Reports indicate that Belarus has launched its first cryptocurrency banks following the establishment of a legal foundation for Bitcoin banking earlier this year in the European nation.
As reported on Monday by the Russian news agency Interfax, these crypto banks remain unnamed for now and will commence operations once they receive accreditation from the National Bank of Belarus.
President Alexander Lukashenko previously signed Decree No. 19, titled “On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens,” in January, formally introducing a regulatory framework for bitcoin and crypto financial institutions within the nation.
JUST IN:
The first two "crypto banks" in Belarus have been approved.
“This will facilitate closer integration between traditional finance and the crypto industry." pic.twitter.com/Y5CHD00SkP
— Bitcoin Magazine (@BitcoinMagazine) September 28, 2026
An official statement from the press service of the High-Tech Park, cited by Interfax, noted that the concrete result of the recent discussions is the registration and establishment of the inaugural crypto banks in the nation’s history.
Operating as a specialized tax and legal regime in Belarus, the High-Tech Park permits digital asset transactions within its jurisdiction.
The announcement further specified that the National Bank and the Hi-Tech Park will jointly oversee the regulation of these financial institutions.
According to Dmitry Kalechits, the first deputy director of the High-Tech Park supervisory board secretariat, this development will enhance financial ecosystem operations and attract foreign investments to Belarus.
In September of last year, President Lukashenko expressed his support for the National Bank’s proposal to create crypto banks domestically.
Belarus has a history of favoring pro-crypto rules. A 2017 decree authorized crypto mining and trading, initially granting a temporary tax and reporting exemption for personal crypto earnings. This exemption was prolonged through 2025 before being adjusted to impose a 13% tax on earnings derived from foreign platforms.
Lukashenko has consistently advocated for utilizing excess electricity for Bitcoin mining, and with his endorsement, the Mogilev region began developing locations for mining operations in 2025.
FAQ
Have crypto banks been approved in Belarus?
Yes, reports indicate that the first crypto banks have been approved and registered in Belarus following the creation of a legal framework earlier in the year.
Who regulates the crypto banks in Belarus?
The crypto banks are regulated by the National Bank of Belarus and the High-Tech Park.
What decree established the legal framework for crypto banks?
Belarusian President Alexander Lukashenko signed Decree No. 19, titled “On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens,” in January.
How are crypto earnings taxed in Belarus?
While personal crypto income was previously tax-exempt, the rules have since been narrowed, and income earned from foreign platforms is now taxed at 13%.
