Belarus Establishes Regulated Crypto Banking Ecosystem

Belarus Creates Legal Framework for Crypto Banks

Belarus has introduced a legal framework for what are termed "crypto banks", formally integrating digital asset activities into the country's regulated banking system, under direct state supervision. On Friday, Belarusian President Alexander Lukashenko signed Decree No. 19, which outlines how crypto banks can operate and the necessary conditions for entering the market.

The decree positions crypto banks as authorized joint-stock companies allowed to combine token-based operations with traditional banking services and related financial services. Instead of establishing a parallel sector for cryptocurrency, the framework integrates digital asset activities within an existing financial oversight system and infrastructure. According to the rules, crypto banks must obtain residency status in the country’s High-Tech Park, a state-supported technology area.

Additionally, crypto banks must be registered in a dedicated registry maintained by the country’s central bank. They will operate under dual oversight, being subject to rules applicable to non-banking financial institutions as well as decisions issued by the supervisory council of the High-Tech Park. This layered approach subjects crypto-related banking activities to both financial and technological oversight.

In practice, this enables the delivery of crypto services through licensed entities already integrated into the financial system. The regulatory framework limits the participation of firms willing to operate according to the parameters of the country’s regulations. The President's office stated that the decree aims to bolster Belarus's image as an IT financial hub.

Belarus’s controlled crypto policy has been developing based on incremental political signals over recent years. On September 5, 2025, Lukashenko publicly urged lawmakers to create "clear and transparent rules" for the crypto market. The president emphasized the necessity of state control mechanisms alongside innovation. This message was reinforced a few days later when he encouraged local banks to expand their use of crypto-based payments.

At the same time, Belarus has begun to eliminate unregulated crypto activities within the country, blocking access to several offshore crypto exchanges, citing violations of publicity and indicating a broader crackdown on the "grey market" of digital assets.