On January 16, Belarusian President Alexander Lukashenko signed a law titled "On Crypto Banks and Certain Issues of Control in the Sphere of Digital Tokens."
According to decree No. 19, a crypto bank is defined as a joint-stock company that is a resident of the High-Tech Park (HTP) and is included in a special register maintained by the National Bank. These organizations will be authorized to conduct operations with tokens alongside traditional banking and financial services.
They will be subject to a dual regulatory model, overseen by both the Central Bank of Belarus and the High-Tech Park.
Such entities must comply with the legal requirements applicable to non-bank credit and financial organizations. This includes capital adequacy norms, risk management, adherence to AML/CFT regulations, and consumer protection.
Crypto banks are also required to follow the decisions of the HTP Supervisory Board. This economic zone in Belarus operates under a special legal regime that offers residents significant tax benefits and simplified procedures in accordance with Decree No. 8.
"The dual regulation will allow crypto banks to offer clients innovative financial products that combine the advantages of traditional banking operations with the technology, speed, and convenience of transactions involving digital tokens," the Belarusian president's website states.
Lukashenko has repeatedly expressed his views on cryptocurrencies, urging the government to establish clear and transparent rules and mechanisms for regulating the digital asset market. He has also instructed banks to accelerate the implementation of virtual payment systems, starting with QR codes.
In early 2025, the Belarusian leader proposed to Energy Minister Alexey Kushnarenko to develop cryptocurrency mining in the country, and later approved the construction of mining farms in the Mogilev region.
It is worth noting that by the second half of 2026, the digital ruble will be fully operational in the republic.