Belarus has approved its first crypto banks, marking a major development in the nation’s ongoing efforts to promote digital assets and build a resilient cryptocurrency sector. This step follows the official introduction of a legal framework for Bitcoin banks, as confirmed by Russian news agency Interfax on Monday.
New crypto banks receive accreditation
The new crypto banks, whose names have not yet been disclosed, are expected to begin operations after receiving accreditation from the National Bank of Belarus. This move reflects Belarus’s intention to integrate digital asset services into its traditional financial infrastructure, aiming to foster innovation and attract foreign investors.
Back in January, President Alexander Lukashenko signed Decree No. 19, titled “On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens.” This decree established the legislative foundation enabling crypto and Bitcoin banks to operate legally in the country.
The press service of High-Tech Park reported, “The practical outcome of today’s discussion is the launch and registration of the first crypto banks in the country’s history.”
High-Tech Park is a special regulatory and tax regime in Belarus designed to promote innovation and digital technologies. Within this zone, digital asset transactions are explicitly permitted and operate under dedicated regulations.
Mini dictionary: High-Tech Park (HTP) is a Belarusian economic zone established to encourage innovation in IT and fintech, offering favorable tax and legal conditions for technology companies and digital asset businesses.
Regulation and oversight
The new banking institutions will be jointly regulated by the National Bank of Belarus and High-Tech Park. Authorities stated that tighter oversight is a priority to ensure compliance and maintain financial stability as crypto banking services expand.
Dmitry Kalechits, first deputy director of the High-Tech Park supervisory board secretariat, emphasized that the initiative is expected to strengthen the domestic financial ecosystem and enhance Belarus’s appeal to foreign investors. Officials stressed their plans to harmonize traditional banking practices with novel crypto asset activities.
Dmitry Kalechits indicated that this move is designed to “improve the flow of the financial ecosystem” and stimulate investment in Belarus.
Belarus’s evolving crypto policy
President Lukashenko has actively supported crypto innovation in recent years. In September of the previous year, he gave his backing to the National Bank’s plan to launch crypto banks, further demonstrating the administration’s pro-digital asset stance.
Belarus first moved to legalize crypto mining and trading in 2017, temporarily exempting individuals’ crypto income from taxation and reporting obligations. While that exemption was extended to 2025, authorities have since narrowed the scope: income received from foreign crypto platforms is now subject to a 13% tax rate.
| Year | Regulation | Current Status |
|---|---|---|
| 2017 | Crypto mining and trading legalized; tax exemption granted | Active, with partial revision |
| 2025 (planned) | Temporary tax exemption expires; foreign platform income taxed at 13% | Scheduled |
| 2026 | First crypto banks approved following Decree No. 19 | Active |
The president has also promoted domestic Bitcoin mining as a solution for surplus electricity. In 2025, the Mogilev region began preparing mining sites with Lukashenko’s support. This policy aims both to support the energy sector and to further establish Belarus as an Eastern European hub for crypto technologies.
