Belarus Officially Enters Crypto: Banks Can Now Hold Bitcoin
How Crypto Banks Are Reshaping Belarus’s Financial and Tech Strategy
Belarus has taken another decisive step toward redefining its financial future, positioning itself as a potential cryptocurrency and blockchain hub in Eastern Europe. On January 16, 2026, President Aleksandr Lukashenko signed Decree No. 19, a landmark regulation that formally recognizes and legalizes crypto banks within the country’s financial system.
The move marks one of the clearest attempts by a European state to integrate digital assets directly into the banking sector rather than treating cryptocurrencies as a parallel or experimental industry. By granting crypto banks a defined legal status, Belarus is signaling that blockchain and digital tokens are no longer fringe technologies, but strategic tools in national economic planning.
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| Source: Press Release |
This decision builds on a series of pro-crypto policies introduced over the past decade and reflects a broader effort to modernize the economy, attract foreign investment, and reduce reliance on traditional Western financial infrastructure.
A Long Road to Crypto Legitimacy in Belarus
Belarus’s interest in digital assets did not emerge overnight. The country was among the first in the region to provide legal clarity for cryptocurrencies when it introduced its Digital Economy Development Decree in 2018, which legalized crypto mining, token issuance, and smart contracts.
That early framework laid the foundation for innovation, particularly within the High-Tech Park (HTP), a state-backed technology zone that has become the centerpiece of Belarus’s digital strategy. Over time, blockchain solutions were increasingly integrated into state and financial systems, culminating in mandatory blockchain usage in certain banking operations by September 2025.
Decree No. 19 now represents the next phase of that evolution, moving beyond experimentation and into institutional adoption.
What Decree No. 19 Actually Does
Officially titled “On Crypto Banks and Certain Issues of Control in the Sphere of Digital Tokens,” Decree No. 19 establishes a regulatory framework for banks that wish to operate directly with cryptocurrencies and digital tokens.
Under the new law, a crypto bank is defined as a joint-stock company that meets several strict conditions. To qualify, an institution must be registered within Belarus’s High-Tech Park and listed in a special registry maintained by the National Bank of Belarus.
Unlike traditional banks, crypto banks are legally permitted to combine standard financial services, such as deposits, payments, and lending, with digital asset activities. This includes custody, exchange, and settlement services involving cryptocurrencies such as Bitcoin, as well as tokenized assets issued under Belarusian law.
Dual Oversight and Tight Control
While the decree opens the door to innovation, it does not loosen state control. Instead, it introduces a dual-supervision model designed to balance technological development with financial stability.
Financial oversight remains the responsibility of the National Bank of Belarus, which will supervise capital adequacy, liquidity, and compliance with anti-money laundering standards. At the same time, the High-Tech Park administration will oversee the technological and operational aspects, including cybersecurity, blockchain infrastructure, and compliance with digital standards.
Additional regulations covering licensing procedures, minimum capital requirements, and AML and KYC obligations are expected to follow, suggesting that entry into the crypto banking sector will remain tightly regulated.
Why Crypto Banks Matter for Belarus
The introduction of crypto banks is more than a regulatory update. It reflects a strategic choice by Belarus to leverage digital finance as a tool for economic resilience and technological growth.
By formalizing crypto banking, Belarus aims to attract international fintech companies, developers, and investors who are looking for jurisdictions with clear rules rather than regulatory uncertainty. The High-Tech Park model allows the government to encourage innovation while keeping activities within a controlled domestic environment.
There is also a geopolitical dimension. Analysts note that integrating cryptocurrencies into the financial system could help Belarus reduce exposure to Western financial infrastructure at a time when sanctions and trade restrictions continue to shape economic policy.
A Different Path From the EU
Belarus’s approach stands in contrast to that of the European Union, where crypto regulation has largely focused on limiting systemic risk and separating traditional banking from digital asset exposure. While the EU’s Markets in Crypto-Assets framework emphasizes consumer protection and risk containment, Belarus has opted for a more centralized but innovation-friendly structure.
By explicitly defining crypto banks as a distinct legal category and anchoring them to the High-Tech Park, the government is encouraging digital finance, but only within a framework it can closely monitor.
How Belarus Compares Globally
On the global stage, Belarus now joins a small group of jurisdictions that allow regulated institutions to combine traditional banking services with digital asset operations. Countries such as Switzerland, Liechtenstein, Singapore, and the United Arab Emirates have adopted similar models, allowing innovation under strict supervision.
What makes Belarus unique is the level of state involvement. Crypto banking activity is not simply permitted, it is actively integrated into a national technology strategy and overseen by both financial and technical authorities.
This hybrid model may appeal to institutional players seeking regulatory certainty, while remaining less attractive to those looking for fully decentralized or lightly regulated environments.
Risks, Challenges, and Open Questions
Despite the optimism, the new framework is not without risks. Strict state oversight may deter some international firms concerned about regulatory independence or operational flexibility. There are also questions about how Belarusian crypto banks will interact with global financial systems, particularly given ongoing sanctions.
Another challenge lies in execution. Licensing standards, capital thresholds, and compliance requirements have yet to be fully disclosed. How these rules are implemented will determine whether crypto banks become a genuine growth engine or remain a niche experiment.
What Comes Next
Decree No. 19 signals that Belarus sees digital assets not as a temporary trend, but as a permanent component of its financial architecture. The coming months will be critical, as secondary regulations clarify how crypto banks will operate in practice.
If successfully implemented, the policy could transform Belarus into a regional hub for regulated crypto finance, blending blockchain innovation with centralized oversight in a way few countries have attempted.
For now, Belarus has made its position clear: crypto is no longer on the sidelines. It is moving into the heart of the banking system.
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