Belarus Approves Cryptobank Framework Mixing Tokens With Banking Services

TLDR

• Belarus President signed Decree No. 19 allowing cryptobanks in HTP.
• Only registered HTP companies can operate as cryptobanks in Belarus.
• Cryptobanks will face joint supervision from HTP and the central bank.
• The law follows Belarus’s move to block foreign crypto exchange sites.

Belarus has taken a major step in regulating its digital finance sector by authorizing the creation of “cryptobanks.” A new decree signed by President Alexander Lukashenko allows certain companies in the High-Tech Park to offer both token-based services and traditional banking. This move strengthens Belarus’s strategy to keep crypto operations within state oversight, following recent bans on foreign exchanges and rules limiting trading to approved domestic platforms.

New Legal Structure for Cryptobanks

President Alexander Lukashenko signed Decree No. 19 on January 16, establishing a legal framework for cryptobanks. These entities can now combine digital token operations with traditional financial services. The law applies to joint-stock companies that are residents of Belarus’s High-Tech Park (HTP), a state-run special economic zone focused on technology businesses.

The cryptobank framework allows these companies to carry out token-related activities along with standard banking and payment services. These operations will be subject to oversight from both the HTP supervisory board and the National Bank of the Republic of Belarus. Companies must meet two conditions: they must be registered in the HTP and be listed in a special cryptobank register maintained by the central bank.

Conditions for Market Entry

Only joint-stock companies with residency in the High-Tech Park may apply for cryptobank status. The decree also requires each firm to be entered into a dedicated register of cryptobanks maintained by the central bank. This means only state-approved entities operating within the HTP will have access to the new cryptobank permissions.

These companies must also follow existing laws that apply to non-bank credit and financial organizations in Belarus. In addition, they must carry out all orders and decisions issued by the supervisory board of the High-Tech Park. These requirements are part of the country’s effort to control its crypto sector and reduce reliance on foreign platforms.

Part of Broader Crypto Strategy

The cryptobank law is part of Belarus’s broader digital asset policy. On December 10, the country blocked access to four foreign crypto exchanges—Bybit, BingX, Bitget, and OKX. Officials said the ban followed rules in the Law on Mass Media. It was also a step to keep financial activity within its domestic framework.

Back in September 2024, a regulation limited real-money crypto trading to domestic exchanges and crypto exchangers registered in the HTP. The new cryptobank measure builds on that direction. It ensures that all digital asset activity runs through licensed and monitored Belarusian platforms.

Focus on Local Development

The government has also been investing in infrastructure to support the growth of its digital finance sector. In March last year, Lukashenko instructed the state to build crypto-mining data centers. These are to be located in areas with excess electricity supply.

With the introduction of cryptobanks, Belarus is expanding its financial technology offerings while keeping control within its own borders. The policy ensures that both crypto and banking services operate under a unified and state-monitored system.

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