Belarus Officially Launches Crypto Banks Under President Lukashenko’s Directive in 2026

• What Is a Belarusian Crypto Bank?
• Why Is Belarus Embracing Crypto Banks?
• How Will Crypto Banks Operate?
• What’s the Global Context?
• Challenges and Opportunities
• Historical Paradoxes
• What’s Next for Belarusian Crypto?
• FAQs

Belarus has taken a bold step into the future of finance by officially legalizing crypto banks under President Alexander Lukashenko’s leadership. This move, formalized by Decree No. 19 on January 16, 2026, positions Belarus as a pioneer in financial technology. Crypto banks will operate under a dual regulatory framework, combining traditional banking with cryptocurrency innovations. The initiative aims to attract global tech investments while ensuring compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) standards. Here’s everything you need to know about this groundbreaking development.

What Is a Belarusian Crypto Bank?

Belarus has officially established a legal framework for "crypto banks," a hybrid financial institution that merges traditional banking services with cryptocurrency operations. Signed by President Alexander Lukashenko on January 16, 2026, Decree No. 19 defines a crypto bank as an entity authorized to "combine activities involving cryptocurrencies with banking, payment, and other financial operations." To operate, these institutions must first secure approval from the High-Tech Park (HTP), a special economic zone under state supervision, and register with the National Bank of Belarus. This dual oversight ensures compliance with both financial regulations and technological innovation standards.

Why Is Belarus Embracing Crypto Banks?

Belarus, a former Soviet republic with strong ties to Russia, has faced Western sanctions alongside its ally. In response, President Lukashenko sees cryptocurrencies as a strategic workaround. Back in 2019, he even proposed using excess energy from Belarus’s nuclear power plant to mine Bitcoin—a plan later revisited in 2021. While the government briefly cracked down on peer-to-peer crypto trading in 2023, the new decree reflects a more pragmatic approach: regulating crypto activities to curb illicit flows while taxing legitimate transactions. "This isn’t just about innovation; it’s about survival in a sanctions-heavy environment," notes a BTCC market analyst.

How Will Crypto Banks Operate?

Crypto banks in Belarus will operate under two sets of rules: traditional financial regulations and the High-Tech Park’s innovation-focused guidelines. They’ll offer services like crypto-fiat conversions, custody solutions, and even interest-bearing accounts—all while adhering to AML/CTF protocols. The National Bank will maintain a registry of approved crypto banks, ensuring only compliant entities enter the market. "Think of it as a bridge between old-school finance and the crypto wild west," quips an industry insider.

What’s the Global Context?

Belarus isn’t alone in this space. Russia has floated similar ideas, and other sanctioned nations like Iran and Venezuela have turned to cryptocurrencies for trade. However, Belarus’s structured approach—combining centralized oversight with tech-friendly policies—sets it apart. Data from CoinMarketCap shows a 37% surge in Belarusian crypto transactions since the decree’s announcement, suggesting strong market confidence.

Challenges and Opportunities

While the framework is progressive, hurdles remain. Cybersecurity risks, volatile crypto markets, and potential regulatory clashes could test the system. On the flip side, the HTP’s tax incentives and streamlined licensing are already attracting fintech startups. "We’re seeing interest from European and Asian firms," says a HTP spokesperson. "They want a foothold in this new ecosystem."

Historical Paradoxes

Belarus’s relationship with crypto has been erratic. From Lukashenko’s 2019 bitcoin mining proposal to the 2023 P2P trading ban, the country has oscillated between embracing and restricting digital assets. The new decree strikes a balance, legalizing previously gray-area activities while giving authorities oversight. "It’s a classic case of ‘if you can’t beat ’em, tax ’em,’" jokes a local trader.

What’s Next for Belarusian Crypto?

With the first crypto banks expected to launch by Q3 2026, all eyes are on Belarus’s experiment. Success could inspire similar moves elsewhere, especially in sanction-hit economies. For now, the National Bank is tight-lipped about applicants, but industry rumors point to at least three major players preparing submissions. As one Minsk-based entrepreneur puts it: "This is our chance to rewrite the financial rules—on our terms."

FAQs

What is Decree No. 19?

Signed on January 16, 2026, it legalizes crypto banks in Belarus under a dual regulatory system.

Can foreign companies open crypto banks in Belarus?

Yes, provided they register with the HTP and National Bank.

How does this affect Belarus’s sanctions situation?

While not a direct workaround, it diversifies the country’s financial infrastructure.