A new chapter for Belarus’ financial system is taking shape as the country prepares to launch its first crypto banks.
Belarus has authorized the registration of its first two crypto banks, marking a significant step in the country’s efforts to connect traditional financial services with the digital-asset sector.
The two companies have joined Belarus’ High-Tech Park (HTP) with crypto-bank status following work carried out with the National Bank of Belarus. The organizations will now need to be included in the National Bank’s official register of crypto banks before they can begin full-scale operations.
The development follows the adoption of a presidential decree earlier this year that established a legal framework for crypto banks. Belarusian officials say the new institutions are intended to create a regulated environment where banking services and digital-token activities can operate together.
Dmitry Kalechits, First Deputy Head of the Secretariat of the HTP Supervisory Board, described the development as “a positive evolutionary step that will help bridge the gap between traditional finance and the crypto sphere”.
According to HTP, the new model could also support investment, technological development, and confidence in financial institutions.
What Is Decree No. 19?
At the center of the development is Decree No. 19, “On Crypto Banks and Certain Issues of Control in the Field of Digital Signs (Tokens)”, signed by Belarusian President Alexander Lukashenko on January 16.
The decree creates the legal foundation for crypto banks in Belarus. Under its provisions, a crypto bank is a joint-stock company allowed to combine activities involving digital tokens with banking, payment, and other related financial services.
To enter the market, a crypto bank must become a resident of the High-Tech Park and be included in the National Bank’s register of crypto banks.
The decree also establishes a dual regulatory structure. Crypto banks must follow requirements applicable to non-bank credit and financial institutions while also complying with decisions made by the HTP Supervisory Board.
This framework is designed to allow crypto banks to provide financial products that combine traditional banking services with the speed and technology associated with digital-token transactions.
Belarus Builds on Its Existing Crypto Policy
The creation of crypto banks is part of Belarus’ wider effort to develop its digital-asset sector. In 2017, the country introduced rules that legalized cryptocurrency mining and trading and provided tax advantages for certain cryptocurrency-related income.
Since then, Belarus has continued developing its approach to digital assets. Lukashenko has also promoted Bitcoin mining as a potential way to use surplus electricity, while regional authorities have prepared sites for mining facilities.
The government now hopes crypto banks will further connect the country’s traditional financial system with the growing digital-asset industry.
Kalechits said the combination of HTP and National Bank supervision would help “improve the flow of the financial ecosystem”, while supporting technological development, attracting investment and increasing revenue.
With the first two crypto banks now moving through the registration process, Belarus is putting its new regulatory framework into practice and creating a formal bridge between conventional finance and digital-token services.
