On 16 January, Belarusian President Aleksandr Lukashenko signed Decree No. 19 “On crypto banks and some issues of regulation in digital tokens”, BelTA learned from the press service of the head of state.
The document aims to strengthen Belarus’ image as a leader in financial IT technologies and provides for the creation of conditions for the operation of crypto banks in the country.
According to the decree, a crypto bank is defined as a joint-stock company authorized to combine activities related to digital tokens with banking, payment, and other related financial operations.
To enter the market, a crypto bank needs to have resident status in the High-Tech Park and be included in the National Bank’s register of crypto banks.
In carrying out its activities, a crypto bank must comply with the legislation applicable to non-bank credit and financial organizations, as well as to follow the decisions of the Supervisory Board of the High-Tech Park.
This dual regulation will allow crypto banks 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.
