Belarusian President Alexander Lukashenko on Jan. 16 signed the law “On Crypto Banks and Certain Issues of Control in the Sphere of Digital Tokens,” establishing a new category of banks authorized to conduct token operations.

What a “crypto bank” is

Under decree No. 19, a crypto bank is defined as a joint-stock company that is a resident of Belarus’ High-Tech Park (HTP) and is included in a special register maintained by the National Bank.

These institutions will be able to offer crypto-related services alongside traditional banking and financial products.

Dual oversight and compliance requirements

Crypto banks will face dual regulation by the National Bank of Belarus and the High-Tech Park.

They must comply with rules applicable to non-bank credit and financial organizations, including capital adequacy standards, risk management requirements, AML/CFT compliance, and consumer protection.

They will also be required to follow decisions made by the HTP Supervisory Board.

The president’s website said:

“Dual regulation will allow a crypto bank to offer clients innovative financial products that combine the advantages of traditional banking operations with the technological efficiency, speed, and convenience of digital token transactions.”

Lukashenko’s broader push

Lukashenko has previously called for clear rules and control mechanisms for the digital asset market, and has urged banks to speed up virtual payment systems, including QR-code payments.

In early 2025, he also proposed using surplus electricity to develop bitcoin mining, later approving construction of mining farms in the Mogilev region.

Belarus has separately said the digital ruble is expected to begin full-scale operation in the second half of 2026.