President Lukashenko signed Decree No. 19, establishing the legal framework for Belarusian crypto banks

Belarus has taken a significant step toward implementing a new policy to strengthen the regulation of digital assets. With Order No. 19 signed by President Lukashenko, the legal framework for “cryptobank” has been officially established for the first time domestically, integrating digital asset transactions directly into Belarus’s financial regulatory system. This policy symbolizes Belarus’s strategy to balance innovation with state control.

A New Turning Point in Belarus’s Cryptocurrency Regulations

The background for Belarus’s increased interest in the crypto sector involves a complex international environment. In September 2025, President Lukashenko emphasized the need for “transparent and reliable rules” for the domestic crypto market, while also demanding the maintenance of strong state oversight. Additionally, amid rising international sanctions and increasing use of digital assets in cross-border payments, domestic banks were encouraged to explore the use of crypto-based payment methods.

Against this backdrop, Order No. 19 is not merely a regulatory document but a clear policy statement on how Belarus intends to integrate cryptographic technology into its financial system.

Operating Framework for Cryptobanks and Market Entry Conditions

Under the new legislation, cryptobanks are defined as joint-stock companies, allowing operations that combine traditional banking services with token-based transactions. This approach treats the crypto sector not as an independent domain but as integrated within existing financial infrastructure.

However, this new freedom is only available under strict conditions. To legally operate as a cryptobank, entities must obtain resident status within Belarus’s High Technologies Park. This requirement aims to support the park’s role as an innovative hub backed by the government. Furthermore, registration in a dedicated registry managed by the National Bank of the Republic of Belarus is mandatory, placing all operators under central supervision.

Dual Surveillance System for Regulatory Management

One notable feature of this legislation is that cryptobanks are subject to a two-tiered regulatory system. The first layer involves general financial supervision rules applicable to non-bank credit institutions and financial entities. The second layer involves oversight by the High Technologies Park’s Supervisory Committee, which manages technical and operational aspects.

According to government explanations, this dual oversight system is designed to maintain strict regulatory control while fostering innovation. Reflecting President Lukashenko’s policies, Belarus offers certain operational freedoms to crypto companies but remains committed to centralized control.

President Lukashenko’s Gradual Crypto Strategy

Order No. 19 is just one milestone in Belarus’s crypto adoption policy. By December 2025, Belarusian authorities have intensified crackdowns on unregulated activities and blocked access to several offshore crypto exchanges. This move demonstrates the government’s active efforts to eliminate the gray market for cryptocurrencies and indicates a strong intention to permit crypto activities only within a regulated framework.

President Lukashenko’s strategy remains open to crypto innovation while clearly maintaining that all operations are under state control.

Belarus’s Goal of a State-Led Crypto and Financial Hub

Through Order No. 19, Belarus is positioning itself as a state-controlled crypto and financial hub that functions solely within a clearly defined legal and institutional framework for digital assets. This move suggests a potential for crypto innovation but emphasizes that such activities will be strictly under centralized supervision and within the existing financial infrastructure.

Through the policy initiatives led by President Lukashenko, Belarus aims to balance the potential of cryptographic technology with the necessity of state oversight. This strategic approach could serve as a reference model for other countries’ future crypto regulations.