Belarus Introduces State-Regulated Cryptobanks

Belarus has introduced a legal framework for so-called “cryptobanks,” formally integrating digital asset activity into the country’s regulated banking system under direct state oversight.

On Friday, Belarusian President Alexander Lukashenko Decree No. 19, defining how crypto banks may operate and what conditions they must meet to enter the market. 

The decree positions cryptobanks as joint-stock companies authorized to combine token-based operations with traditional banking, payments and related financial services. Rather than creating a parallel sector for crypto, the framework ties digital asset activity to existing financial oversight mechanisms and infrastructure. 

Under the rules, cryptobanks must obtain resident status in the country’s Hi-Tech Park, a state-backed technology zone. In addition, cryptobanks must be entered into a dedicated register maintained by the country’s central bank. 

Cryptobanks to operate under dual oversight 

According to the decree, cryptobanks are required to comply with rules applied to non-bank credit and financial institutions. They must also implement decisions issued by the Hi-Tech Park’s supervisory board. 

The layered approach subjects crypto-related banking activity to both financial and technological oversight.

According to the government, this dual regulation approach will let cryptobanks offer innovative products that blend conventional banking services with efficiencies contributed by token-based transactions. 

In practice, this allows delivery of crypto services through licensed entities already embedded in the financial system. The framework narrows participation to firms willing to operate within the country’s regulatory parameters.

The president’s office said the decree is intended to strengthen Belarus’s image as a financial IT hub. 

At the same time, the framework reinforces a long-running policy approach that permits crypto only within clearly defined, state-approved channels. 

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Belarus’s controlled crypto strategy

The cryptobank decree builds on years of incremental policy signals. On Sept. 5, 2025, Lukashenko to create “clear and transparent rules” for the crypto market. The president emphasized the need for state control mechanisms along with innovation. 

The message was reinforced just days later, when the president urged local banks to expand their use of crypto-based payments. 

On Sept. 10, Lukashenko and the growing use of digital tokens in cross-border transactions as some of the reasons why there was an urgent need for banks to get into crypto. 

At the same time, Belarus steadily moved to eliminate unregulated crypto activity within the country.

On Dec. 12, authorities blocked access to several major offshore crypto exchanges, citing advertising violations and on the digital asset “gray market.” 

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