- Belarus legalizes cryptobanks to combine digital tokens with traditional banking and financial services.
- Cryptobanks must register in the High-Tech Park and follow national financial regulations strictly.
- Belarus blocks foreign crypto exchanges and plans a digital ruble rollout by 2026 for wider adoption.
Belarus has signed Decree No. 19, legalizing cryptobanks and integrating digital tokens with traditional banking. The policy aims to strengthen financial IT innovation.
The decree provides a clear framework for crypto banks to operate under dual supervision. It also positions Belarus as a regulated environment for crypto activities.
Framework for Cryptobank Operations
The decree defines cryptobanks as joint-stock companies combining banking, payment, and token operations. To qualify, companies must be residents of the High-Tech Park. They must also register with the National Bank of approved cryptobanks.
These banks will follow regulations for non-bank financial institutions. They are required to implement decisions made by the High-Tech Park Supervisory Board. The dual framework allows financial innovation while maintaining regulatory oversight. It enables banks to offer digital token products alongside traditional financial services.
Restrictions and Market Control
Belarus has recently blocked access to major crypto exchanges, including Bybit, OKX, and Bitget. The move followed the Mass Media Act and is managed by the national telecom agency. Citizens attempting to access blocked exchanges receive denial messages.
These measures align with a strategy to confine cryptocurrency trading within domestic platforms. The government limits foreign platforms to operations inside the High-Tech Park. This creates a regulated sandbox for innovation and experimentation in the digital asset sector.
Mining and Broader Crypto Strategy
The government is exploring crypto mining using surplus energy from local facilities. Belarus president Lukashenko views cryptocurrency mining as a key strategy for de-dollarization. Authorities consider mining profitable if it strengthens the economy. Belarus has monitored global trends in digital assets, including potential strategic Bitcoin reserves in other countries.
The country is also developing a central bank digital currency, the digital ruble. The project will roll out in phases, including platform development, software creation, and business integration by 2026. Full adoption by individuals and government offices is expected by 2027.
Russia is also opening to legal crypto investments under new regulations. Additionally, Russia is planning new bank reporting rules to track crypto transactions tied to cross border money flows. Belarus continues building on its 2017 legalization of digital assets with this latest decree.
