Haciyev Reşit 
A notable development has emerged from Belarus in the cryptocurrency market. The country’s leadership has taken a significant step to adapt its financial system to digital assets by allowing so-called “crypto banks” to operate legally—institutions that will offer traditional banking services and cryptocurrency transactions under the same roof. This decision signals Belarus’s transition toward a more controlled and institutional approach to cryptocurrencies, while formally integrating fiat currencies with digital assets.
Crypto Banks Will Operate Under State Supervision
With a decree signed by President Alexander Lukashenko, financial institutions will now be able to provide cryptocurrency services alongside traditional banking activities such as deposits, transfers, and lending. However, this system will not be entirely free-market; it will operate under strict state oversight.
Under the new regulation, only companies registered with the Belarus High Technology Park (HTP) will be permitted to function as crypto banks. These institutions will also be included in a special registry maintained by the National Bank of the Republic of Belarus. Crypto banks will not hold full commercial bank status; instead, they will operate as non-bank financial institutions under HTP supervision.
What Changes for Users?
This structure aims to enable faster and more regulated transitions between fiat money and cryptocurrencies for local users and businesses. In particular, it seeks to reduce the technical and legal uncertainties surrounding payments and transfers. However, because the system requires full fiat backing and strict rules, it also limits the degree of freedom typically associated with the crypto ecosystem.
Belarus’s move reflects a global trend toward the controlled adoption of on-chain finance. While many countries are exploring tokenization, custody services, and digital asset solutions through traditional banks, Belarus has opted for a model that prioritizes compliance and capital management. According to crypto analysts, this initiative focuses more on strengthening state control than on promoting Bitcoin or DeFi adoption. Restrictions on major exchanges and limiting activities to approved institutions reinforce this interpretation.
Evaluation
Belarus’s legalization of crypto banks presents a noteworthy example of how crypto finance can be structured under government supervision. This step demonstrates that digital assets can be integrated into the financial system within a regulatory framework rather than operating in a fully free environment. While it opens the door to financial innovation, it also reflects the state’s intention to maintain strong control and oversight mechanisms. The Belarus model may serve as a test case for other countries seeking to adopt cryptocurrencies while minimizing risks.
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