Belarus Establishes 'Crypto-Bank' Framework Under Dual Oversight of National Bank and HTP

On January 16, 2026, President Aleksandr Lukashenko of the Republic of Belarus signed Decree No. 19, titled "On Crypto-banks and Certain Issues of Control in the Sphere of Digital Signs (Tokens)." This landmark legislative act officially introduces a pioneering category of financial entities known as "crypto-banks." The primary objective behind this move is to seamlessly weave digital asset operations into the fabric of the traditional banking system through a specialized dual-oversight mechanism. By establishing a robust legal foundation for these innovative products, the decree aims to solidify Belarus's standing as a leader in the global financial technology sector.

Under the specific provisions of Decree No. 19, a crypto-bank is defined as a joint-stock company that maintains residency within the High Technologies Park (HTP). Furthermore, these entities must be officially recorded in a dedicated register managed by the National Bank of Belarus. Such organizations are granted the exclusive authority to merge the processing of digital tokens with conventional banking, payment, and settlement services. Aleksandr Egorov, the First Deputy Chairman of the Board of the National Bank, emphasized that this convergence of functions represents a major milestone for the international market and stands as one of the most anticipated regulatory developments within the global fintech community.

A fundamental component of this new regulatory landscape is the dual-control structure, which splits supervisory responsibilities between the National Bank and the HTP Supervisory Board. Crypto-banks are strictly required to adhere to all legislative mandates applicable to non-bank credit and financial organizations. This includes maintaining stringent capital adequacy ratios, implementing comprehensive risk management systems, and adhering to rigorous Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) protocols. Additionally, these institutions must prioritize consumer protection and comply with all directives issued by the HTP Supervisory Board to maintain their operational status.

This legislative advancement serves as a logical progression of previous efforts to formalize the digital economy, most notably Decree No. 8, "On the Development of the Digital Economy," which was signed in December 2017. That earlier decree provided the initial legal framework for token-related activities and offered significant tax incentives to HTP residents. President Lukashenko has previously stressed the importance of transparent oversight in the digital asset market, particularly to address concerns regarding the loss of investor funds through unregulated foreign cryptocurrency exchanges. By bringing crypto operations into a regulated banking environment, the government aims to offer clients the security of traditional financial institutions alongside the technological efficiency of digital transactions.

Looking toward broader regional integration, the National Bank of Belarus has indicated its intent to help shape a unified regulatory framework within the Eurasian Economic Union (EAEU), despite the varying approaches to cryptocurrency regulation among member states. This initiative aligns with previous presidential directives to accelerate the adoption of virtual payment systems. Notably, in 2025, the government approved the construction of large-scale cryptocurrency mining facilities in the Mogilev region. Analysts suggest that the introduction of crypto-banks could significantly boost investor interest by offering a much broader range of functional capabilities than those currently available through standard cryptocurrency exchanges.

The implementation of Decree No. 19 marks a strategic shift toward institutionalizing the crypto industry within a sovereign financial framework. By requiring crypto-banks to operate as joint-stock companies under the watchful eye of both the central bank and the tech-focused HTP, Belarus is creating a hybrid model of governance. This approach is designed to mitigate the volatility and security risks often associated with decentralized finance while fostering an environment where technological innovation can thrive within a predictable legal environment.