WHITEBIRD Announces Plans to Establish First Crypto Bank in the CIS

WHITEBIRD, a Belarusian cryptocurrency platform, announced its intention to establish the region's inaugural crypto bank in a letter addressed to the National Bank and the High-Tech Park (HTP) on January 19. This initiative marks the company's readiness to operate under the newly introduced regulatory framework following President Alexander Lukashenko's signing of Decree No. 19, which addresses crypto banking and digital token oversight.

As the first entity to express interest in this venture, WHITEBIRD plans to set up a legal entity within the HTP and aims to be listed in the National Bank's crypto bank registry. The initial services the bank will offer include account management, the issuance of cryptocurrency cards, and payment processing.

Future Services and Operations

Looking ahead, WHITEBIRD envisions expanding its offerings to include loans and deposits in digital currencies, tokenization initiatives, and trust management services, positioning itself as a versatile financial institution.

Regulatory Environment

Crypto banks, as defined by the new law, will function as joint-stock companies that integrate digital asset services with conventional banking activities. To operate legally, they must be HTP residents and registered with the National Bank. These institutions will be subject to a dual regulatory framework, combining standards for non-bank financial organizations with oversight from the HTP Supervisory Board.

“This dual regulation will empower the crypto bank to provide clients with innovative financial solutions that merge traditional banking benefits with the efficiency and speed of digital transactions,” according to the President of Belarus's official website.