On January 16, 2026, a significant milestone was achieved in Belarus when President Aleksandr Lukashenko approved Decree No. 19, establishing a regulatory framework for “cryptobanks.” This initiative provides a pathway for firms aiming to blend traditional banking with innovative token services.
Understanding Cryptobanks and Their Framework
The decree outlines that a cryptobank is defined as a joint-stock entity permitted to conduct token-related operations alongside conventional banking and various financial services.
It has been revealed that these entities must operate within the Belarus High-Tech Park (HTP) and will need registration in a dedicated directory maintained by the National Bank.
This regulatory measure links the status of cryptobanks to HTP residency, which is intended to centralize activities within a recognized technology hub, ensuring that HTP regulations oversee day-to-day operations.
Criteria for Entering the Market
According to official reports, cryptobanks must adhere to a dual supervision framework. This entails oversight from both the National Bank of the Republic of Belarus and the governing entities of the HTP. This dual approach is designed to facilitate the growth of token services while closely monitoring potential financial vulnerabilities.
Officials mentioned that cryptobanks will be obligated to comply with numerous regulations applicable to non-bank credit organizations. This includes adherence to capital requirements, risk management protocols, and anti-money-laundering initiatives.
As a result, those looking to enter this sector will be required to demonstrate comprehensive compliance frameworks prior to registration.
Belarus: Short-Term Outlook for Cryptobanks
As per National Bank officials, the decree paves the way for prompt market developments. Aliaksandr Yahorau, the First Deputy Chairman, indicated that the first active cryptobank might emerge within six months after the establishment of appropriate regulations.
He pointed out that these cryptobanks may offer loans backed by cryptocurrencies, introduce payment cards linked to crypto wallets, and enable freelancers to receive wages in tokenized form.
What Lies Ahead for Belarus
The decree builds upon prior initiatives aimed at drawing technology and cryptocurrency enterprises to Belarus, signaling a clear governmental intent to regulate token activities effectively.
Future steps will encompass crafting detailed implementation guidelines, establishing the special registry with the National Bank, and determining the capital and licensing requirements for prospective applicants.
Image from Unsplash, data sourced from TradingView
