Belarus Creates Regulated ’Cryptobanks’ Inside High‑Tech Park

Belarus has enacted Decree No. 19 to create a legal framework for “cryptobanks” — joint‑stock companies authorised to offer digital token systems alongside traditional banking and payment services. Eligible operators must be residents of the High‑Tech Park (HTP) and register with the National Bank’s special registry. The decree builds on 2017’s Decree No. 8, which legalised mining, smart contracts and crypto trading, and extends HTP tax advantages (no VAT, profit tax or personal income tax on crypto operations) through at least 1 January 2025. Authorities intend to bring blockchain payments, token services and financial management into a supervised financial channel, prevent an unregulated parallel crypto market, and attract tech startups and cross‑border activity. The rules place cryptobanks under non‑bank credit and financial institution regulations and HTP oversight, centralise operational standards and a registry to bolster transparency and customer fund security. Recent enforcement actions — including limits on certain foreign crypto platforms for advertising breaches — underscore Minsk’s aim to concentrate crypto use in licensed channels. Market context: Statista projects about 855,000 crypto users in Belarus by 2026 (roughly 9.6% of the population). For traders, the decree signals a push toward regulated on‑ and off‑ramp liquidity within Belarus, potential growth in local crypto banking services, and lower legal risk for compliant HTP firms — while access restrictions for non‑compliant platforms could shift regional flows toward licensed providers.