Belarus President Alexander Lukashenko signs decree legalizing crypto banks

Long-term Belarusian leader Alexander Lukashenko has issued a decree laying the ground for cryptocurrency banks to legally operate in the country.

His administration hopes the move will cement the Eastern European nation’s position as a leader in digital finance in its region, particularly when it comes to regulating the crypto market.

Lukashenko greenlights crypto banking operations in Belarus

Decree No. 19 “On Cryptobanks and Certain Issues of Control in the Sphere of Digital Tokens” was signed by the Belarusian head of state on January 16, his administration announced the same day.

“The document aims to strengthen Belarus’s image as a leader in financial IT technologies” and provides for establishing conditions for such entities to work in the country, stressed the press release.

The decree describes crypto banks as joint-stock companies authorized to combine activities involving the use of “digital tokens,” as cryptocurrencies are defined in Belarusian law, with banking, payment, and other related financial transactions.

To be admitted to the market, they must be residents of the High-Tech Park (HTP) and added to a special registry for this kind of institutions that will be maintained by the National Bank of the Republic of Belarus (NBRB).

The HTP hub in the capital Minsk operates under a special legal regime, providing benefits and preferential treatment such as tax exemptions for businesses in the IT industry, including companies working with digital assets.

The announcement published on the website of the Belarusian presidency further detailed:

“When conducting its activities, a cryptobank is obligated to comply with the legal requirements applicable to non-bank credit and financial institutions, as well as to implement the decisions of the High-Tech Park’s Supervisory Board.”

Officials claim the dual licensing approach will allow crypto banks to offer clients innovative financial products combining the benefits of traditional banking with new financial technologies, ensuring fast and convenient transactions with digital currencies.

First Belarusian crypto bank expected to appear within months

Belarus is arguably the first nation in the post-Soviet space to comprehensively regulate crypto activities. It started the process with another order issued by Lukashenko, which legalized mining and trading.

The groundbreaking Decree No. 8 “On the Development of the Digital Economy” was signed by the president in December 2017 and went into force in March, the following year.

Both regulated and unregulated crypto market activities have been developing since then, and in September of 2025, Lukashenko urged officials and institutions to catch up with the industry and update applicable rules.

He also highlighted the growing importance of cryptocurrencies, particularly in regard to payments. Belarusians have been using digital coins for cross-border transactions amid sanctions limiting their access to traditional fiat channels.

Commenting on his latest decree, First Deputy Chairman of the NBRB Board Alexander Egorov announced that a Belarusian crypto bank may be established in the next few months.

Quoted by the official news agency BelTA, the central bank executive stated:

“This was one of the most anticipated regulations not only in the Belarusian fintech community, but also globally, as it is quite unique … We have set a deadline of six months to bring legislation into compliance with this decree.”

“We will certainly work with all potential investors, both domestic and foreign, so that we can see the first crypto banks in our country almost immediately after the legislation is drafted,” Egorov added.

New Belarusian regulation treats Bitcoin like regular currency

Crypto banks launched under Decree No. 19 will combine the functions of a traditional bank and a crypto exchange, the NBRB deputy governor emphasized. This means introducing a unified balance sheet, making no distinction between fiat money and cryptocurrency within such institutions.

The document also allows self-employed citizens to receive remuneration in cryptocurrency, provided it’s transferred through a crypto bank, remarked Egorov. Customers will be issued bank cards linked directly to crypto accounts and will be able to borrow using digital coins as collateral.

The National Bank intends to introduce special requirements for cryptocurrency banks, ensuring the safe storage of funds and their accessibility at any time, the Belarusian official assured. His country hopes the new framework will attract fresh foreign investment.

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