Belarus approves its first crypto banks under new legal framework
Two crypto banks have been approved in Belarus after a January decree created a legal framework for them, with operations due to start once the National Bank grants accreditation.
Key points
- Belarus has approved its first crypto banks, according to Interfax, though the banks have not been named.
- The banks will begin operations after receiving accreditation from the National Bank of Belarus.
- President Alexander Lukashenko signed Decree No. 19 on cryptobanks in January, creating the legal framework.
- High-Tech Park, a Belarusian tax and legal regime, said the banks will be regulated by it and the National Bank.
- A 2017 decree legalised crypto mining and trading; the tax exemption for individuals' crypto income was extended to 2025 and has since been narrowed, with foreign platform income taxed at 13%.
Belarus has approved its first crypto banks, with the institutions set to begin operations once they receive accreditation from the National Bank of Belarus, according to reports cited by Russian news agency Interfax. The banks have not been named. The move follows the creation of a legal framework for crypto banks in the country earlier this year.
President Alexander Lukashenko signed Decree No. 19, titled On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens, in January. That decree officially established the legal basis for bitcoin and crypto banks in Belarus. The practical result, according to Interfax, is the launch and registration of the first crypto banks in the country's history.
The press service of High-Tech Park was quoted by Interfax as saying the banks would be regulated by both High-Tech Park and the National Bank. High-Tech Park is a tax and legal regime in Belarus where digital asset transactions are permitted. Dmitry Kalechits, first deputy director of the High-Tech Park supervisory board secretariat, said the step would improve the flow of the financial ecosystem and attract foreign investment to the country.
First crypto banks approved
Lukashenko backed the National Bank's initiative to establish crypto banks in September of last year, before the January decree formalised the plan. Belarus has a longer history of pro-crypto regulation: a 2017 decree legalised crypto mining and trading and temporarily exempted individuals' crypto income from tax and declaration. That exemption was extended to 2025 and has since been narrowed, with income from foreign platforms now taxed at 13%.
The president has also repeatedly promoted Bitcoin mining as a use for surplus electricity. In 2025, the Mogilev region began preparing sites for mining farms with his backing, according to the report.
The approval marks a further step in Belarus's efforts to tie digital assets into its regulated financial system. By placing the new banks under the oversight of both High-Tech Park and the National Bank, the authorities are aiming to bring crypto activity inside formal supervision while presenting the sector as a route to foreign investment.
Decree created the framework
The report does not name the approved banks or give a date for when accreditation will be completed. It also does not specify the services the banks will offer once they are operational.