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Belarus has just approved its first cryptocurrency banks. Two institutions are set to begin operations, pending formal accreditation from the country’s National Bank.
No names yet. The government hasn’t disclosed which banks received the green light—the accreditation process is still ongoing, and no public disclosure has been made at this stage. That’s the unclear part. What is clear is that the legal framework now truly exists, since President Alexander Lukashenko signed Decree No. 19 in January. The text is officially titled “On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens.” Long title, simple idea: Bitcoin banks now have a legal existence in Belarus. They will be regulated jointly by the High-Tech Park and the National Bank—two institutions with distinct roles in the country’s financial ecosystem.
The High-Tech Park is not a bank. It’s a special tax and legal regime, a kind of free zone for tech companies. And it will oversee the crypto aspect of these new banks, alongside the National Bank, which handles accreditation.
Lukashenko and Bitcoin: A Longstanding Relationship
Lukashenko’s support for cryptocurrencies is not new. Back in 2017, a presidential decree legalized the mining and trading of cryptocurrencies in the country. At the time, individuals’ crypto earnings were tax-exempt—a benefit that was to last until 2025. Since then, the rules have changed: income from foreign platforms is now taxed at 13%. Not a prohibitive rate, but a notable shift from the previous total exemption.
The idea behind all this is basically to use what the country has in excess. Belarus produces more electricity than it consumes at times, and Lukashenko has long pushed the idea of channeling this surplus into Bitcoin mining. The Mogilev region has started preparing sites for mining farms, directly benefiting from this presidential support.
And now, cryptobanks are added to this picture.
What Kalechits Says About Foreign Investments
Dmitry Kalechits, First Deputy Director of the Supervisory Board Secretariat of the High-Tech Park, sees these banks as a lever to attract foreign capital. According to him, the measure will improve the flow of the country’s financial ecosystem and encourage foreign investors to view Belarus differently. This is probably true in principle—a regulated framework for digital assets is exactly what many international companies seek to operate in the crypto sector without constant legal risk.
The High-Tech Park plays a central role here. Its attractive tax regime, combined with official accreditation by the National Bank, aims to create something rare in the global crypto landscape: an environment that is both regulated and open. Not as strict as Europe, not as vague as some offshore jurisdictions. A calculated middle ground.
The High-Tech Park organization stated in a press release: the initiative will facilitate closer integration between traditional finance and the crypto industry. Digital asset transactions are allowed in this zone—this is not new, but the arrival of dedicated banks changes the scale of the project.
Too early to tell if it really works. The first two cryptobanks still need to finalize their accreditation before starting anything. And the names remain unknown to the public. Perhaps a deliberate decision, perhaps just an administrative delay—still unclear.
What is certain is that Belarus is carving out a rather unique path in the global financial landscape. While other countries are still debating how to regulate cryptocurrencies, Minsk is creating entire banks dedicated to Bitcoin. That doesn’t mean it will work. But it does mean the bet has been placed.
The two banks are awaiting their accreditation. The High-Tech Park supervises. The National Bank validates. And Lukashenko, he signed the decree in January.
Hub: Bitcoin: Price, News, and Analysis
Frequently Asked Questions
What is Decree No. 19 signed by Lukashenko?
Signed in January by President Alexander Lukashenko, Decree No. 19 titled “On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens” establishes the official legal framework for Bitcoin banks in Belarus, regulated jointly by the High-Tech Park and the National Bank.
Which banks have received approval in Belarus?
Two cryptobanks have been approved, but their names have not been publicly disclosed. They still need to finalize their accreditation with the National Bank before starting operations.
What is the tax rate on crypto income in Belarus?
Individuals’ crypto income from foreign platforms is taxed at 13%, a rule that replaced the total tax exemption that was in place until 2025 since the 2017 decree.
Why It Matters
The approval of the first cryptocurrency banks in Belarus marks a significant step towards legitimizing the digital asset sector within the country, potentially attracting both local and foreign investment. This move aligns with a broader trend of regulatory acceptance of cryptocurrencies globally, which could enhance Belarus's position in the evolving financial landscape and stimulate innovation in blockchain technology. As the accreditation process unfolds, the outcomes will be closely monitored by market participants, as they may influence similar regulatory developments in neighboring countries.
