Belarusian President Alexander Lukashenko has signed Decree No. 19 “On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens,” officially creating a legal framework for bitcoin and crypto banks in the country.
The decree makes Belarus a hub for financial technology innovation while providing a regulated path for cryptocurrency services.
Under the new law, a crypto bank is defined as a joint-stock company that is a resident of Belarus’ High-Tech Park (HTP) and included in a registry maintained by the National Bank of Belarus.
These institutions can offer both traditional banking services — such as deposits, loans, and transfers — and activities involving digital tokens, creating a hybrid financial model that blends fiat and crypto operations.
Only firms registered with the HTP and listed in the National Bank’s crypto bank registry will be eligible to operate. Crypto banks will not be full commercial banks but will function as non-bank financial institutions, subject to dual regulation.
This means they must comply with rules for non-bank credit and financial institutions, including capital adequacy, risk management, anti-money laundering (AML) and counter-financing of terrorism (CFT) obligations, as well as consumer protection standards.
They are also required to follow decisions made by the HTP Supervisory Board.
Belarus’ pro-bitcoin push
The decree is part of Belarus’ broader push to integrate digital finance with traditional banking infrastructure. “Dual regulation will allow a crypto bank to offer clients innovative financial products that combine the advantages of traditional banking operations with the technological efficiency, speed, and convenience of digital token transactions,” the presidential website noted.
Belarus has a history of early adoption of crypto regulations. A 2017 decree established tax-free conditions for cryptocurrency mining and trading, eliminating the need for individuals to declare crypto income.
In recent years, Lukashenko has also promoted virtual payment systems and bitcoin mining projects, including using surplus electricity to power mining farms in the Mogilev region.
The country is expected to launch its digital ruble in full-scale operation in the second half of 2026.
For local users and businesses, the new framework could ease access to hybrid financial products that link fiat and digital currencies. By enabling smoother and faster settlement, crypto banks may reduce friction when moving between traditional and crypto-based transactions. The decree also provides clear regulatory boundaries, ensuring that crypto operations remain fully backed by fiat and subject to oversight.
Globally, Belarus’ move aligns with trends toward on-chain finance and tokenized assets, as banks and financial institutions explore blockchain technology for payments, trading, and asset management.
Just yesterday, Belgium’s KBC Group said they will become the first local bank to let retail clients trade crypto, starting February 16 via its Bolero platform under EU’s MiCAR rules.
Initially offering Bitcoin and Ether on an execution-only basis, clients must pass a risk-awareness test before trading.
