Belarus Authorizes First Crypto Banks After Legal Framework

Belarus Launches Crypto Banking Sector

Belarus has officially authorized its first crypto banks, marking a significant step in the country’s embrace of digital assets. The move follows President Alexander Lukashenko’s signing of Decree No. 19 in January, which created a legal framework for Bitcoin and crypto banks within the nation.

The newly approved institutions, currently unnamed, will begin operations after receiving accreditation from the National Bank of Belarus, according to reporting from Russian news agency Interfax. The High-Tech Park, a special economic zone with a favorable tax and legal regime, played a key role in facilitating the launch.

Dmitry Kalechits, first deputy director of the High-Tech Park supervisory board secretariat, stated that the initiative is expected to “improve the flow of the financial ecosystem” and attract foreign investment. The banks will be jointly regulated by High-Tech Park and the National Bank.

Belarus has demonstrated a proactive stance toward cryptocurrency for years. A 2017 decree legalized crypto mining and trading, initially offering tax exemptions on individual crypto income. While those exemptions have been narrowed – income from foreign platforms is now taxed at 13% – the country continues to explore opportunities within the digital asset space, including utilizing surplus electricity for Bitcoin mining.

Source: Bitcoin Magazine