Belarus to launch first crypto banks under new regulations

Belarus is preparing to launch its first two crypto banks following the establishment of a legal framework for digital assets. The High-Tech Park (HTP) Supervisory Board has approved the registration of two crypto-focused companies, which will initially operate as HTP residents before seeking formal accreditation from the National Bank of Belarus.

The initiative follows a presidential decree signed in July that set the rules for crypto bank operations. Regulators expect the dual oversight from both the HTP and the National Bank to strengthen compliance, improve financial ecosystem flows, and attract foreign investment by bridging the gap between traditional financial services and the cryptocurrency industry.

Belarus has a history of pro-crypto regulation, including a 2017 decree that legalized crypto mining and trading. While tax exemptions for individual crypto income have been narrowed, the government continues to promote the sector, including using surplus electricity for Bitcoin mining.