Belarus Registers First Crypto Banks Under New Legal Framework

Belarus has registered its first two crypto banks, a landmark move following a presidential decree earlier this year that established a legal framework for such institutions.

The banks will begin operations after receiving accreditation from the National Bank of Belarus, according to a report from Russian news agency Interfax. The High-Tech Park, a special economic zone in Belarus where digital asset transactions are permitted, announced the registrations.

The legal basis was created in January when President Alexander Lukashenko signed Decree No. 19 “On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens.” A High-Tech Park official stated the move would “improve the flow of the financial ecosystem” and attract foreign investment.

Belarus has a history of pro-crypto regulation, including a 2017 decree that legalized mining and trading. The country has promoted Bitcoin mining as a use for surplus electricity, with specific regions preparing sites for mining farms.