Belarus Officializes Cryptobanks Under the Push of President Alexander Lukashenko
January 17, 2026 | 17:30 – 3 minutes read
Belarus has taken a significant step in the cryptocurrency sector by officially establishing a legal framework for "cryptobanks." This new advancement, formalized under decree No. 19 signed by President Alexander Lukashenko on January 16, 2026, outlines the licensing and regulatory supervision conditions for these hybrid financial institutions. Cryptobanks will be permitted to combine traditional banking operations with cryptocurrency-related activities, signaling Belarus’ ambition to become a leader in financial technology innovation.
What Are Belarusian Cryptobanks?
The decree defines a cryptobank as a company authorized to engage simultaneously in activities involving cryptocurrencies and conventional banking, payment, and other related financial operations. This dual capacity aims to merge the benefits of traditional finance—such as regulatory adherence and established payment infrastructures—with the speed, convenience, and technological sophistication of cryptocurrency transactions.
For an entity to operate as a cryptobank in Belarus, it must first gain accreditation within the High-Tech Park (HTP), a special economic zone managed directly by the state. The HTP serves as a hub for innovation and technology firms, and its oversight ensures cryptobanks meet technical and security standards.
Additionally, companies must register with the National Bank of the Republic of Belarus by entering the official cryptobank registry. This registration step allows the central bank to manage market entry and maintain oversight related to national security concerns, including money laundering and terrorism financing.
Once admitted, cryptobanks will adhere to two complementary regulatory frameworks: the laws applying to credit organizations and non-bank financial institutions, aligning them with traditional financial standards, and the decisions of the HTP’s Supervisory Council, which focuses on technological development and innovation supervision.
This dual approach aims to foster an environment enabling cryptobanks to offer innovative financial products that effectively blend traditional banking safety and compliance with the evolving advantages of cryptocurrency technology.
Historical and Strategic Context
Belarus, a former Soviet republic with close ties to Russia, has been subject to Western sanctions alongside Moscow. In this context, President Lukashenko has viewed cryptocurrencies as a potential economic lifeline.
Back in September 2025, Lukashenko encouraged commercial banks and the National Bank to promote the adoption of cryptocurrencies. The country has maintained an ambivalent but pragmatic stance toward digital assets. Notably, in April 2019, Lukashenko proposed utilizing surplus electricity from Belarus’ first nuclear power plant to mine Bitcoin, a concept revisited by the Ministry of Energy in February 2021. However, the government has also sought to limit unregulated peer-to-peer crypto exchanges. For instance, in July 2023, Belarus’ Ministry of Interior banned direct cryptocurrency trading between individuals to better monitor illegal flows.
Today’s latest regulatory move reflects a more balanced and pragmatic policy. By legalizing cryptobanking services, Belarus aims to integrate formerly clandestine cryptocurrency activities into the official economy. This legalization ensures state revenues through taxation and enhances mechanisms to verify the legitimacy and compliance of crypto transactions.
Implications and Outlook
Belarus’ official recognition and regulation of cryptobanks mark a forward-looking strategy to position the country as a regional technology hub, amidst geopolitical and economic challenges. The decree No. 19 creates clear operational and supervisory pathways for financial institutions blending crypto and traditional banking services, potentially attracting innovative fintech ventures and investments.
As the global financial ecosystem increasingly embraces digital assets, Belarus looks to leverage this regulatory framework not only to stimulate local technological growth but also to secure its financial system amid external pressures.
About the Author
Rabbitcoin is a cyber-enthusiast and prolific crypto writer dedicated to delivering detailed, fact-checked insights into blockchain technologies, cryptocurrencies, and financial innovation. His work aims to empower readers by demystifying complex topics and advocating for information freedom.
Source: Decree No.19 of January 16, 2026, Republic of Belarus National Bank, Cryptoast