Belarus has made a major move to adopt cryptocurrency in a legal and regulated way. President Alexander Lukashenko recently signed Decree No. 19, which allows cryptobanks to operate within the country’s regular banking system.
These cryptobanks can now combine digital token transactions with traditional banking services, including payments and financial operations.
The law is part of Belarus’s plan to become a center for financial technology and blockchain innovation.
It ensures that crypto activities are fully legal and supervised by the government while allowing banks to offer new and modern financial services. This step also strengthens Belarus’s position in global digital finance.
What the Cryptobank Law Allows
According to the new law, a cryptobank in Belarus is a company that can combine digital tokens with regular banking services. This means these banks can handle crypto transactions, traditional banking activities, and payment services all in one place.
Instead of creating a separate crypto system, Belarus is adding digital assets into its existing banking rules. This way, people and businesses can use crypto safely under government supervision.
The law makes sure that crypto activities are legal, regulated, and secure, while still allowing innovation. Cryptobanks can now offer services that mix the speed and convenience of digital tokens with the stability of regular banking.
Strict Entry Requirements for Cryptobanks
To operate legally in Belarus, cryptobanks must follow these rules:
- High-Tech Park (HTP) Residency – They must be located in Belarus’s innovation hub, the High-Tech Park, to encourage technology and business growth.
- Registration with the National Bank – All cryptobanks must be listed in a special registry managed by the National Bank of Belarus to ensure official approval.
- Follow Financial Laws – Cryptobanks must comply with regulations for non-bank credit and financial institutions, keeping operations safe and legal.
These rules make sure that only licensed and approved cryptobanks can operate, protecting customers and keeping the crypto market under strong government oversight.
Dual Regulatory Oversight
In Belarus, cryptobanks will follow a dual regulatory system to ensure both safety and innovation. First, the National Bank will oversee financial activities, making sure all banking and payment operations follow legal rules.
Second, the High-Tech Park (HTP) Supervisory Board will monitor technology and operations, ensuring that digital token services are secure and reliable.
This two-level supervision helps cryptobanks combine traditional banking with digital asset services safely.
Officials say this approach allows banks to offer modern and innovative crypto services while staying fully compliant with Belarus’s financial laws and regulations.
Combining Traditional Banking with Digital Assets
Belarus’s new law allows cryptobanks to offer financial products that combine traditional banking services with digital token transactions.
This means customers can use regular banking features like payments and deposits while also managing cryptocurrencies in a regulated and safe environment.
By merging these two systems, cryptobanks can provide faster, more convenient services compared to regular banks, while keeping operations legal and secure.
This hybrid approach is expected to attract businesses and investors who want access to crypto without risking unregulated markets. Overall, it positions Belarus as a modern, innovative financial hub in the digital asset space.
Belarus’s Controlled Crypto Strategy
Belarus has been slowly adopting digital assets since 2017, when the government legalized cryptocurrencies. President Lukashenko has shown interest in crypto mining, saying the country has extra electricity that could be used to produce digital coins.
This is seen as a way to take advantage of Belarus’s resources and support the growth of blockchain technology.
At the same time, the government is controlling the crypto market by blocking access to offshore and unregulated crypto exchanges. This ensures that all crypto activities happen under state supervision, keeping the market safe, legal, and organized while promoting innovation in digital finance.
