Belarus officially recognizes crypto banks, Eastern European countries accelerate embracing blockchain finance

Belarusian President Lukashenko signed Decree No. 19 today, officially allowing the establishment of cryptocurrency banks. This means the country becomes one of the few to provide a clear legal framework for crypto financial institutions. According to the decree, a cryptocurrency bank is a joint-stock company authorized to conduct business using digital tokens, while also engaging in banking, payment, and other financial operations. This policy marks a strategic shift for Belarus in the crypto sector.

Policy Core Content Analysis

Legal Definition of Crypto Banks

According to the decree, a cryptocurrency bank must meet the following characteristics:

• Form of a joint-stock company
• Authorized to conduct business using digital tokens
• Simultaneously perform banking, payment, and other related financial operations
• This definition integrates crypto activities with traditional financial services, reflecting regulatory recognition of financial innovation

Entry and Operational Requirements

This framework indicates that Belarus adopts a relatively open yet orderly regulatory approach, allowing innovation while maintaining necessary risk controls.

Strategic Significance of the Policy

National-Level Layout

Belarusian officials stated that the decree aims to strengthen the country’s image as a leader in financial information technology. This is not just a crypto policy but an important part of the national digital economy strategy. By providing a compliant framework for crypto banks, Belarus seeks to attract global crypto enterprises and talent inflow.

Market Competition Perspective

In the global crypto regulatory landscape, most countries adopt conservative or confrontational stances. Belarus’s move makes it one of the few countries explicitly recognizing crypto financial institutions, potentially gaining a first-mover advantage in international competition. This is similar to El Salvador’s early embrace of Bitcoin, which drew international attention to the country.

Potential Market Impact

Based on this policy framework, possible development directions include:

• Global crypto enterprises may evaluate the feasibility of establishing crypto banks in Belarus
• The country’s high-tech parks could become new hubs for crypto finance
• Other Eastern European countries might follow with similar policies
• Successful operation of crypto banks could serve as a reference case for other nations

Summary

Belarus’s decree represents an important policy signal: crypto finance is moving from the fringe to the mainstream financial system. By clearly defining crypto banks, setting entry conditions, and establishing a regulatory framework, Belarus has created a relatively mature compliant environment. This is a positive signal for the global crypto industry, indicating that more countries are considering how to incorporate crypto assets and blockchain technology into formal financial systems rather than simply banning or ignoring them. The key going forward is how this policy is implemented in practice and whether it can attract genuine financial institutions to participate.