Belarus Approves First Crypto Banks Following New Legal Framework
First Crypto Banks Approved in Belarus
The first cryptocurrency banks have received approval to operate in Belarus. This development follows the country's earlier establishment of a legal framework for such institutions. According to reports, the new banks will begin operations once they secure accreditation from the National Bank of Belarus.
Details on Accreditation and Regulation
- The specific names of the approved banks have not yet been released.
- Operations will commence after accreditation is granted by the National Bank of Belarus.
- The High-Tech Park, a special tax and legal zone in Belarus, will help regulate these entities alongside the National Bank.
- Digital asset transactions are permitted within the High-Tech Park zone.
Legal Background and Government Support
In January, Belarusian President Alexander Lukashenko signed Decree No. 19, titled "On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens." This decree officially created the legal structure for Bitcoin and crypto banks in the nation. The High-Tech Park press service stated that the launch and registration of these banks mark the first time such institutions have been established in the country's history.
Dmitry Kalechits, a senior official at the High-Tech Park, noted that this move aims to improve the financial ecosystem and attract foreign investment. President Lukashenko previously supported the National Bank's initiative to create these institutions last September.
History of Crypto Regulations
Belarus has maintained pro-cryptocurrency regulations for several years. A 2017 decree legalized crypto mining and trading while temporarily exempting individual crypto income from taxes. While this exemption was extended to 2025, it has since been narrowed. Income derived from foreign platforms is now subject to a 13% tax rate.
Lukashenko has frequently advocated for Bitcoin mining as a way to utilize surplus electricity. In 2025, the Mogilev region began preparing sites for mining farms with the President's backing.
Next Steps for the Industry
The immediate next step involves the approved banks obtaining their formal accreditation from the National Bank before starting operations. Officials expect this process to facilitate closer integration between traditional finance and the crypto industry.
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