Belarus Approves Its First Crypto Banks: Report
Key Takeaways
- •Belarus has approved the country's first crypto banks, though their names have not yet been announced.
- •The new banks must obtain accreditation from the National Bank of Belarus before starting operations and will be regulated by both the National Bank and the High-Tech Park.
- •President Alexander Lukashenko created the legal framework for crypto banks in January through Decree No. 19, after backing the National Bank's crypto banking initiative last September.
- •Dmitry Kalechits of the High-Tech Park said the approvals would improve the flow of the financial ecosystem and help drive foreign investment into Belarus.
- •The move builds on a 2017 decree that legalized crypto mining and trading, whose original tax exemption was later narrowed so income earned on foreign platforms is now taxed at 13%.
The first crypto banks have been approved in Belarus, according to reports, months after the European country created a legal framework for Bitcoin banks earlier this year.
The banks, which have not yet been named, will begin operations once they obtain accreditation from the National Bank of Belarus, Russian news agency Interfax reported Monday.
In January, Belarusian President Alexander Lukashenko signed Decree No. 19, "On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens," officially creating a legal framework for bitcoin and crypto banks in the country.
JUST IN: The first two "crypto banks" in Belarus have been approved. “This will facilitate closer integration between traditional finance and the crypto industry.” pic.twitter.com5CHD00SkP — Bitcoin Magazine (@BitcoinMagazine) September 28, 2026
"The practical outcome of today's discussion is the launch and registration of the first crypto banks in the country's history," Interfax quoted the press service of High-Tech Park as saying in a statement. High-Tech Park is a special tax and legal regime in Belarus where digital asset transactions are permitted. According to the statement, the new banks will be regulated by High-Tech Park and the National Bank. The banks' names and the timing of their accreditation are the next details to watch as the rollout proceeds.
Dmitry Kalechits, first deputy director of the High-Tech Park supervisory board secretariat, said the move would "improve the flow of the financial ecosystem" and help drive foreign investment into Belarus. The approvals extend a state-led approach that has progressively brought digital asset activity under formal rules, following the 2017 legalization of mining and trading and January's decree establishing the banking framework.
Last September, Lukashenko backed the National Bank's initiative to establish crypto banks in the country.
Belarus has a long history of pro-crypto regulation. A 2017 decree legalized cryptocurrency mining and trading and temporarily exempted individuals' crypto income from tax and declaration requirements. That exemption was extended to 2025 and has since been narrowed, with income earned on foreign platforms now taxed at 13%.
Lukashenko has repeatedly promoted Bitcoin mining as a way to make use of surplus electricity, and in 2025 the Mogilev region began preparing sites for mining farms with his backing.
This article was first published by Bitcoin Magazine and written by Mathew Di Salvo.
