Belarus’s Crypto Bank Scheme: A New Era of Digital Finance! 🚀

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Key Highlights

  • Belarus has introduced cryptobanks, enabling its citizens and merchants to manage cryptocurrencies with the same prudence as traditional banking. A most convenient arrangement for those who value both innovation and discretion. 🤝💰
  • Local exchanges are now prioritized, boosting safety and strengthening Belarus’s own digital finance ecosystem. A triumph of nationalism, if ever there was one. 🇧🇾
  • Cryptobanks bridge traditional finance and crypto, combining innovation with strong oversight and security. Or as the French might say, un mariage de raison. 🤝

Belarus, ever the pioneer in financial matters, has taken a decisive step toward becoming a regional leader in cryptocurrency banking. On January 16, 2026, President Alexander Lukashenko, whose discernment in such matters is unparalleled, signed Decree No. 19, creating a formal framework for “cryptobanks” to operate alongside traditional financial institutions. A move as bold as it is… peculiar. 🤪

As per a local report, the decree lets certain banks offer services for cryptocurrencies alongside regular banking. This means people and businesses can handle digital money safely and more easily. The goal is to boost Belarus’s financial tech sector and give everyone clear, legal ways to manage crypto. A noble aim, though one wonders if the legalities are as clear as the country’s intentions. 🧐

For a cryptobank to operate, it must possess residential status within the Belarus High-Tech Park and be on the National Bank register. Such cryptobanks are joint-stock companies having the power to control financial transactions and digital tokens. Moreover, these cryptobank operations will be regulated by legislation on non-bank credit institutions and must adhere to directions from the High-Tech Park Supervisory Board. A labyrinth of bureaucracy, but at least it’s local. 🏛️

Bridging traditional banking and crypto services

The law in Belarus tackles some of the concerns for cryptocurrency businesses under the Digital Economy Development Ordinance introduced in 2017. The ordinance supported cryptocurrency businesses through tax advantages and attraction, but it does not provide banking assistance. A curious oversight, to say the least. 🤷‍♀️

As a result, digital asset enterprises have had difficulty accessing conventional financial services. With the creation of cryptobanks, Belarus provides institutions that have the right to offer banking services to both companies and individuals who own cryptocurrencies. A most logical solution, though one might question why it took so long. 🕒

Unlike other nations, Belarus does not base its system on the adoption of legal tender and the granting of crypto-friendly banking licenses. For example, Bitcoin is recognized as legal tender in El Salvador, and partially in Switzerland, the country provides crypto-friendly banking licenses. Belarus, on the other hand, develops institutions that connect the two realities. A stroke of genius, or a masterclass in confusion? 🤔

Furthermore, the cryptobanks must also hold reserves, implement money laundering regulations, and have periodic audits, as is the case for regular banks. The two regulatory bodies together, namely the National Bank and the High-Tech Park, provide sound economic as well as technical regulation. A testament to Belarus’s commitment to order… and perhaps a bit of control. 🚫

Localizing crypto exchange activity

This initiative follows recent moves to limit citizen access to foreign cryptocurrency exchanges. Since December 10, 2025, Belarus restricted platforms such as Bitget, ByBit, and OKX through the government-owned internet provider Beltelecom. The government agency BelGIE controls access to these blocked websites. This rule pushes people to trade on local platforms, making crypto safer and supporting Belarus’s own digital finance system. A delightful blend of protectionism and paranoia. 🤭

President Lukashenko also pointed out that cryptocurrencies could help Belarus rely less on the U.S. dollar. Speaking in Minsk on November 14, he suggested using crypto mining as one way to diversify the economy, along with energy and infrastructure projects. He admitted that crypto can be unpredictable but stressed the potential gains, saying, “Some volatility… Well, there probably will be. But nothing ventured, nothing gained!” A sentiment as timeless as it is… questionable. 🤪

International context

Belarus’s model contrasts with regional approaches. In Poland, President Karol Nawrocki vetoed a crypto regulatory bill, citing overregulation and the risk of blocking citizen access to digital assets. “If the government cuts off the page, citizens lose access to their digital funds overnight,” said spokesperson Rafał Leśkiewicz. Belarus, by contrast, balances innovation and control through localized exchanges and dual supervision of crypto banks. A delicate dance, if ever there was one. 🎭

Belarus’s new crypto banks show a smart approach to digital finance. By mixing traditional banking with cryptocurrency services, the country makes transactions safer, more regulated, and easier to use. This system could become a model for other countries wanting to bring crypto and regular banking together. Or perhaps a cautionary tale for those who dare to dream. 📌

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2026-01-16 15:48