Belarus is laying the groundwork for a fully regulated crypto bank framework under the National Bank of the Republic of Belarus (NBRB). This initiative is being developed through Decree No. 19, which outlines how digital tokens will be managed, supervised, and integrated into the country’s financial system. According to statements from Alexander Yegorov, First Deputy Chairman of the NBRB, the regulatory architecture is already drafted and coordinated with the government and the Hi‑Tech Park (HTP).
Supported Digital Assets: 26 Cryptocurrencies
The initial whitelist includes 26 digital assets, featuring major cryptocurrencies such as:
- Bitcoin (BTC)
- Ethereum (ETH)
- Toncoin (TON)
- Solana (SOL)
- Cardano (ADA)
- Stablecoins like USDT and USDC
These assets were selected based on liquidity, market relevance, and regulatory considerations. Officials emphasized that the list is “not closed” and will evolve as investor needs and market conditions change.
What the Crypto Banks Will Be Allowed to Do
Belarus’ crypto banks will be permitted to conduct 11 core commercial operations, forming a hybrid model that blends traditional banking with digital asset services. These include:
- Crypto deposits
- Crypto loans
- Crypto collateralization
- Staking and staking‑based yield operations
- Transfers between individuals and legal entities
- Issuance of bank‑native tokens
- Exchange and trading services
- Custodial storage
These operations aim to create a regulated environment where users can interact with digital assets through familiar banking mechanisms, but with blockchain‑based efficiency.
Strategic Importance for Belarus
1. Strengthening the Hi‑Tech Park Ecosystem
Only companies registered within the HTP will be eligible to operate crypto banks, ensuring tight oversight and alignment with national digital‑economy goals.
2. Controlled Innovation
Belarus is not pursuing an open DeFi‑style model. Instead, it is building a state‑supervised, compliance‑first system that allows innovation while maintaining full regulatory visibility.
3. Bridging Fiat and Crypto
The framework is designed to reduce friction between traditional payments and digital assets, enabling faster settlement, easier transfers, and more flexible financial products for businesses and individuals.
A “Living” Regulatory Document
Officials emphasized that the regulatory framework will be dynamic, updated as new technologies emerge and investor feedback accumulates. This approach positions Belarus as one of the few countries attempting to build a national crypto banking sector with clear rules, asset lists, and operational boundaries.
