Belarus Signs Decree No. 19 to Legalize Cryptobanks Under State Banking Oversight

New framework ties crypto services to licensed banks, High-Tech Park status, and central bank supervision

TL;DR

• Belarus signed Decree No. 19 on January 16, 2026, creating a legal framework for state-regulated cryptobanks.
• Cryptobanks must be joint-stock companies, residents of the High-Tech Park, and registered with the National Bank.
• Crypto services are permitted only through licensed institutions under dual oversight, tightening control while enabling token operations.

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Belarus has formally introduced a legal framework for cryptobanks after President Alexander Lukashenko signed Decree No. 19 on January 16, 2026, establishing state-regulated institutions that combine traditional banking services with digital token operations. The decree defines cryptobanks as joint-stock companies authorized to conduct token-based transactions alongside standard financial services, placing crypto activity directly within the national banking system rather than in parallel or experimental markets.

The new framework requires cryptobanks to operate as non-bank credit and financial institutions under the supervision of the National Bank of the Republic of Belarus, while also remaining subject to oversight from the Supervisory Board of the country’s High-Tech Park. Eligibility is limited to companies that are residents of the High-Tech Park and listed in a special cryptobank registry maintained by the central bank, according to the decree signed on January 16, 2026.

Officials described the structure as a controlled integration of digital assets into regulated finance. Government commentary cited by state-linked publications said the model enables “innovative products that blend conventional banking services with digital token transaction efficiencies.” The framework preserves existing financial compliance requirements, including anti-money laundering and capital adequacy rules, applying them to crypto-related operations conducted by licensed institutions.

Belarus’s move follows earlier signals from President Lukashenko, who in September 2025 called on lawmakers to develop clear and transparent cryptocurrency rules. Later in 2025, authorities restricted access to several offshore crypto exchanges, citing regulatory violations, reinforcing the state’s preference for licensed and supervised platforms over unregulated markets, according to reports published alongside the January 16, 2026 decree.

The cryptobank initiative builds on Belarus’s earlier digital asset legislation, including Decree No. 8 “On the Development of the Digital Economy” adopted in 2017, which legalized cryptocurrency activities and smart contracts within the High-Tech Park. Decree No. 19 expands that approach by embedding crypto services into the banking sector rather than limiting them to technology firms or special economic zones.

Under the new rules, cryptobanks are permitted to develop hybrid financial products combining token transactions, payment services, and traditional banking functions, while remaining fully accountable to state regulators. Participation is restricted to licensed institutions, creating entry barriers for smaller or decentralized operators and excluding crypto-only platforms that do not meet banking or High-Tech Park requirements.

The regulatory shift positions Belarus among a small group of countries formally integrating crypto services into state-supervised banking structures at a time when crypto price movements, crypto price index tracking, and overall coin market cap volatility continue to influence global policy debates. The framework does not reference crypto price benchmarks directly but ties digital asset activity to domestic financial stability rules enforced by the National Bank as of January 16, 2026.

State-aligned sources characterized the policy as an effort to support financial innovation while maintaining centralized oversight, rather than opening the market to unrestricted crypto activity. The decree does not alter existing restrictions on unlicensed platforms and keeps cryptocurrency services confined to registered cryptobanks operating under dual regulatory control.

This article has been refined and enhanced by ChatGPT.