Belarus President Instructs Lawmakers to Create Clear Crypto Rules

TLDR

• Lukashenko calls for clearer crypto rules to protect investors and ensure market transparency.

• Belarus has seen issues with digital asset companies, prompting the need for regulatory reform.

• The country plans to introduce a crypto bank under government oversight to protect citizens.

• Belarus aims to balance crypto innovation with investor protection in its regulatory approach.

Belarusian President Aleksandr Lukashenko has instructed lawmakers to establish clearer and more transparent rules for the country’s cryptocurrency market. This directive follows increasing concerns about the functioning of digital asset platforms in Belarus, including violations and financial losses suffered by investors. Lukashenko emphasized that the government must ensure proper control and oversight over this growing sector to protect its citizens.

Lukashenko made his request during a government meeting on September 5, 2025, where he stressed the need to regulate the emerging crypto market effectively. He stated that Belarus needs a solid and understandable framework in place, as the crypto sector remains new to the country. “The task of the state in these conditions is to determine understandable, transparent rules of the game and mechanisms for control,” Lukashenko said.

Efforts to Address Crypto Market Problems

Lukashenko’s call for clearer crypto regulations comes after a series of issues in Belarus’s digital asset space. According to reports, a significant portion of the funds sent abroad by Belarusian investors via crypto platforms does not return.

This has resulted in significant financial losses, with 1,600 people losing money on risky crypto investments. Additionally, half of the cryptocurrency token-issuing companies operating in the country have collapsed.

The president pointed out that the lack of clear regulation in the crypto market had contributed to these issues. Lukashenko firmly stated that the country’s regulatory framework must evolve to protect citizens from fraud and other risks. “It won’t do,” he remarked, emphasizing that consumer protection is now a top priority.

Development of a Crypto Bank and Other Initiatives

In response to the growing interest in cryptocurrency and digital assets, Belarus is also exploring the creation of a national experimental crypto bank. This proposal, presented by the National Bank’s First Deputy Chairman Aleksandr Yegorov, has already been approved by Lukashenko.

The crypto bank will operate under strict government oversight, ensuring it does not accept local currency deposits from Belarusian citizens. The focus will be on attracting foreign investors and facilitating cryptocurrency-only transactions.

The crypto bank aims to provide a safe environment for testing digital asset banking while minimizing the risk to local citizens. It represents a cautious approach to integrating cryptocurrency into Belarus’s financial system while protecting its citizens from potential losses.

Belarus Crypto History and Future Plans

Belarus has been a pioneer in the cryptocurrency space in Eastern Europe. In 2017, it became the first country to legalize smart contracts and cryptocurrencies through its Digital Economy Development Decree. The Hi-Tech Park, located in Belarus, has attracted major international companies, including Google and Uber, and has become a hub for crypto-related businesses. In 2024, Belarus’ foreign trade in digital currencies reached $1.2 billion, with expectations to hit $3 billion by the end of 2025.

In addition to the experimental crypto bank, Belarus is also moving forward with the development of its Central Bank Digital Currency (CBDC), the digital ruble. This state-controlled cryptocurrency is expected to be launched by 2026, with plans to integrate it into government services and retail transactions.

The government has also taken steps to mitigate the risks posed by the decentralized nature of cryptocurrencies. In 2023, Belarus implemented regulations that banned individuals from buying or selling crypto outside of registered exchanges in the country. These measures aim to maintain government control over digital assets and ensure the market remains transparent.

Through these initiatives, Belarus is striving to create a balance between fostering crypto innovation and ensuring the protection of its citizens. The country’s regulatory efforts, including the crypto bank and stablecoin regulations, could influence other nations in Eastern Europe and beyond, providing a model for integrating digital currencies into national economies while minimizing risks.

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