On January 19, the Belarusian crypto platform WHITEBIRD sent a letter to the National Bank and the High-Tech Park (HTP) expressing its readiness to participate in the establishment of a crypto bank, according to a press release.
The company is the first candidate to operate under this new framework following the signing of Decree No. 19 "On Crypto Banks and Certain Issues of Control in the Sphere of Digital Tokens" by Belarusian President Alexander Lukashenko. This document creates a legal framework for financial organizations that will be able to combine banking activities with operations involving digital tokens.
WHITEBIRD plans to register a new legal entity as a resident of the HTP and apply for inclusion in the National Bank's register of crypto banks.
Services of the Future Crypto Bank
Initially, the company will launch basic services: account opening and maintenance, issuance of crypto cards, and acquiring services.
In the future, the functionality will expand to include loans and deposits in digital assets, tokenization, and trust management services.
Benefits of Crypto Bank Status
According to the decree, a crypto bank is recognized as a joint-stock company authorized to combine activities involving digital assets with traditional banking operations. To enter the market, it must be a resident of the HTP and be included in the relevant register of the National Bank.
Crypto banks will operate under a dual regulatory framework. They must comply with the legal requirements applicable to non-bank credit and financial organizations, as well as adhere to the decisions of the HTP Supervisory Board.
“Dual regulation will allow the crypto bank to offer clients innovative financial products that combine the advantages of traditional banking operations with the technological efficiency, speed, and convenience of transactions involving digital tokens,” as stated on the website of the President of Belarus.
Previously, ForkLog published a detailed review of the WHITEBIRD platform.