Regulation
Belarus Registers First Crypto Banks Under New Regulatory Framework
Belarus has taken a pioneering step by registering its first two crypto banks, a move that aligns digital token operations with conventional banking. This registration occurred on September 28, 2026, as part of the country's High-Tech Park (HTP), a special economic zone fostering tech development since 2005.
The establishment of these crypto banks follows the implementation of Presidential Decree No. 19, signed by President Alexander Lukashenko on January 16, 2026. The decree, which became effective around July after a six-month regulatory drafting period, mandates that crypto banks operate as joint-stock companies, similar to traditional banks.
These institutions must also maintain resident status within the HTP, which offers a regulatory sandbox with specific tax incentives and oversight. They will be accountable to both the HTP administration and the National Bank of the Republic of Belarus. Their operations will include integrating token transactions with traditional banking services, enhancing efficiency while adhering to anti-money laundering regulations.
The identities of the two registered banks have not been disclosed, but they are described as established players in the crypto sector. Before commencing full operations, these banks must gain approval from the National Bank to be listed on its register of authorized entities. The operational launch is anticipated in the latter half of 2026, contingent on the National Bank's processing speed.
Belarus has been positioning itself as a crypto-friendly jurisdiction for nearly a decade, with earlier initiatives dating back to a 2017 decree that legalized cryptocurrency activities and provided tax exemptions for crypto businesses within the HTP until 2023. This new regulatory framework under Decree No. 19 aims to channel digital asset activities into state-sanctioned entities, reflecting a broader global trend while uniquely merging crypto and banking licenses.
FAQ
What are the recent developments regarding crypto banks in Belarus?
Belarus has registered its first two crypto banks under a new regulatory framework established by Presidential Decree No. 19, signed on January 16, 2026. This registration occurred on September 28, 2026, as part of the High-Tech Park (HTP), allowing these banks to operate similarly to traditional banks.
What is the significance of Presidential Decree No. 19?
Presidential Decree No. 19 establishes a regulatory framework for crypto banks in Belarus, requiring them to operate as joint-stock companies and maintain resident status within the HTP. It aims to integrate digital token operations with conventional banking while ensuring compliance with anti-money laundering regulations.
What are the operational requirements for the newly registered crypto banks?
The newly registered crypto banks must gain approval from the National Bank of the Republic of Belarus before commencing full operations. They are also required to adhere to regulations set by both the HTP administration and the National Bank.
When are the crypto banks expected to launch their operations?
The operational launch of the crypto banks is anticipated in the latter half of 2026, depending on the processing speed of the National Bank's approval.
How does Belarus's approach to crypto banking compare to global trends?
Belarus's approach reflects a broader global trend of integrating cryptocurrency activities into regulated frameworks. By establishing state-sanctioned crypto banks, Belarus aims to channel digital asset activities into a structured environment, similar to developments seen in other countries.