Belarus just created its first crypto banks, and two companies are already in line

Belarus’s High-Tech Park Supervisory Board has approved the first two companies to register as crypto bank operators, moving them a step closer to full accreditation under a regulatory framework established by presidential decree in July.

The initiative follows more than six months of regulatory work involving Belarus’ High-Tech Park (HTP) and the National Bank, with a presidential decree issued in July establishing rules governing crypto bank operations. The development marks a new stage in the country’s efforts to formalize digital-asset activity under a regulated financial framework.

Two crypto bank firms move through HTP registration

The HTP Supervisory Board has approved decisions supporting the registration of two companies as crypto bank operators. The firms are expected to begin as HTP residents before proceeding to seek accreditation from the National Bank.

According to information cited by Belarusian state media, the two companies have spent months preparing for the regulatory requirements. Their preparations include upgrading technological infrastructure and assembling professional teams to support their planned operations.

The companies’ initial status within HTP provides a pathway toward becoming fully accredited crypto bank businesses. The process places the National Bank at the center of the next stage, as accreditation will determine whether the firms can formally operate under the newly established framework.

The development also reflects the authorities’ effort to establish institutional structures around cryptocurrency services rather than leaving digital-asset activity outside the conventional financial system.

Belarus advances crypto bank regulatory framework

The regulatory groundwork for the crypto bank sector has been under development for more than six months, involving cooperation between the HTP and the National Bank.

That process culminated in a presidential decree in July that established rules for crypto bank operations. The decree provides the regulatory foundation under which companies seeking to enter the sector can pursue recognition and authorization.

For the two firms currently moving through the process, HTP registration represents an early regulatory milestone. National Bank accreditation will provide the next formal step toward operating as regulated crypto bank entities.

The framework could also give authorities greater visibility into businesses operating at the intersection of cryptocurrency and conventional financial services. For companies, the emerging rules provide a defined route for developing digital-asset financial services within Belarus’ regulatory environment.

Technology upgrades support crypto bank plans

The firms preparing for registration have also invested in their operational infrastructure. Officials said both companies have upgraded their technology systems and developed professional teams as part of their preparation to operate as a crypto bank.

Technology is central to the planned model because digital-asset financial services require infrastructure capable of supporting cryptocurrency transactions and other related services while meeting regulatory requirements.

The preparations suggest that the registration process extends beyond obtaining a formal designation. Businesses entering the crypto bank sector are also expected to demonstrate operational and technological readiness before moving toward National Bank accreditation.

The development could eventually strengthen connections between traditional financial institutions and cryptocurrency companies. It may also create an institutional channel through which regulated digital-asset services can interact with established financial infrastructure.

Potential implications for Belarus’ digital-asset sector

The emergence of the first crypto bank operators comes as Belarus continues to develop its approach to digital assets. By establishing specific rules and requiring companies to pass through regulatory stages, authorities are creating a formal framework for businesses seeking to provide cryptocurrency-related financial services.

The two firms could become the first crypto bank operators to navigate the new system once they complete the required accreditation process. Their progress may therefore serve as an early test of how the regulatory framework works in practice.

The initiative also has potential implications for the broader digital-asset ecosystem. A regulated crypto bank structure could facilitate closer links between cryptocurrency businesses and traditional finance, while providing regulators with a clearer framework for supervision.

The original announcement also pointed to potential connections with decentralized finance (DeFi) and centralized cryptocurrency exchanges (CEXs), although the companies’ eventual range of services will depend on the regulatory approvals they receive.

For now, the two companies remain at the preparatory stage. Their HTP registration is an important step, but National Bank accreditation remains necessary before they can fully operate as crypto bank institutions under Belarus’ new framework.