Key Regulatory Details:
- Dual Supervision: Cryptobanks will be regulated by both the National Bank of the Republic of Belarus and the HTP Supervisory Board.
- Requirements: Entities must be HTP residents, listed in a new National Bank registry, and comply with strict AML/CFT and capital adequacy standards applicable to non-bank financial institutions.
- Salary Integration: According to First Deputy Chairman of the National Bank Alyaksandr Yagorau, the decree enables self-employed citizens to receive salaries directly in cryptocurrency via these institutions.
“Dual regulation will allow a crypto bank to offer clients innovative financial products that combine the advantages of traditional banking operations with the technological efficiency, speed, and convenience of digital token transactions.”— Office of the President of the Republic of Belarus
Belarusian President Alexander Lukashenko has signed a decree establishing a legal framework for “cryptobanks,” allowing specific financial institutions to merge digital asset operations with traditional banking services.
Signed on Jan. 16, Decree No. 19 authorizes joint-stock companies residing in the country’s High-Tech Park (HTP) to function as cryptobanks. These entities can now offer payments, exchange services, and other financial operations using digital tokens alongside standard fiat banking.
The move aims to position Belarus as a leader in financial IT by integrating the speed of blockchain technology with the stability of traditional finance.
Source:https://www.sb.by/en/lukashenko-signed-decree-on-cryptobanks-and-tokens.html