Belarus registers first crypto banks under new regulatory framework

Belarus just became one of the first countries in the world to formally register crypto banks, institutions designed to merge digital token operations with conventional banking under a single roof. Two such entities were registered on September 28, 2026, as residents of the country’s High-Tech Park (HTP), the special economic zone that has served as the incubator for Belarus’s tech ambitions since 2005.

The registrations follow the implementation of Presidential Decree No. 19, signed by President Alexander Lukashenko on January 16, 2026. The decree’s core provisions kicked in around July after a six-month period reserved for drafting supporting regulations.

What Belarus is actually building

Under Decree No. 19, crypto banks must operate as joint-stock companies, the same corporate structure required of traditional banks in most jurisdictions. They also need to hold formal resident status within the HTP, which functions as a regulatory sandbox with its own set of tax incentives and oversight mechanisms.

These new institutions answer to both the HTP administration and the National Bank of the Republic of Belarus simultaneously. Permitted activities include integrating token transactions with traditional banking services, a setup designed to improve operational efficiency while maintaining compliance with anti-money laundering regulations. In practical terms, that could mean a single institution handling everything from fiat deposits and lending to digital asset custody and token-based transfers.

The identities of the two registered crypto banks have not been publicly disclosed. Officials described them only as established players in the crypto sector with relevant operational experience.

These institutions still need to clear a second hurdle: gaining approval to be listed on the National Bank’s specific register of authorized entities. Only after that listing can they begin full operations. The expectation is that operational launch will happen in the latter half of 2026, but the exact timeline depends on how quickly the National Bank processes those applications.

Why Belarus, of all places

Belarus has been quietly positioning itself as a crypto-friendly jurisdiction for nearly a decade. Back in 2017, Lukashenko signed a decree legalizing cryptocurrency activities and granting tax exemptions to crypto businesses operating within the HTP through 2023. That earlier framework was extended and eventually evolved into the more comprehensive regulatory architecture that Decree No. 19 represents.

Rather than letting digital asset activity operate in a gray zone or pushing it offshore, Belarus is channeling it toward state-sanctioned entities with clear regulatory obligations. This approach also mirrors a broader global trend, though Belarus’s version is distinct in that it explicitly merges the crypto and banking licenses into a single institutional category, rather than treating them as separate regulatory domains that happen to coexist.