Belarus Establishes Legal Framework for Cryptobanks Under Presidential Decree
- On January 16, Belarusian President Alexander Lukashenko signed Decree No. 19, legalizing the operation of cryptobanks.
- Cryptobanks will function as joint-stock companies, integrating token-based operations with traditional banking services.
- To operate, cryptobanks must obtain resident status in the Hi-Tech Park and be registered with the central bank.
- The decree imposes dual oversight from both financial institutions and the Hi-Tech Park’s supervisory board.
- This initiative aims to enhance Belarus’s reputation as a financial IT hub while controlling crypto activities within state-approved channels.
The establishment of a legal framework for cryptobanks in Belarus reflects a strategic move to integrate digital assets into the regulated banking system while ensuring compliance with existing financial regulations.
With this decree, Belarus positions itself to offer innovative banking solutions that leverage token-based transactions alongside traditional services, reinforcing its controlled approach to cryptocurrency regulation.
