Belarus approves registration of its first two crypto banks

Belarusian authorities have approved the registration of the country’s first two crypto banks, but their names have not been disclosed. For high-risk operators, the point is not the label itself; it is that Belarus is building a regulated route for custody, crypto-backed lending, and card issuance tied to digital assets.

1. The decision was made by the supervisory board of the Hi-Tech Park (PVT). Belarus first defined the legal status of a crypto bank in January by decree of President Alexander Lukashenko, and the main provisions took effect on 18 July.
2. A crypto bank is a licensed financial institution that can combine traditional banking operations with digital assets. In practice, that includes custody of cryptocurrencies, loans secured by digital assets, and payment cards that can be used for goods and services with crypto-to-fiat conversion.
3. Registration does not mean immediate launch. Before operating, the organizations must become residents of the Hi-Tech Park, obtain accreditation from the National Bank of Belarus, and be entered into its special register.
4. Crypto banks will operate under dual supervision: they must follow the rules for non-bank credit and financial institutions while also complying with the requirements of the PVT supervisory board.
5. According to Dmitry Kalechits, First Deputy Head of the secretariat of the park’s supervisory board, the applicants have already assembled specialist teams, built the necessary IT infrastructure, and passed technical and legal audits. He said the companies planning to become crypto banks are well-known players in the PVT and the crypto market with substantial practical experience.

In April, the National Bank of Belarus said it plans to limit access to crypto assets on the legal market to about 25 coins, including bitcoin and ether. The list will be revised depending on market conditions, and the central bank does not plan to allow stablecoins pegged to the Belarusian ruble.