Belarus has granted operating licences to its first crypto-focused banks, a step that follows a legal framework created earlier this year to integrate digital assets into the national financial system.

Legal foundation and approval process

In January, President Alexander Lukashenko signed Decree No. 19, which formally established the rules for "cryptobanks" and set out supervisory responsibilities. The decree paved the way for the National Bank of Belarus to evaluate applications, and on 28 September 2026 two institutions were cleared to begin operations. While the banks have not been publicly named, they will receive accreditation from the central bank and will be regulated in partnership with the High-Tech Park, a special economic zone that already permits digital-asset transactions.

Role of the High-Tech Park and statements from officials

The High-Tech Park supervisory board’s secretariat, represented by first deputy director Dmitry Kalechits, described the approvals as a means to "improve the flow of the financial ecosystem" and to encourage foreign investment. The park’s legal regime, which offers tax incentives and a supportive regulatory environment, will work alongside the National Bank to monitor the new entities.

Context of Belarus’s pro-crypto stance

Belarus has cultivated a reputation for crypto-friendly policies since a 2017 decree that legalized cryptocurrency mining and trading. That decree also temporarily exempted individual crypto income from tax, an exemption that was extended through 2025 before being narrowed; earnings from foreign platforms are now subject to a 13% tax rate. President Lukashenko has repeatedly championed Bitcoin mining as a productive use of surplus electricity, and in 2025 the Mogilev region began preparing sites for large-scale mining farms with his endorsement.

Why it matters

The creation of regulated crypto banks signals Belarus’s intention to bridge conventional banking with the rapidly expanding digital-asset sector. By offering a clear supervisory framework and aligning with the High-Tech Park’s incentives, the country hopes to attract international capital, stimulate domestic fintech development, and position itself as a regional hub for crypto-related services. The move also tests how effectively hybrid regulation can support innovation while maintaining oversight, a balance that other jurisdictions are watching closely.