Belarus has approved the first crypto banks in the country’s history, according to a report carried by Russian news agency Interfax. The institutions have not been named, and they will begin operations after obtaining accreditation from the National Bank of Belarus.
In January, Belarusian President Alexander Lukashenko signed Decree No. 19, titled “On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens,” formally creating a legal framework for bitcoin and crypto banks in the country.
Interfax cited a statement from the press service of High-Tech Park, which said: “The practical outcome of today’s discussion is the launch and registration of the first crypto banks in the country’s history.”
Joint oversight by High-Tech Park and the National Bank
High-Tech Park is a tax and legal regime in Belarus where digital asset transactions are allowed. The statement added that the banks will be regulated by both High-Tech Park and the National Bank of Belarus.
Dmitry Kalechits, first deputy director of the High-Tech Park supervisory board secretariat, said the move would “improve the flow of the financial ecosystem” and help attract foreign investment to Belarus.
Part of a broader pro-crypto policy path
Last September, Lukashenko backed the National Bank’s initiative to establish crypto banks in the country.
Belarus has promoted crypto-friendly regulation for years. A 2017 decree legalized crypto mining and trading and temporarily exempted individuals’ crypto income from tax and declaration requirements. That exemption was later extended through 2025, then narrowed, with income from foreign platforms now taxed at 13%.
Lukashenko has also repeatedly promoted Bitcoin mining as a use for surplus electricity. In 2025, the Mogilev region began preparing sites for mining farms with his backing.
The report first appeared in Bitcoin Magazine and was written by Mathew Di Salvo.