Initial cryptocurrency institutions have launched within Belarus, based on recent accounts, following the European nation’s establishment of a regulatory structure for Bitcoin banks earlier in the year.
Although their identities remain undisclosed, these digital asset banks will commence activities once they secure official accreditation from the National Bank of Belarus, as stated by the Russian news service Interfax on Monday.
Earlier in January, Belarusian leader Alexander Lukashenko endorsed Decree No. 19 titled “On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens,” which formally established the legal foundation for bitcoin and cryptocurrency institutions across the nation.
JUST IN: 🇧🇾 The first two “crypto banks” in Belarus have been approved. 👀
“This will facilitate closer integration between traditional finance and the crypto industry.” pic.twitter.com/Y5CHD00SkP
“The practical outcome of today’s discussion is the launch and registration of the first crypto banks in the country’s history,” Interfax noted, quoting an official press statement from the High-Tech Park.
The High-Tech Park functions as a specialized legal and taxation zone in Belarus where operations involving digital assets are authorized.
The announcement further specified that these banking entities will fall under the oversight of both the National Bank and the Hi-Tech Park.
Dmitry Kalechits, holding the position of first deputy director within the supervisory board secretariat of the High-Tech Park, remarked that this development would “improve the flow of the financial ecosystem” while attracting outside capital into Belarus.
Back in September of last year, President Lukashenko expressed his support for the National Bank’s proposal to institute crypto banks domestically.
The nation has consistently advanced favorable regulations for digital currencies. A regulatory decree from 2017 legitimized cryptocurrency trading and mining, while temporarily relieving individuals from taxes and reporting requirements on crypto-derived earnings. That tax relief was prolonged through 2025 and has subsequently been restricted, applying a 13% tax specifically to earnings generated through foreign platforms.
Lukashenko has consistently advocated for Bitcoin mining as an effective application for excess power generation, and by 2025, the Mogilev area initiated preparations for dedicated mining facilities with his personal endorsement.
Originally published at https://bitcoinmagazine.com/news/belarus-approves-first-crypto-banks.
