- President Alexander Lukashenko signed Decree No. 19 to establish operational rules and market entry conditions.
- Cryptobanks must become residents of Hi‑Tech Park and be listed in a cryptobank register managed by the central bank.
- The model introduces dual supervision through financial regulations and decisions of Hi‑Tech Park’s supervisory board.
Belarus is bringing digital assets closer to the core of its financial system by introducing a legal framework for “cryptobanks.”
Rather than treating cryptocurrencies as a separate industry, the country is building a model in which token-related services operate within existing banking structures and come under state supervision.
On Friday, Belarusian President Alexander Lukashenko signed Decree No. 19, which defines how cryptobanks may operate and the conditions required for market entry.
The measure provides Belarus with a regulated pathway for crypto-linked banking while tightening rules on who can offer these services.
What Decree No. 19 allows cryptobanks to do
Under the decree, cryptobanks are defined as joint-stock companies that can combine token-based activities with traditional banking functions.
This includes banking services, payment processing and related financial services, but now within a formal legal structure.
Instead of creating a separate “crypto sector,” Belarus ties digital-asset operations to the same supervisory mechanisms and infrastructures that already govern conventional institutions.
This approach reflects an effort to keep crypto activity within a controlled and traceable system.
Access to cryptobank status is not open to everyone. The framework restricts participation to firms that agree to operate strictly within the country’s regulatory requirements.
Hi‑Tech Park rules now apply to crypto banking
A key element of the new framework is Hi‑Tech Park, a state-backed technology zone that already plays a central role in Belarus’s digital economy strategy.
According to the decree, a cryptobank must obtain resident status in Hi‑Tech Park before entering the market.
In addition, cryptobanks must be added to a dedicated register that will be managed by the national central bank.
This arrangement effectively puts market access behind formal approvals, ensuring the state can monitor who is active and under which rules they operate.
Cryptobanks face dual supervision and compliance
Belarus applies a layered supervisory model to cryptobanks, with requirements that extend beyond standard financial compliance.
The decree requires cryptobanks to meet the rules applicable to credit institutions and non-bank financial entities.
They must also implement decisions issued by Hi‑Tech Park’s supervisory board.
This creates dual oversight that combines financial regulation with technological supervision.
Officials say the design aims to support innovative products that blend conventional banking services with the transaction efficiencies offered by token-based solutions.
Practically, it allows token-linked services to be delivered through licensed entities already integrated into the formal banking environment.
The new cryptobank rules are consistent with a longer-term policy direction in which cryptocurrencies are permitted only within clearly defined, state-approved boundaries.