Belarus has approved the registration of its first two crypto banks, marking an early step in the rollout of a new legal category for digital-asset service providers. The decision was taken by the Supervisory Board of the Belarus Hi-Tech Park, or HTP, during a meeting chaired by Prime Minister Alexander Turchin.
The approval allows the two institutions to carry out digital-asset operations within the Hi-Tech Park’s special legal regime. But the launch is not yet complete: both entities still need to be entered into the National Bank of the Republic of Belarus registry of crypto banks before they can begin full-scale operations.
Registration approved at Hi-Tech Park
According to the HTP press service, the supervisory board meeting was held as part of the implementation of President Alexander Lukashenko’s Decree No. 19, which legalized the activity of crypto banks in Belarus. The newly approved institutions are expected to provide crypto-related services as residents of the fintech hub in Minsk.
Anna Ryabova, head of the secretariat of the HTP Supervisory Board, called the decision a significant milestone and said more than six months were needed to prepare the required regulations. She also said the framework was developed in close cooperation with the National Bank.
Full launch still depends on central bank registry
The HTP said the two organizations have already formed teams with practical crypto experience and put in place the infrastructure needed to operate. They have also undergone technical and legal audits as part of the preparation process.
Even so, the authorities stressed that the process is still unfinished. Before the institutions can move to full-scale business, they must be added to the central bank’s official registry for crypto banks.
A new dual-supervision model
Lukashenko signed Decree No. 19, titled On Crypto Banks and Certain Issues of Control in the Sphere of Digital Tokens, on Jan. 16, 2026. Since then, the HTP and the National Bank have introduced specific requirements for crypto banks, including permitted transactions and accounting and reporting rules.
Under the new framework, Belarusian crypto banks will be overseen jointly by the Hi-Tech Park and the National Bank. That means they will fall under rules that apply to banks, financial institutions and non-bank credit organizations, while also being subject to decisions of the HTP supervisory board in Minsk.
Dmitry Kalechits, deputy head of the board secretariat, said this approach is intended to improve the efficiency of the country’s financial market and broaden the range of available financial instruments. He also argued that it could strengthen protection for savings, support different types of financial transactions and help connect traditional finance with the crypto sector.
Broader policy shift in Belarus
Belarus has positioned itself as an early mover on crypto regulation in the post-Soviet region. The country legalized activities such as mining and trading years before Russia, which only did so this summer, according to the report.
The current framework builds on Decree No. 8 On the Development of the Digital Economy, signed in late 2017 and put into force in 2018. Crypto use has expanded in recent years, especially after Belarus came under Western sanctions linked to its role in Russia’s war on Ukraine. Lukashenko said in the fall of 2025 that Belarusians were making billions of dollars in cross-border crypto payments, and he pushed for an updated regulatory regime.
One confirmed next step is the practical rollout of approved services. In mid-May, it emerged that the new crypto banks would be allowed to process transactions involving 26 approved digital coins, including Bitcoin and USDT, once they complete the remaining registration process with the National Bank.
Source: Cryptopolitan