Belarus authorizes 'cryptobanks' combining token operations with traditional banking

Alexander Lukashenko signed Decree No. 19 on Jan. 16 establishing a framework for “cryptobanks,” according to a statement from the Belarusian President's office.

The president's office stated that the decree permits joint-stock companies residing in the High-Tech Park (HTP), a state-run special economic zone in the country, to integrate token operations with traditional banking, payments, and other financial services, subject to dual supervision by HTP authorities and the National Bank of the Republic of Belarus.

Framework and admission criteria

The decree defines a cryptobank as a joint-stock company with the right to combine operations using digital tokens with standard banking, payment, and related financial activities. The framework is designed to foster what the decree calls "technological efficiency, speed, and convenience" for transactions involving tokens.

Admission to the market is contingent on two specific conditions. First, the entity must hold resident status within the High-Tech Park. Second, it must be entered into a dedicated register of cryptobanks maintained by the country's central bank.

In operation, cryptobanks must comply with Belarusian legislation governing non-bank credit and financial organizations. They are also required to implement all decisions issued by the HTP’s own supervisory board.

This financial technology push follows a directive from Lukashenko in March last year ordering the government to develop the national crypto-mining sector by installing data centers in regions with surplus energy resources.

Meanwhile, the move further consolidates Belarus's strategy of channeling digital asset activity through state-vetted domestic entities. It comes after the country reportedly blocked the websites of major international cryptocurrency exchanges, including Bybit, BingX, Bitget, and OKX, on Dec. 10, citing compliance with the Law on Mass Media.

It also follows a Sept. 20, 2024, regulation that restricted crypto trading for real money to domestic exchanges and crypto exchangers registered in the High‑Tech Park, according to the state-run media outlet BelTA.