Minsk, Belarus – Belarus has officially implemented a comprehensive legal framework for institutions designated as ‘cryptobanks’ through a new presidential decree. This significant regulatory measure aims to integrate financial institutions more deeply into the country’s burgeoning digital asset sector, primarily targeting entities operating within the Belarus Hi-Tech Park (HTP), the nation’s key regulatory sandbox for IT and blockchain technologies.
The decree establishes the necessary operational guidelines, permissions, and oversight structures for banks wishing to service the specific needs of cryptocurrency exchanges, token issuers, and other HTP residents involved in digital finance. The core function of these newly authorized cryptobanks is to facilitate traditional fiat currency services for digital asset businesses. This includes holding accounts, processing international and domestic payments, issuing loans, and managing deposits exclusively for HTP residents who handle digital tokens.
Crucially, the new framework solidifies the mechanism for the legal conversion of fiat funds into digital tokens and vice versa within a strictly regulated banking environment, thereby ensuring transparency and stability in transactions involving cryptocurrencies. Regulators have positioned this move as a critical step toward cementing Belarus’s status as a regional leader in digital finance. By legally defining the parameters for banking activities related to digital assets, the government seeks to enhance investor confidence, enforce stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, and standardize the financial interactions of the HTP ecosystem.
Source: Belarus creates legal framework for ‘cryptobanks’ in new presidential decree
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