Belarus Registers First Crypto Banks Under New Framework

Belarus has taken another step towards becoming a hub for cryptocurrency banking by registering its first two crypto banks under a new framework. The move brings the country closer to launching regulated institutions that combine crypto and traditional banking services.

The registrations were announced at a meeting of the supervisory board chaired by Prime Minister Alexander Turchin, according to reports from CoinGape. The High-Tech Park added the two crypto banks as residents, but they still need accreditation from the National Bank before they can start functioning.

Dmitry Kalechits, a senior High-Tech Park official, stated that both institutions already operate in the crypto market and have established expert teams, technological systems, and passed technical and legal checks prior to registration. The framework requires every crypto bank to hold High-Tech Park resident status and register under the National Bank's official crypto bank registry.

The crypto banking decree was signed in January by Belarusian President Alexander Lukashenko, and the rules went into effect in July. Earlier, the Chairman of the National Bank Roman Golovchenko stated that a number of foreign financial companies had expressed interest in the sector.