Belarus Registers First Two Crypto Banks Under New Rules
Belarus has taken another step towards creating its first crypto banks after six months of regulatory work. The government announced on September 28 that two companies have been registered as High-Tech Park residents, eligible to become the country's first crypto banks.
The next step for these companies is National Bank accreditation and entry into the official crypto-bank register before they can begin operating under Belarus' new rules.
Belarus has created a formal legal system for crypto banks this year. President Alexander Lukashenko signed Decree No. 19 on January 16, which sets out what these institutions can do with digital assets and includes a list of approved cryptocurrencies.
The framework allows crypto banks to offer services involving deposits, lending, staking, exchanges, storage, and other digital-asset activities. The companies have already done much of the work needed to prepare for the launch, including building professional teams and setting up their IT systems.