Belarus Establishes Legal Framework for Cryptobanks to Facilitate Cross-Border Payments

New Decree Paves Way for Hybrid Financial Institutions

Belarusian President Alexander Lukashenko signed Decree No. 19 on January 16, 2026, officially establishing a legal framework for 'cryptobanks' within the country. This landmark legislation aims to integrate digital token operations with traditional banking services, positioning Belarus as a potential hub for fintech innovation and facilitating cross-border payments.

The decree defines cryptobanks as joint-stock companies authorized to combine activities involving digital tokens with conventional banking, payment, and other related financial transactions. This move is intended to blend on-chain finance with existing banking infrastructure, thereby modernizing the nation's financial system.

Dual Regulatory Oversight and Operational Requirements

To operate, cryptobanks will be subject to a stringent dual-regulated framework. They must first secure resident status within the High-Tech Park (HTP), a state-run special economic zone. Additionally, these entities must be registered in a dedicated cryptobank registry maintained by the National Bank of the Republic of Belarus (NBRB).

This dual oversight ensures compliance with both the National Bank's financial stability standards and the HTP's innovation-focused governance. Financial requirements include a minimum capital of 20 million Belarusian rubles (approximately $7 million USD) and an additional 10 million rubles deposit with the National Bank.

Enhancing Cross-Border Transactions and Economic Resilience

The introduction of cryptobanks is expected to create new opportunities for cross-border payments. The framework aims to reduce friction for local users and businesses in transactions between traditional payments and digital assets, promising faster settlement and increased flexibility. This development is particularly relevant given that Belarusian citizens and businesses have increasingly utilized digital coins for cross-border transactions amidst sanctions that have limited access to traditional fiat channels.

The Belarusian government views this initiative as a strategic step to reduce dependency on the U.S. dollar and to leverage its crypto infrastructure as a hedge against geopolitical volatility. The National Bank of Belarus anticipates that the first cryptobank could be established within six months of the decree's enactment. Future offerings may include:

• Tokenized investment vehicles
• Crypto-backed lending
• Salary payments in cryptocurrency for self-employed citizens, processed through cryptobanks
• Bank cards linked directly to crypto accounts

Strategic Context and Future Outlook

The decree is part of a broader strategy to strengthen Belarus's reputation in information technology and to address the growing demand for cryptocurrency transactions in the region. President Lukashenko had previously urged banks to expand their use of crypto-based payments, citing economic pressure from international sanctions and the increasing role of digital tokens in cross-border transactions.

In line with this regulatory push, Belarus has also taken steps to curb unregulated crypto activity, including blocking access to several major offshore cryptocurrency exchanges in December 2025. This indicates a clear intent to channel all crypto-related financial activities through domestic, licensed entities under state control.