Belarus Introduces Cryptobanks With Traditional Banking Rights
In a major development, Belarus has taken another step in cryptocurrency adoption as President Alexander Lukashenko signed a law allowing cryptobanks to integrate digital tokens into traditional banking. The move aims to strengthen the country’s role in financial technology and digital assets.
The new decree, known as Decree No. 19, defines cryptobanks as joint-stock companies approved to combine digital tokens with banking, payment, and other financial operations. This allows them to offer services that merge the advantages of traditional banking with the speed and convenience of digital transactions. The decree builds on Belarus’s earlier steps in crypto regulation, including a 2017 law that legalized digital assets.
To operate, cryptobanks must have resident status in the High-Tech Park and register with the National Bank of Belarus. They are also required to follow rules for non-bank financial institutions and implement the decisions of the High-Tech Park’s Supervisory Board. These measures are intended to ensure oversight while encouraging innovation.
Belarus Explores Crypto Mining Amid Growing Global Interest
President Lukashenko has also encouraged the government to explore cryptocurrency mining, citing Belarus’s surplus electricity and the growing international demand for digital assets. He specifically noted that even countries like the United States are establishing Bitcoin reserves. Belarus sees this as an opportunity to expand its financial technology sector while tapping into profitable digital markets.
In related news, Belarus plans to launch a central bank digital currency, the digital ruble, in the second half of 2026. The National Bank of Belarus aims to modernize the financial system with secure, efficient digital payments.
Russia And Other Countries Move Toward Digital Assets
It is worth noting that Belarus is not alone in embracing cryptocurrencies. Its close ally, Russia, is planning legal frameworks for Bitcoin and other crypto assets. Meanwhile, Belarus has recently restricted local access to major crypto exchanges, including Bybit, Bitget, and OKX, following regulations under the Mass Media Act.
Despite these restrictions, the country hopes its cryptobanks will attract investment and provide innovative financial products that meet international standards. Notably, the law marks a significant step in Belarus’s digital economy, allowing cryptobanks to operate alongside traditional banks. By combining blockchain technology with conventional financial services, the country aims to position itself as a leader in cryptocurrency and financial innovation.