Belarus has taken a significant regulatory step by formally registering its first two crypto banks, marking what officials are calling a landmark moment for the country’s digital finance ambitions. The move, tied to legislation that took effect just months earlier, signals that Minsk intends to blend traditional banking with cryptocurrency operations rather than treat them as separate worlds. The Belarus crypto banks registration process, approved on 28 September, opens a new chapter for the country’s Hi-Tech Park and its broader financial sector.
Key takeaways
- Two residents were registered in Belarus’ Hi-Tech Park (HTP) with crypto bank status on 28 September.
- The decision was approved by the HTP Supervisory Board, chaired by Prime Minister Aleksandr Turchin.
- A presidential decree on crypto bank activities came into force in July 2026, laying the legal groundwork.
- After HTP registration, both institutions must still undergo accreditation at the National Bank before fully operating.
- The HTP and National Bank have jointly set requirements covering operations and reporting for crypto banks.
Belarus Registers First Crypto Banks in Hi-Tech Park
Two organizations have officially become the first crypto banks in the country’s history after being registered as residents of the Hi-Tech Park, according to BelTA. The announcement followed a meeting of the HTP Supervisory Board held in government offices on 28 September, chaired by Prime Minister Aleksandr Turchin.
Turchin described the registration as the culmination of months of preparatory work. “For more than six months, active legislative work has been underway to implement the head of state’s decree on the activities of crypto banks, which came into force in July 2026,” he said. “A whole series of government resolutions and legal acts of the National Bank and the Supervisory Board of the Hi-Tech Park were adopted. The necessary organizational measures have been implemented to bring to life the ideas laid down in the head of state’s decree. And today, the result of all the work carried out is the prepared decisions on the registration in the Park of the first two crypto banks in the country’s history.”
A legal foundation built over six months
The legislative groundwork behind this Belarus crypto banks registration did not emerge overnight. It traces back to a presidential decree that entered into force in July 2026, which set the legal basis for crypto banks to exist within the Belarusian financial system. From there, regulators had to translate broad legal language into workable rules — a process that involved the National Bank and the HTP Supervisory Board issuing a series of resolutions and legal acts to flesh out how such institutions would actually function.
Regulatory Framework and Accreditation Process
Registration in the Hi-Tech Park is only the first of two required steps before a crypto bank can operate. Institutions must next secure accreditation from the National Bank of Belarus, meaning the newly registered entities are not yet cleared for full banking activity involving digital assets.
Anna Ryabova, Head of the Secretariat of the Supervisory Board of the Hi-Tech Park, framed the registration as the beginning of a longer journey rather than an endpoint. “Two crypto banks in the country are beginning their journey,” she said. “First they appear as HTP residents, and then they undergo the relevant accreditation at the National Bank.”
Dmitry Kalechits, First Deputy Head of the Secretariat of the Supervisory Board of the Park, told media that regulators have already worked out the practical rules governing this new category of institution. According to Kalechits, the HTP and the National Bank “have settled the main aspects of a crypto bank’s activity — from requirements to the operations carried out and reporting issues.” He added that the organizations pursuing crypto bank status had already built out professional teams and IT infrastructure, and had passed technical and legal audits before reaching this stage. “The organizations now planning to become crypto banks are well-known players both in the Park and on the crypto market, and have fairly good practical experience in the crypto sector,” Kalechits said.
Why the two-step approval process matters
This layered approach — HTP registration followed by National Bank accreditation — creates a checkpoint system rather than a single approval gate. In practice, it means Belarus is testing candidates twice: once for their fit within the Hi-Tech Park’s innovation framework, and again for their compliance with the National Bank’s banking-grade standards. That dual filter could reduce the risk of unprepared entities slipping through, though it also means the timeline to full market launch stretches beyond the initial registration date.
Implications for Financial Market Integration and Sector Development
Belarusian officials are positioning the dual-regulation model — overseen jointly by the HTP and the National Bank — as a way to strengthen trust in financial institutions while pulling in fresh investment. Kalechits pointed to this structure directly, saying it “will undoubtedly have a favorable impact on improving the ecosystem of financial flows, increasing the technological sophistication of this business, boosting trust in financial institutions, as well as attracting investment and increasing incomes in our country.”
The broader goal, Kalechits explained, is to merge classic banking operations with cryptocurrency-related activity rather than keep the two siloed. He noted that similar integration of financial market segments is already happening globally, and that Belarus’s approach is meant to improve how efficiently its financial market functions, diversify the financial instruments available, and expand how residents can protect savings and access financial services.
For a country whose financial sector has leaned heavily on state-linked banking, formal recognition of crypto banks represents a notable widening of the regulatory perimeter. It also signals that Belarusian authorities see cryptocurrency infrastructure not as a fringe activity to tolerate, but as something worth building dedicated institutional pathways for — pathways that now run through both the Hi-Tech Park and the National Bank.
What happens next will likely depend on how quickly the two newly registered institutions clear the National Bank’s accreditation process and enter its official register of crypto banks. Until that second step is complete, the practical scope of what these crypto banks can actually offer customers remains an open question — one that regulators, and the market, will be watching closely.
FAQ
How many crypto banks have been registered in Belarus’ Hi-Tech Park?
Two residents have been registered as crypto banks in the Hi-Tech Park.
Who approved the registration of the first crypto banks in Belarus?
The HTP Supervisory Board, chaired by Prime Minister Aleksandr Turchin, approved the registration.
What is the legal basis for the operation of crypto banks in Belarus?
A presidential decree on crypto banks came into force in July 2026 along with supporting government resolutions and legal acts.
What regulation applies to crypto banks after registration in the Hi-Tech Park?
They must undergo accreditation at the National Bank and comply with operational and reporting requirements set by both the HTP and National Bank.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.