Belarus approves first crypto banks, Interfax reports

Reports say the first crypto banks have opened in Belarus, following the creation of a legal framework for Bitcoin banks earlier this year.

The banks, whose names have not been disclosed, will begin operating once accredited by the National Bank of Belarus, according to Russian news agency Interfax on Monday.

In January, President Alexander Lukashenko signed Decree No. 19, titled “On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens,” which established a legal foundation for bitcoin and crypto banks.

“The practical outcome of today’s discussion is the launch and registration of the first crypto banks in the country’s history,” the press service of High-Tech Park said in a statement, as reported by Interfax.

High-Tech Park functions as a special tax and legal regime within Belarus, where digital asset transactions are allowed.

The statement added that the crypto banks would be overseen by both High-Tech Park and the National Bank.

Dmitry Kalechits, first deputy director of the High-Tech Park supervisory board secretariat, said the move would “improve the flow of the financial ecosystem” and attract foreign investment to Belarus.

Last September, Lukashenko supported the National Bank’s proposal to create crypto banks.

Belarus has a history of pro-crypto policies. A 2017 decree legalized crypto mining and trading, granting individuals a temporary exemption from tax and declaration on crypto income. That exemption, extended to 2025, was later narrowed, and income from foreign platforms now faces a 13% tax.

Lukashenko has frequently advocated for using surplus electricity for Bitcoin mining, and in 2025 the Mogilev region started preparing locations for mining farms with his support.