- Belarusian President Alexander Lukashenko has approved the launch of cryptobanks.
- Cryptobanks will combine digital token services with traditional banking operations under a regulated framework.
The latest decision pushed Belarus to formalize crypto within its regulated financial system. The Belarusian President, Alexander Lukashenko, signed Decree No. 19 today, which allows Belarus to officially launch cryptobanks, a hybrid financial institutions that combine digital token operations with traditional banking, payments, and related services.
According to the announcement, the document, “On cryptobanks and certain issues of control in the field of digital signs (tokens),” intends to improve Belarus’s reputation as a pioneer in financial IT technologies and establishes the framework necessary for the country’s crypto banks to operate. As said, a hybrid financial institution, cryptobank is a single-stock company, where it allows both crypto and regulated financial services side-by -side under one regulated structure.
Eligibility Rules and Dual Regulatory Oversight
The cryptobank must satisfy some requirements to become eligible legally. First, it should be registered under the Belarus High-Tech Park resident, and then the cryptobank should be included in the national registry of cryptobanks, which underscores the importance of only approved cryptobanks running in the market, as mentioned in the announcement.
Second, once they get the approval, these approved cryptobanks must follow the same rules and regulations of the non-bank financial systems, and they should go by the decisions taken by High-Tech Park’s Supervisory Board, which would bring about dual oversight with financial and information technology regulators.
Belarus Crypto Mining Push
This latest Fintech move was influenced by the order by the Belarusian president last year, March, where he ordered the Belarusian government to assess the possibility of large-scale cryptocurrency mining using the country’s excess electricity.
As per the local media outlet, BelTA, in November 2025, the Belarusian President Alexander Lukashenko said that cryptocurrencies, mainly crypto mining, can be uncertain and volatile, but it is the only possible way to reduce dependence on the U.S. dollar in the global economy.
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