Belarus has approved the launch of its first two crypto banks, marking the operational start of a regulatory framework established earlier this year. According to reports from Russian news agency Interfax, these institutions will commence operations after obtaining accreditation from the National Bank of Belarus. The development follows President Alexander Lukashenko’s signing of Decree No. 19 “On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens” in January, which officially created the legal basis for Bitcoin and crypto banks in the country.
The High-Tech Park, a special tax and legal regime where digital asset transactions are permitted, confirmed the registration of the first crypto banks in the nation's history. These entities will be jointly regulated by the High-Tech Park administration and the National Bank. Dmitry Kalechits, first deputy director of the High-Tech Park supervisory board secretariat, stated that the initiative aims to improve the financial ecosystem flow and attract foreign investment. This move builds on Belarus’s long-standing pro-crypto stance, including a 2017 decree that legalized mining and trading, though recent adjustments have narrowed tax exemptions, imposing a 13% tax on income from foreign platforms.
The approval of the first crypto banks signifies a structural shift in Belarus’s approach to integrating digital assets with traditional finance. By placing these institutions under the joint supervision of the National Bank and the High-Tech Park, the government is creating a hybrid regulatory environment that leverages existing special economic zones to manage crypto-specific risks. This framework allows for closer integration between conventional banking services and cryptocurrency operations, potentially offering a controlled pathway for institutional adoption while maintaining state oversight through accreditation requirements.
From an operational risk perspective, the reliance on the High-Tech Park’s legal regime suggests that these banks may operate within specific jurisdictional boundaries distinct from the broader national banking sector. Investors and market participants should monitor how the interplay between the National Bank’s monetary policy and the High-Tech Park’s digital asset regulations affects liquidity and compliance standards. Additionally, the narrowing of previous tax exemptions indicates a maturing regulatory stance, where initial incentives for crypto activity are being balanced against fiscal responsibilities, particularly regarding income generated from foreign platforms.
