Belarus has moved to establish a legal framework for crypto banks
Journalist
Tanzil Akhtar
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Belarusian government news agency BELTA reports that Belarus has taken formal steps to integrate digital assets into its financial system.
On January 16, Lukashenko signed Decree No. 19, entitled “On Crypto Banks and Issues of Sphere Control of Digital Tokens.” The document aims to strengthen Belarus as a center for financial IT innovation while creating regulatory conditions for crypto banking activity in the country.
Defining Crypto Banks in accordance with the law of Belarus
According to the report, the decree defines a crypto bank as a joint-stock company with the mandate to combine digital token operations with traditional banking, payment and related financial services.
Under the new framework, crypto banks will be able to offer products that integrate blockchain-based tools with conventional financial operations.
To be eligible to operate a crypto bank, one must hold residency status in the Belarus Hi-Tech Park (HTP), a special economic zone designed to attract technology and innovation-oriented businesses. Eligible entities must be included in a dedicated crypto banking registry managed by the National Bank of Belarus.
Double control is introduced
BELTA reports that crypto banks will adopt a dual regulatory structure. They must also comply with the law applicable to non-bank credit and financial institutions, while crypto banks must comply with decisions issued by the High Tech Park Supervisory Board.
This layered approach is designed to ensure that innovation in digital finance is accompanied by appropriate regulation. Officials said the framework would allow crypto-banks to offer technologically advanced services while maintaining regulatory standards comparable to those governing traditional financial institutions.
Mixing traditional banking and digital assets
Officials say the provision is intended to enable crypto banks to offer their customers hybrid financial products that combine the stability of traditional banking with the efficiency and speed of token-based transactions.
Under the new regulations, crypto banks can facilitate digital asset operations by acting as an intermediary between traditional finance and the digital asset economy when providing banking and payment services.
Belarus fintech ambitions
The announcement is in line with its long-term ambition to establish itself as a leader in financial technology development. Since the creation of the high-tech park, the country has sought to attract blockchain and crypto-focused companies by offering favorable legal and tax regimes.
By introducing a formal crypto banking model, Belarus is looking to move beyond crypto experimentation to an integrated financial ecosystem that includes digital tokens in regulated banking operations.
Belarus Prioritizes Crypto Mining
In November, President Alexander Lukashenko announced aggressive expansion plans at a government energy policy meeting, positioning crypto mining as a strategic way to reduce global dollar dependence.
The directive builds on earlier commitments to transform the country's surplus nuclear power capacity into a competitive advantage for digital value generation. At the same time, broader geopolitical trends will accelerate the rise of the dollar in many continents.
According to local reports, Lukashenko dismissed concerns about market volatility at a November 14 meeting in Minsk.
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