Belarusian President Alexander Lukashenko on Jan. 16 signed the legislation “On Crypto Banks and Sure Problems with Management within the Sphere of Digital Tokens,” establishing a brand new class of banks approved to conduct token operations.
What a “crypto financial institution” is
Below decree No. 19, a crypto financial institution is outlined as a joint-stock firm that could be a resident of Belarus’ Excessive-Tech Park (HTP) and is included in a particular register maintained by the Nationwide Financial institution.
These establishments will have the ability to supply crypto-related companies alongside conventional banking and monetary merchandise.
Twin oversight and compliance necessities
Crypto banks will face twin regulation by the Nationwide Financial institution of Belarus and the Excessive-Tech Park.
They need to adjust to guidelines relevant to non-bank credit score and monetary organizations, together with capital adequacy requirements, threat administration necessities, AML/CFT compliance, and shopper safety.
They will even be required to observe selections made by the HTP Supervisory Board.
The president’s web site stated:
“Twin regulation will enable a crypto financial institution to supply purchasers revolutionary monetary merchandise that mix the benefits of conventional banking operations with the technological effectivity, pace, and comfort of digital token transactions.”
Lukashenko’s broader push
Lukashenko has beforehand known as for clear guidelines and management mechanisms for the digital asset market, and has urged banks to hurry up digital cost programs, together with QR-code funds.
In early 2025, he additionally proposed utilizing surplus electrical energy to develop bitcoin mining, later approving development of mining farms within the Mogilev area.
Belarus has individually stated the digital ruble is predicted to start full-scale operation within the second half of 2026.