Belarus has officially authorized the establishment of its first crypto banks following the creation of a dedicated legal framework earlier this year. These institutions are set to begin operations once they receive formal accreditation from the National Bank of Belarus.
The legal foundation for these entities was established in January through Decree No. 19, signed by President Alexander Lukashenko. The regulatory oversight for these new financial institutions will be shared between the National Bank and the High-Tech Park, a specialized tax and legal zone.
Dmitry Kalechits, representing the High-Tech Park, stated that the initiative aims to integrate traditional finance with the digital asset sector and attract foreign investment. The country has maintained a pro-crypto stance since 2017, when it legalized mining and trading activities.
Current tax regulations in Belarus include a 13 percent tax on income derived from foreign crypto platforms, while individual income tax exemptions for crypto activities have been narrowed. Additionally, the government continues to promote Bitcoin mining as a method to utilize surplus electricity.
