Belarus Strengthens Crypto Banking Oversight as Alexander Lukashenko Signs New Digital Assets Decree

On January 16, Belarusian President Alexander Lukashenko enacted Decree No. 19, a significant piece of legislation designed to formalize the country’s approach to cryptocurrency banking. The move reflects the administration’s commitment to positioning Belarus as a forward-thinking jurisdiction in the financial technology sector while establishing clear guardrails for digital asset operations.

What Constitutes a Crypto Bank Under the New Framework

The decree introduces a formal definition of what qualifies as a cryptocurrency bank in the Belarusian context. According to the legislation, a crypto bank is a joint-stock entity granted explicit authorization to conduct transactions involving digital tokens and simultaneous engagement in traditional banking, payment processing, and allied financial services. This dual-mandate structure allows crypto banks to bridge the gap between traditional finance and emerging digital asset ecosystems.

Market Entry Requirements and Operational Standards

The regulatory framework established by Alexander Lukashenko’s decree sets specific prerequisites for market participation. Aspiring crypto banks must first establish themselves as resident enterprises within a designated high-tech industrial park, demonstrating their commitment to the jurisdiction’s innovation zones. Additionally, these entities must secure a position on the National Bank’s official cryptocurrency bank registry—a gatekeeping mechanism designed to maintain market integrity.

Operationally, crypto banks must align with compliance standards applicable to non-bank credit financial institutions while respecting the governance structures established by high-tech industrial park oversight boards. This tiered regulatory approach balances entrepreneurial flexibility with essential safeguards.

Strategic Vision for Financial Technology Leadership

The decree represents a deliberate policy effort to attract cryptocurrency-related businesses while maintaining regulatory oversight. By codifying the operational parameters for crypto banks, Belarus signals its intention to create a competitive advantage in an increasingly important financial technology niche, potentially positioning the nation as a hub for digital asset innovation in Eastern Europe.