Belarus President Pushes for Stronger Crypto Rules and Plans Experimental Crypto Bank

Belarusian President Alexander Lukashenko has demanded stricter regulations for the cryptocurrency industry following reports of widespread violations. Government inspectors found that half of all funds sent abroad through crypto platforms never return, while 1,600 citizens have suffered losses from risky investments. Three out of six token-issuing companies have collapsed entirely.

Lukashenko emphasized the need to protect citizens from fraud while still supporting technological innovation. "It won’t do," he declared, ordering officials to draft transparent crypto rules within 30 days.

In a parallel development, Belarus may establish the world’s first experimental crypto bank. The proposal, presented by the National Bank’s First Deputy Chairman Aleksandr Yegorov, received presidential approval. This institution WOULD operate as a non-bank financial organization under strict government oversight, differentiating itself from traditional banks by not accepting local currency deposits from citizens.

The MOVE positions Belarus alongside crypto-forward jurisdictions like Switzerland and Singapore, though with unique safeguards. The experimental bank aims to balance innovation with consumer protection in a market where regulatory clarity remains elusive.