Technology Authorities
The decree introduces a layered supervision model. Cryptobanks must comply with rules governing non-bank credit and financial institutions, while also adhering to decisions issued by the supervisory board of the Hi-Tech Park. This effectively places crypto-enabled banking under both financial and technological oversight.
According to the government, the structure is designed to allow innovation without loosening control. By channeling crypto services through licensed entities already embedded in the financial system, Belarus aims to offer token-based efficiencies while minimizing systemic risk. In practice, only firms willing to operate fully within state-defined boundaries will be able to participate.
Officials said the move is intended to strengthen Belarus’s positioning as a financial technology hub, while maintaining a model where crypto activity is permitted only through approved and monitored channels.
A Continuation of Belarus’s Tightly Managed Crypto Policy
The cryptobank decree is not an isolated decision but part of a broader, multi-year policy trajectory. In September 2025, Lukashenko publicly instructed lawmakers to develop “clear and transparent rules” for the crypto market, stressing that innovation must be paired with firm state control. Days later, he encouraged domestic banks to expand the use of crypto-based payments.
Those statements were framed against the backdrop of international sanctions and the growing role of digital tokens in cross-border transactions. Lukashenko argued that these pressures made it necessary for Belarusian banks to engage with crypto technologies, but only in a regulated and centralized manner.
At the same time, authorities have steadily tightened restrictions on unregulated activity. In December 2025, Belarus blocked access to several major offshore crypto exchanges, citing advertising violations and signaling a broader crackdown on the digital asset gray market.
Taken together, the new cryptobank framework reinforces Belarus’s distinctive approach: embracing digital assets as a strategic tool, while ensuring they operate exclusively within a state-approved and closely supervised financial environment.