Belarus Approves Edict on Establishment and Regulation of Crypto Banks

On January 16, President of Belarus Alexander Lukashenko approved Edict No. 19 "On Crypto Banks and Certain Issues of Control in the Sphere of Digital Tokens," BelTA reports, citing the head of state's press service.

The document aims to strengthen Belarus' image as a leader in financial IT technologies and provides for the creation of conditions for cryptobanks to operate in the country.

According to the Edict, a cryptobank is a joint-stock company that is granted the

right to combine operations involving use of digital tokens with banking, payment, and other related financial transactions.

To enter the market, a crypto bank must be a resident of the High-Tech Park and included in the National Bank's register of crypto banks.

When conducting its activities, the crypto bank is obligated to comply with the legal requirements of non-bank credit and financial institutions and to implement the decisions of the High-Tech Park Supervisory Board.

Dual regulation will enable the crypto bank to offer clients innovative financial products that combine the advantages of traditional banking with the technological sophistication, speed, and convenience of transactions with digital tokens.