Belarus Establishes Legal Framework for Crypto Banks

Belarus President Alexander Lukashenko signed a decree establishing guidelines for crypto banks. These are joint-stock companies merging traditional and digital banking, introducing a regulated framework to boost innovation and maintain transparency in the crypto financial sector.

Under the new regulation, these crypto banks will operate under the National Bank of Belarus and High-Tech Park (HTP). Entities must gain HTP resident status and adhere to guidelines, ensuring financial stability while fostering technological advancement.

The decree aims to attract digital finance innovation and strengthen Belarus’s image as a crypto-friendly nation. It impacts Belarus’s financial landscape by introducing novel banking solutions that integrate digital transaction efficiencies.

These changes may influence financial inclusion, encourage technological investments, and foster an adaptable economic environment. The dual regulatory framework seeks to balance technological growth with protection against financial risks and threats.

As Belarus continues to embrace crypto, the regulation could inspire similar frameworks globally. The crypto banks initiative reflects a shift towards comprehensive digital financial strategies, potentially changing perceptions of national economic resilience in sanctions-rich contexts.

Experts expect any regulatory tweaks to prompt further collaboration between public and private sectors. Historical trends show Belarus’s crypto-friendly policies evolving since 2017. Compliance with AML/CFT standards will reinforce consumer confidence and bolster economic integration with global digital finance.

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. – Alexander Lukashenko, President of Belarus