Crypto Banks in Belarus Transition from Legal Model to Practical Launch

Crypto banks in Belarus have begun to formalize as a new type of regulated financial organization: the concept emerged following an initiative from the National Bank in 2025, and full operational rules came into effect in the summer of 2026.

The practical launch phase was reported by the press service of the High-Tech Park following a meeting of the supervisory board of the PHT, which took place on September 28. According to Interfax, this meeting was one of the steps towards implementing the presidential decree regulating the activities of crypto banks.

However, neither the PHT nor Interfax disclosed how many organizations were registered or which specific companies received the corresponding status.

What the Status of a Crypto Bank Means

The Belarusian model of a crypto bank is not simply a regular bank with the additional function of buying or selling cryptocurrency. It refers to a special organization that is allowed to combine operations with digital tokens, banking and payment services, as well as other related financial services.

Only joint-stock companies that are residents of the High-Tech Park can obtain such status. Additionally, the organization must be included in a special register of the National Bank. Operating as a crypto bank without being included in this register is prohibited. These requirements are established by the presidential decree of Belarus dated January 16, 2026, No. 19.

How the Rules for Crypto Banks Were Formulated

The project began to be discussed even before the main decree was adopted. In September 2025, Alexander Lukashenko supported the National Bank's proposal to create crypto banks and stated that the use of cryptocurrencies needs to be expanded.

In February 2026, the chairman of the National Bank, Roman Golovchenko, mentioned that both Belarusian and foreign financial institutions were showing interest in the project. The first applications were expected as early as the summer.

The foundational document became the presidential decree of the Republic of Belarus dated January 16, 2026, No. 19 "On Crypto Banks and Certain Issues of Control in the Field of Digital Tokens." It allowed joint-stock companies from the PHT to combine activities with tokens with banking, payment, and other financial operations. The main provisions of the decree began to take effect on July 18, 2026, six months after its publication.

By this deadline, the National Bank prepared accompanying rules. Resolution No. 158 dated June 30 approved the procedure for maintaining the register of crypto banks, including the procedures for including and excluding organizations from it.

Separately, by resolution No. 167 dated July 10, the regulator established prudential requirements for crypto banks. These relate to capital, risk management, and financial stability.

What Operations Crypto Banks Will Be Able to Conduct

The minimum set of permitted banking services includes opening and maintaining accounts, currency exchange and settlement operations, attracting funds to accounts, as well as settlement and cash services for individuals and legal entities. The National Bank may expand this list by its decision.

In addition to traditional banking operations, crypto banks gain the right to work directly with digital tokens. In June, the government and the National Bank separately defined cases when tokens can be used as a means of payment under foreign economic contracts between Belarusian and foreign legal entities through crypto banks.

Also, separate regulations have been established for remote client identification and the procedure for maintaining the register. These documents, like the key provisions of the decree, began to take effect on July 18, 2026.

As a result, a crypto bank in the Belarusian framework is expected to become a linking element between the classical banking system and the digital asset market. For the client, this potentially means that banking accounts and operations with tokens will not have to be serviced through a completely separate infrastructure.

Why Belarus is Developing Such a Model

The head of the National Bank previously explained the interest in crypto banks as an opportunity to create a financial institution that combines traditional banking operations with token activities. Among the advantages, he mentioned a unified balance of the bank account and cryptocurrency account, as well as conducting operations through a regulated organization under the control of the national regulator.

Belarus is developing this direction not from scratch. Since 2018, a special regime of the High-Tech Park has been in place in the country, under which operations with digital assets and related activities have been legalized.

Now this system has reached a new level of development: digital assets are being integrated directly into the regulated financial infrastructure. The registration of the first crypto banks shows that the norms adopted in 2026 have begun to be applied in practice.