Belarus is launching a state-regulated cryptobank.

Key points:

• Belarus is officially launching a crypto bank under the full supervision of the National Bank.
• The new financial institution will combine operations with fiat money and cryptocurrencies within a single structure.

At the state level, Belarus has given the green light to the creation of a crypto bank. The relevant decree, defining the rules for its operation in the financial market, was signed on January 16. This document has long been awaited by representatives of the fintech industry, as it is expected to strengthen the country’s role in digital finance and IT solutions.

Crypto Bank: A New Format for Belarus’s Financial Market

To enter the market, the future crypto bank must obtain resident status in the High-Tech Park and register with the National Bank. Its activities will be regulated by the rules applicable to non-bank financial institutions, as well as by the requirements and decisions of the HTP’s governing bodies.

By design, the crypto bank will combine the capabilities of a traditional bank and a crypto platform. Clients will be able to work with both conventional money and digital assets in one place, without splitting the infrastructure.

The National Bank emphasizes that one of the key distinctions will be a single balance for all types of funds. This means there will be no formal separation between fiat currency and cryptocurrency. In addition, the official payment of income in cryptocurrency to self-employed citizens will be allowed—provided a crypto bank is used.

National Bank of Belarus to strengthen control over the crypto market and create a working group

The regulator discussed measures to prevent fraudulent transactions and the transfer of cryptocurrencies abroad with market participants

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Special attention is being given to control and supervision. The regulator intends to apply standard banking approaches to assessing the stability and reliability of such an institution. According to representatives of the National Bank, this should ensure the protection of clients’ funds and their unrestricted availability at any time.

It is expected that the launch of the crypto bank will stimulate an inflow of foreign investment, accelerate the development of the IT sector, and create new jobs. Authorities believe the impact of this initiative will be felt not only in the financial sector, but across the country’s economy as a whole.