Belarus Throws Open Banking Doors to Crypto with Landmark Presidential Decree

Forget waiting for legacy finance to catch up—Belarus just rewrote the rulebook. A new presidential decree doesn't just open a door for crypto banks; it kicks it off its hinges, creating a sandbox where digital assets meet traditional banking services head-on.

The Regulatory Sandbox: Where Old Meets New

The decree establishes a formal experimental legal regime. Think of it as a controlled testing ground where licensed entities can finally pilot services that merge crypto operations with conventional banking—custody, exchanges, lending—the whole suite. It's a direct challenge to the slow, patchwork approach seen elsewhere.

Why This Cuts Through the Noise

This isn't just another 'crypto-friendly' statement. It's actionable, top-down policy. By creating a clear legal pathway, Belarus aims to attract operators tired of regulatory gray areas, positioning itself as a potential hub while larger economies remain tangled in debate. It’s a move that bypasses years of committee hearings with a single signature.

The Finance World's Cynical Whisper

Of course, the traditional finance crowd is watching with a mix of intrigue and skepticism. One veteran banker was overheard quipping, 'Finally, a way to make volatile assets slightly more complicated to lose money on.' The jab highlights the enduring tension between innovation and the old guard's risk-aversion.

Belarus isn't just dipping a toe in the crypto waters; it's building a bridge for the entire financial sector to cross. Whether this becomes a model for others or a cautionary tale depends entirely on who decides to walk it first.

Decree Defines Cryptobanks And Rules

According to the decree, a cryptobank is a joint-stock company that may carry out token operations alongside banking, payment and other financial services.

Reports have disclosed that these firms must be residents of the Belarus High-Tech Park (HTP) and will be listed in a special register kept by the National Bank.

The new document ties cryptobank status to HTP residency, which aims to concentrate activity inside a known tech zone. That requirement also means the HTP’s rules will play a role in daily oversight.

Requirements For Market Entry

Based on reports from regulators, cryptobanks will face dual supervision: oversight from both the National Bank of the Republic of Belarus and the HTP’s governing bodies. This twin structure is meant to let token services grow while keeping closer control of financial risks.

Officials say cryptobanks will follow many of the rules that apply to non-bank credit and financial organizations, including standards for capital, risk controls and anti-money-laundering checks.

That suggests applicants will need to show robust compliance systems before being accepted into the register.

National Bank officials said that the decree could be followed by real market steps fast. Aliaksandr Yahorau, the First Deputy Chairman of the National Bank, said Belarus could see its first operating cryptobank within six months after laws and rules are aligned.

He added that cryptobanks may be able to issue loans secured by cryptocurrency, provide payment cards linked to crypto accounts, and allow self-employed people to receive salaries in tokens.

The decree builds on earlier efforts to attract tech and crypto business to Belarus, and it clearly signals a state interest in bringing token activity under formal control.

The next steps will include drafting implementing rules, creating the special registry at the National Bank, and deciding capital and licensing thresholds for applicants.

Featured image from Unsplash, chart from TradingView