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FIGR_HELOC $1.05Belarus registers first two crypto banks under digital asset rules
Belarus added two crypto banks as High-Tech Park residents, but both still need National Bank accreditation before they can operate.
Key takeaways
- Two banks registered. Belarus added its first two crypto banks as High-Tech Park residents, and both still need National Bank accreditation.
- Rules took effect in July. The crypto banking decree was signed in January, and the rules went into effect in July.
- Foreign income taxed at 13%. The exemption for individuals' crypto income was extended to 2025 and later narrowed, with foreign platform income taxed at 13%.
What happened
Belarus has registered its first two crypto banks, adding them as residents of the High-Tech Park. The first crypto banks have opened in the country, according to reports, after Belarus created a legal framework for Bitcoin banks earlier this year. Neither institution has been named.
The registrations were announced at a meeting of the supervisory board chaired by Prime Minister Alexander Turchin. Both institutions must obtain accreditation from the National Bank of Belarus before they can start functioning. Dmitry Kalechits, a senior High-Tech Park official, said both already operate in the crypto market.
A High-Tech Park press service statement, reported by Interfax, said the country had launched and registered crypto banks for the first time. The statement added that banks would be regulated by Hi-Tech Park and the National Bank.
Kalechits, first deputy director of the High-Tech Park supervisory board secretariat, said the move would improve how the financial ecosystem works and bring foreign investment to Belarus.
Why it matters
Belarus plans to regulate crypto banks through both the High-Tech Park and the National Bank. A crypto bank is required to be a joint-stock company, and the framework lets these institutions provide digital token services in addition to banking and payment services.
Unlike Switzerland, which has enabled crypto banks to be licensed under its existing banking regime, Belarus created a separate regulatory category for them. Roman Golovchenko, Chairman of the National Bank, said a number of foreign financial companies had expressed interest in the sector.
President Alexander Lukashenko backed the National Bank's initiative to establish crypto banks last September. The crypto banking decree was signed in January, and the rules went into effect in July.
Background
A 2017 decree made crypto mining and trading legal in Belarus and gave individuals a temporary exemption from tax and declaration on crypto income. The exemption ran to 2025 and was later narrowed, income from foreign platforms is now taxed at 13%.
Lukashenko has repeatedly promoted Bitcoin mining as a use for surplus electricity. In 2025, the Mogilev region began preparing sites for mining farms with his backing.
In January, Lukashenko signed Decree No. 19, which created a legal framework for bitcoin and crypto banks in the country.
What is still unclear
- The two institutions have not been identified, and neither has a confirmed start date.
- Full licensing is still pending, each institution must also appear in the National Bank's official crypto bank registry.
- It is not yet clear how many foreign financial companies will enter the market. Golovchenko said a number had expressed interest in the sector.
Questions readers ask
Which crypto banks did Belarus register?
The two institutions have not been identified. Dmitry Kalechits, a senior High-Tech Park official, said both already operate in the crypto market.
When can Belarus's crypto banks start operating?
They need accreditation from the National Bank of Belarus first. Both institutions must also register under the National Bank's crypto bank registry.
What rules apply to crypto banks in Belarus?
A crypto bank must be a joint-stock company and hold High-Tech Park resident status. The rules let these institutions offer digital token services alongside banking and payment services.
How is crypto income taxed in Belarus?
A 2017 decree gave individuals a temporary tax and declaration exemption on crypto income. It was extended to 2025 and later narrowed, and income from foreign platforms is now taxed at 13%.
