Belarus Sets Legal Framework for Cryptobanks to Merge Tokens and Banking

Highlights:

• Belarus has introduced cryptobanks under dual supervision of HTP and the National Bank
• Joint-stock firms can combine token services with traditional finance
• Only firms in the High-Tech Park will receive cryptobank approval

A new decree, legalizing cryptobanks under dual regulatory supervision, was signed by Belarus today. Decree No. 19, signed by President Alexander Lukashenko, is titled “On Cryptobanks and Certain Issues in the Field of Digital Signatures (Tokens).” This new policy aims to integrate token operations with traditional banking activities. It is also geared toward strengthening the nation in terms of financial IT innovation.

Dual Regulation and Market Entry

The decree states that cryptobanks are to be structured as joint-stock companies. These companies have to integrate banking and payment services with digital token operations. In order to qualify, a cryptobank has to satisfy two conditions.

First, it needs to be a resident of the Belarusian High-Tech Park (HTP). Second, it should be registered in the official list of the National Bank of approved cryptobanks. These companies are supposed to be subject to the same regulations as non-bank financial institutions. Moreover, they too have to adhere to all decisions that the HTP Supervisory Board makes.

BELARUS LEADER LUKASHENKO SIGNS DEGREE TO ALLOW 'CRYPTOBANKS'

— First Squawk (@FirstSquawk) January 16, 2026

This dual framework allows innovation and financial order at the same time. It also provides that cryptobanks adhere to national and industry standards. Additionally, the decree indicates that cryptobanks will be functioning within a regulated sandbox. This allows them to experiment and implement digital financial products.

Strengthening Belarus’s Digital Finance Strategy

The cryptobank move aligns with the ongoing policies of Belarus regarding digital assets. It is a continuation of a broader trend of regulating the crypto space via domestic platforms. In September 2024, the government restricted cryptocurrency trading to exchanges inside the High-Tech Park. Foreign platforms were limited to serving the Belarusian citizens.

Moreover, on December 10, Belarus blocked access to major world exchanges, such as Bybit, OKX, and Bitget. This was enforced by the Ministry of Information according to the Law on Mass Media. The BelGIE, which is the national telecoms agency, manages the list of blocked domains. Users reported receiving access denial messages whenever they visit these exchanges.

According to CNN, Belarus has tightened its crypto rules as President Lukashenko signed a decree banning individuals from buying or selling digital assets through foreign exchanges or brokers. All crypto trading must now occur on domestically regulated platforms. The policy…

— Wu Blockchain (@WuBlockchain) December 11, 2025

Meanwhile, the government is in the process of developing a central bank digital currency (CBDC). The digital ruble is expected to reach full rollout by the end of 2026. The project will be supported by three key phases. These involve platform development, creation of software using local tools, and business integration by 2026. The state also aims at broader implementation by individuals and government offices by 2027.

Expanding Digital Asset Infrastructure and Regional Trends

Belarus has already shown interest in expanding crypto mining. President Lukashenko previously proposed to utilize surplus energy facilities for crypto mining facilities. This proposal was made against the backdrop of increased citizen interest in mining. He also cited the adoption trends around the world, such as the U.S. exploring Bitcoin reserves. “As long as it is profitable to us, we should do it,” said Lukashenko.

In 2017, Belarus legalized digital assets via a different decree. The new cryptobank directive is based on that foundation, providing a framework and transparency to the institutions. Neighboring Russia is also changing its attitude towards digital assets. Soon, the Bank of Russia might allow legal crypto investments under a new regulation.