Lukashenko Enacts Law Establishing Crypto Banks in Belarus

Lukashenko signs law on crypto banks, enabling token operations and dual regulation.

On January 16, Belarusian President Alexander Lukashenko signed the law “On Crypto Banks and Certain Issues of Control in the Sphere of Digital Tokens.”

According to decree No. 19, a crypto bank is defined as a joint-stock company that is a resident of the High-Tech Park (HTP) and is included in a special register of the National Bank. These organizations will be authorized to conduct token operations alongside traditional banking and financial services.

They will be subject to dual regulation by the National Bank of Belarus and the High-Tech Park.

Such entities must comply with the legislative requirements applicable to non-bank credit and financial organizations. This includes capital adequacy standards, risk management, adherence to AML/CFT regulations, and consumer rights protection.

Crypto banks are also required to follow the decisions of the HTP Supervisory Board. This economic zone in Belarus operates under a special legal regime, offering residents significant tax benefits and simplified procedures in accordance with Decree No. 8.

“Dual regulation will allow a crypto bank to offer clients innovative financial products that combine the advantages of traditional banking operations with the technological efficiency, speed, and convenience of digital token transactions,” according to the website of the President of Belarus.

Lukashenko has repeatedly expressed his views on cryptocurrencies, urging the government to establish clear and transparent rules and control mechanisms for the digital asset market. He has also instructed banks to expedite the implementation of virtual payment systems, starting with QR codes.

In early 2025, the Belarusian leader proposed to Energy Minister Alexey Kushnarenko to focus on developing cryptocurrency mining in the country, subsequently approving the construction of mining farms in the Mogilev region.

As reported, in the latter half of 2026, the digital ruble will begin full-scale operation in the republic.