- President Alexander Lukashenko has signed Decree No. 19 establishing operational rules and entry conditions for the market.
- Cryptobanks must become residents of the Hi‑Tech Park and be registered in a cryptobank registry managed by the central bank.
- The model introduces dual supervision through financial regulations and decisions of the Hi‑Tech Park supervisory boards.
Belarus is moving digital assets closer to the center of its financial system by putting a legal framework in place for “cryptobanks.”
Rather than treating cryptocurrencies as a separate industry, the country is building a model where token-related services are incorporated into existing banking structures and placed under state oversight.
On Friday, President Alexander Lukashenko signed Decree No. 19, which defines how cryptobanks may operate and the conditions they must meet to enter the market.
This step provides Belarus with a regulated path for crypto-linked banking while tightening control over who can offer these services.
What Decree No. 19 allows cryptobanks to do
Under the decree, cryptobanks are defined as joint‑stock companies that may combine token-based activities with traditional banking functions.
That includes offering banking services, payments, and related financial products within a formal legal framework.
Instead of creating a parallel “crypto sector,” Belarus integrates digital-asset operations into the same financial oversight mechanisms and infrastructure that govern core institutions.
The approach signals an intention to keep crypto activity within a controlled, traceable environment.
Cryptobanks will not be open to every market participant. The framework limits participation to firms that agree to operate strictly within the country’s regulatory requirements.
Hi‑Tech Park rules now tied to cryptobanking
A central element of the new framework is the Hi‑Tech Park, a government‑backed technology zone that already plays a major role in Belarus’s digital economy strategy.
According to the decree, a cryptobank must obtain resident status in the Hi‑Tech Park before entering the market.
Additionally, cryptobanks must be listed in a dedicated register administered by the country’s central bank.
This structure effectively places market access behind formal approvals, allowing the state to monitor who is active and under which rules they operate.
Cryptobanks face dual supervision and compliance obligations
Belarus applies a layered supervision model to cryptobanks, imposing obligations that go beyond standard financial compliance.
Under the regulation, cryptobanks must comply with rules applicable to non‑bank credit and financial institutions.
They must also implement decisions issued by the Hi‑Tech Park supervisory board.
That creates dual oversight that combines traditional financial regulation with technological supervision.
Officials say the approach is designed to support innovative products that merge conventional banking services with the efficiency of token-based transactions.
In practice, it allows crypto‑linked services to be delivered through licensed entities that are already integrated into the formal banking environment.
The new cryptobank rules fit into a broader policy direction in which cryptocurrency activity is permitted only within clearly defined, state‑approved boundaries.