Belarus has established rules for cryptocurrency banks, listing 26 approved digital assets and outlining transaction procedures.
The National Bank of the Republic of Belarus has formally established regulations governing the operation of cryptocurrency banks, detailing which digital currencies are allowed and how transactions should be conducted. This announcement was made by Alexander Egorov, the deputy chairman of the bank, according to reports from Sputnik.
The new rules come under the decree titled "On Crypto Banks and Certain Issues of Control in the Field of Digital Signs (Tokens)."
Initially, the list of approved cryptocurrencies includes 26 digital assets, such as Bitcoin, Ethereum, Solana, Toncoin, and various stablecoins.
The National Bank has outlined 11 types of transactions that crypto banks can conduct, which include deposits, loans, pledges, staking, and transfers between individuals or entities, along with the issuance of proprietary tokens and other activities.
Clarifying these transaction procedures is deemed vital for financial institutions, as it affects their accounting practices and overall operations.
Egorov emphasized that the current list of cryptocurrencies is "not yet closed" and is intended to remain flexible. Discussions with the High-Tech Park (HTP) suggest that updates will be made based on investor feedback.
Additionally, it was noted that earlier this year, Belarus had announced intentions to legalize cryptocurrency transactions for self-employed individuals.
