Belarus has officially marched into the crypto banking arena, with President Alexander Lukashenko signing Decree No. 19 to establish a legal playground for what the government is dubbing 'cryptobanks.' It’s the state’s way of saying, "We see your wild crypto west, and we’re putting up a very official fence."
The decree defines these new entities as joint-stock companies authorized to blend digital token operations with traditional banking, payments, and other financial services. The move aims to bolster Belarus's image as a financial IT hub, but it comes with a heavy dose of state control, because nothing says "decentralized innovation" like a government-mandated sandbox.
To operate, a cryptobank must secure resident status in the country's High-Tech Park (HTP), a state-backed special economic zone, and be entered into a dedicated register maintained by the National Bank of the Republic of Belarus. This dual oversight ensures these banks comply with rules for non-bank credit institutions while also answering to the HTP's supervisory board, creating a regulatory cage match where compliance is the only winner.
The decree builds on a years-long policy of channeling crypto activity through state-approved channels. In September 2025, Lukashenko urged local banks to expand crypto-based payments, citing economic pressure from sanctions and the growing use of digital tokens in cross-border transactions, essentially telling banks to embrace the blockchain or get left behind in the cold.
The controlled approach was further highlighted in December 2024, when authorities blocked access to several major offshore crypto exchanges, signaling a crackdown on the unregulated 'gray market.' This new framework narrows participation to firms willing to operate within the country's strict regulatory parameters, proving that in Belarus, the crypto party is invite-only, and the guest list is very, very short.
