Belarus Legalizes Cryptobanks Within Regulated Financial System

Belarus integrates crypto into banking with a new legal framework, offering regulated digital services and expanded economic opportunities.

Belarus has officially legalized cryptobanks, creating a structured framework for digital asset activities under state supervision. The decree also enables crypto operations to coexist with traditional banking, which ensures regulatory oversight. President Alexander Lukashenko signed Decree No. 19 on operational requirements and market entry conditions.

Belarus Integrates Cryptobanks Into Traditional Banking

The decree defines cryptobanks as joint-stock companies that have permission to conduct both digital tokens systems and traditional financial services. Entities should have a resident status in the High-Tech Park (HTP) and be collected in the central bank’s special registry.

This dual requirement helps to ensure only qualified organizations participate while encouraging technological efficiency. The framework focuses on convenience and speed of blockchain-based financial transactions.

Under this system, crypto banks can provide products that will combine blockchain instruments with traditional banking operations. This includes the payment, token-based services, and financial management tools that are in line with Belarusian law.

Related Reading: Belarus Imposes Ban on Foreign Crypto Trading for Citizens | Live Bitcoin News

The decree builds on Decree No. 8 of 2017, which had first legalized cryptocurrency mining, trading, and exchange. Authorities created the new rules to avoid a parallel, unregulated crypto market from developing.

Recent restrictions on accessing foreign platforms draw attention to regulatory intentions. On December 10, 2024, Belarus blocked Bybit, OKX, Bitget and BingX because of advertising violations. Access was restored two days later but none had HTP resident status, i.e., there was local usage formerly outside legal boundaries.

According to Statista, the number of cryptocurrency users in Belarus will reach more than 855,000 by 2026. This amounts to approximately 9.57% of the population of 9.1 million.

Previously, HTP residents were able to benefit from tax exemptions under Decree No. 8, such as no VAT, profit tax or personal income tax on crypto operations. These exemptions have now been extended till January 1, 2025, promoting wider participation in digital finance.

Legal Framework Expands Economic Opportunities and Innovation

The new decree brings the cryptobank operations into line with traditional oversight, providing legal clarity to businesses and investors. Moreover, this integration could lure technology startups as well as boost cross-border financial activity. Furthermore, it strengthens Belarus as a regional center for innovation with regulatory security as well as operational flexibility.

By coming together with its traditional banking institutions, Belarus establishes a precedent for technological efficiency in finance. Companies under HTP can now take advantage of digital assets in making secure payments, loans, and investments.

In addition, authorities want to balance innovativeness and risk management. As a result, it will minimize exposure to unregulated crypto activities.

The framework also provides opportunities for economic growth through the association of blockchain operations with the established financial infrastructure. This method promotes market transparency, faster transactions, and customer fund security.

Further, Belarus keeps a central registry and operational standards. It makes sure that cryptobanks have clear legal guidelines they follow.

With these reforms, Belarus is still growing its technological and financial ecosystem. Integration of cryptobanks embodies the government’s dedication to regulated innovation, legal clarity, and economic modernisation.

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