Belarus has taken a significant step toward integrating digital assets into its financial system. President Alexander Lukashenko signed a new decree providing a legal framework for crypto banking. According to information reported by the Belarusian state news agency BELTA, Decree No. 19, signed on January 16th and titled "On Certain Issues Regarding Control in the Field of Crypto Banks and Digital Tokens," allows for the establishment and operation of crypto banks in the country.
The legal definition for crypto banks has been clarified
The new regulation aims to strengthen Belarus's position in the field of financial IT innovation, while also ensuring that crypto banking activities are conducted within a regulated and supervised structure. With this decree, the concept of a "crypto bank" has been clearly defined for the first time in Belarusian law. Accordingly, crypto banks can operate as joint-stock companies that can offer digital token transactions alongside traditional banking, payment, and related financial services.
The legal framework paves the way for crypto banks to work not only with blockchain-based products but also with integrated operations using classic financial instruments. Thanks to this structure, banks will be able to offer both token-based transactions and traditional payment and banking services under one roof. Officials emphasize that this model will serve as a bridge between the digital asset economy and classical finance.
However, there are certain conditions for obtaining crypto bank status. Accordingly, these institutions must have a registered status in the High-Tech Park, Belarus's special economic zone focused on technology and innovation. In addition, these institutions are required to be included in a special crypto bank register maintained by the National Bank of Belarus. These criteria aim to both encourage the development of the sector and strengthen control mechanisms.
Another notable element of the new system is the dual-layered supervisory model. In addition to being subject to the regulations applied to non-bank credit and financial institutions, crypto banks will also have to comply with the decisions of the High-Tech Park Supervisory Board. Officials state that this multi-level supervisory structure aims to provide supervision close to traditional banking standards without hindering the development of innovative financial services.
With this decree, the Belarusian government plans for crypto banks to offer customers a hybrid product range. These products will combine the relatively stable structure of traditional banking with the speed and efficiency of token-based transactions. Thus, crypto banks will position themselves as intermediaries facilitating digital asset transactions while also providing access to payment systems and banking services. Since the establishment of the High-Tech Park, the country has offered relatively flexible regulations and tax advantages to attract blockchain and crypto projects. On the other hand, the Belarusian government also views crypto mining as a strategic area. At a government meeting in November, Lukashenko described crypto mining as one way to reduce global dollar dependence and argued that the country's surplus nuclear capacity should be utilized in this area. At the meeting in Minsk, Lukashenko, downplaying concerns about market volatility, stated that crypto assets are an inevitable part of the international search for alternative monetary systems.
