Belarus Approves First Two Crypto Banks, Eyes Foreign Investment
Belarus has taken another step towards embracing cryptocurrencies by approving its first two crypto banks. The National Bank of Belarus will oversee their accreditation, allowing them to start operations.
This move follows a legal framework created earlier this year for bitcoin and crypto banks in the country. In January, President Alexander Lukashenko signed Decree No. 19, which paved the way for the establishment of these institutions.
The High-Tech Park, a tax and legal regime in Belarus that permits digital asset transactions, will regulate the banks alongside the National Bank. Dmitry Kalechits, first deputy director of the High-Tech Park supervisory board secretariat, believes this development will improve the flow of the financial ecosystem and attract foreign investment to Belarus.
The country has been pushing pro-crypto regulations for some time, dating back to a 2017 decree that legalized crypto mining and trading. This exemption was later extended until 2025 but now only applies to individuals' income from domestic platforms, which is tax-free.