Belarusian President Signs New Decree Allowing for Establishment of 'Crypto Banks' and Integration of Traditional Financial Services

BlockBeats News, January 16th, according to the Belarusian Telegraph Agency, Belarusian President Lukashenko signed Decree No. 19 on January 16th, "On Several Issues of Regulation of the Cryptobank and Digital Token Sector." The decree aims to strengthen Belarus's position as a leader in financial IT technology and create conditions for the operation of "cryptobanks" domestically.

According to the decree, a cryptobank is defined as a joint-stock company authorized to combine cryptocurrency activities with banking, payment, and other relevant financial activities. To enter this market, a cryptobank must be a resident of a High-Tech Park (HTP), be included in the National Bank's Cryptobank Registry, and comply with the legal requirements of non-bank credit and financial organizations as well as decisions of the HTP Supervisory Committee.