Belarus has formalized a legal framework for “cryptobanks,” integrating digital asset activities into the country’s regulated banking system under direct state supervision.
On Friday, President Alexander Lukashenko signed Decree No. 19, outlining how cryptobanks may operate and the requirements for entering the market. The decree defines cryptobanks as joint-stock companies authorized to combine token-based operations with traditional banking, payments, and related financial services. Rather than creating a separate sector for crypto, the framework links digital asset activity to existing financial oversight structures.
Under the new rules, cryptobanks must:
- Obtain resident status in Belarus’s Hi-Tech Park, a state-backed technology zone.
- Be registered in a dedicated cryptobank registry maintained by the central bank.
Dual Oversight for Cryptobanks
The decree mandates that cryptobanks comply with regulations for non-bank credit and financial institutions, while also following directives issued by the Hi-Tech Park’s supervisory board. This dual oversight combines financial and technological supervision, allowing licensed entities to offer innovative products that blend conventional banking with token-based services.
By operating within the regulated framework, cryptobanks can provide crypto services safely and transparently, while limiting participation to firms willing to adhere to the country’s rules. According to the president’s office, the decree aims to strengthen Belarus’s reputation as a financial IT hub and ensure that crypto activity occurs only through state-approved channels.
Belarus’s Controlled Crypto Strategy
The cryptobank framework builds on years of incremental policy signals. On September 5, 2025, Lukashenko called for “clear and transparent rules” for the crypto market, emphasizing the need for state control alongside innovation. Days later, he encouraged local banks to expand crypto-based payments, citing international sanctions and the rise of digital tokens in cross-border transactions as reasons for urgent regulatory action.
Simultaneously, Belarus has sought to curb unregulated crypto activity. On December 12, authorities blocked access to several major offshore crypto exchanges, citing advertising violations and signaling a broader crackdown on the country’s digital asset “gray market.”
The decree positions Belarus to offer a controlled yet innovative environment for crypto banking, aligning digital finance with existing regulatory and technological frameworks.
