Belarus has taken a major step toward institutionalizing cryptocurrencies. President Alexander Lukashenko has signed Decree No. 19, which creates a legal framework for the establishment of so-called cryptobanks—banking institutions that can combine work with digital tokens with traditional financial services. This makes cryptocurrencies formally part of the regulated banking sector under direct state supervision for the first time in the country.
The new rules allow cryptobanks to operate as joint-stock companies that combine token operations with traditional banking services, payment systems, and other financial products. This is not about creating a parallel “crypto world,” but about integrating digital assets into the existing financial infrastructure.
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Dual supervision: central bank and technology park
Each crypto bank must meet two key conditions. It must obtain resident status in the Belarusian Hi-Tech Park—a state-supported technology zone—and be registered in a special register maintained by the central bank.
According to the decree, crypto banks are subject to the rules for non-bank credit and financial institutions. At the same time, they are required to comply with the decisions of the Hi-Tech Park’s supervisory board. The result is a layered regulatory model in which crypto activities are subject to both financial and technological oversight.
The government claims that this approach will enable the creation of innovative products that combine traditional banking services with the efficiency of token transactions. In practice, this means that crypto services will be provided exclusively by licensed entities already integrated into the financial system. Only companies willing to operate within strictly defined state rules will thus enter the market.
The presidential office said the decree aims to strengthen Belarus’ image as a financial IT hub. At the same time, however, the new framework confirms a long-term strategy: cryptocurrencies are only allowed in clearly defined, state-approved channels.
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Controlled crypto strategy
The decree on cryptobanks follows several years of gradual political signals. As early as September 5, 2025, Lukashenko called on lawmakers to create “clear and transparent rules” for the crypto market. He emphasized that innovation must go hand in hand with state control.
A few days later, the president called on local banks to expand the use of crypto payments. On September 10, he openly stated that Belarus was being pushed in this direction by the economic pressure of international sanctions and the growing use of digital tokens in cross-border transactions.
At the same time, however, the country is systematically suppressing unregulated crypto activities. On December 12, authorities blocked access to several large foreign crypto exchanges, citing violations of advertising rules. This was a clear signal of a broader crackdown on the “gray market” for digital assets.
The new cryptobank model thus shows the direction Belarus is taking: cryptocurrencies are welcome, but only if they are firmly anchored in the state system and under the full control of regulators. For ordinary users, this may mean greater security and availability of crypto services, but also a restriction of the freedom traditionally associated with the crypto world.
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Sources:
https://president.gov.by/ru/events/podpisan-ukaz-o-kriptobankah-i-tokenah
https://www.statista.com/outlook/fmo/digital-assets/cryptocurrencies/belarus
https://president.gov.by/ru/documents/ukaz-no-367-ot-17-sentabra-2024-g
