Nation's First: Belarus Greenlights Pioneering Crypto Banks
Belarus has opened its first crypto banks, leveraging a legal framework established earlier this year by President Alexander Lukashenko. These new financial institutions, regulated by the National Bank and High-Tech Park, aim to integrate traditional finance with the crypto industry and attract foreign investment. This move builds on Belarus's long-standing pro-crypto policies, including the legalization of mining and trading.
Belarus has taken significant steps in the realm of digital assets, with the recent opening of its first crypto banks. This development follows the country's proactive approach to creating a legal framework for Bitcoin and other cryptocurrencies, a process that commenced earlier this year. While the names of these inaugural crypto banks are yet to be disclosed, they are set to begin operations upon receiving official accreditation from the National Bank of Belarus, as reported by Russian news agency Interfax.
The foundation for these crypto banks was laid in January when Belarusian President Alexander Lukashenko enacted Decree No. 19, titled “On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens.” This decree officially established a comprehensive legal framework for the operation of Bitcoin and crypto banks within the nation. This move is seen as a crucial step towards fostering closer integration between traditional financial systems and the burgeoning crypto industry.
The High-Tech Park, a special economic zone in Belarus known for its tax and legal regime favorable to digital asset transactions, played a pivotal role in this initiative. According to a statement from the High-Tech Park's press service, the launch and registration of these first crypto banks mark a historic milestone for the country. Both the High-Tech Park and the National Bank will oversee the regulation of these new financial entities.
Dmitry Kalechits, the first deputy director of the High-Tech Park supervisory board secretariat, emphasized the transformative potential of this development, stating that it would “improve the flow of the financial ecosystem” and attract much-needed foreign investment into Belarus.
Belarus's journey towards embracing cryptocurrencies began much earlier. In 2017, a decree was signed that legalized crypto mining and trading, granting a temporary exemption from tax and declaration for individuals' crypto income. This tax exemption was subsequently extended to 2025, though it has since been narrowed, with income derived from foreign platforms now subject to a 13% tax. President Lukashenko has consistently advocated for Bitcoin mining as an efficient use for surplus electricity, leading to the preparation of sites for mining farms in the Mogilev region in 2025, underscoring the country's enduring commitment to supporting the crypto sector.