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Belarus has approved a list of 26 cryptocurrencies, including Bitcoin, Ethereum, and USDT, for use by a new class of regulated institutions called cryptobanks, which will combine traditional banking services with digital asset operations under direct oversight from the National Bank.
The move marks one of the most ambitious crypto banking initiatives in Eastern Europe and further positions Belarus as a regional hub for regulated digital asset activity.
According to documents published by the Belarus Hi-Tech Park, the approved assets include major cryptocurrencies such as Bitcoin, Ethereum, XRP and BNB, alongside stablecoins including Tether’s USDT and USD Coin.
The launch of Belarusian cryptobanks follows President Alexander Lukashenko’s January signing of Decree No. 19, titled “On Cryptobanks and Certain Issues of Control in the Sphere of Digital Tokens.”
The newly approved framework allows Belarusian cryptobanks to process transactions involving a broad range of digital assets that regulators consider sufficiently liquid, established and widely adopted.
Among the approved cryptocurrencies are Toncoin, Dogecoin and Shiba Inu, reflecting the country’s willingness to support both institutional-grade assets and high-demand retail tokens.
Belarusian cryptobanks will also be permitted to handle staking, custodial services, transfers, borrowing operations and token issuance support under the updated regulations.
Officials say the framework is designed to create a legal structure capable of integrating crypto services directly into the country’s financial system while maintaining regulatory oversight.
“This is about building an operational environment where digital assets can exist within formal financial infrastructure,” Belarusian media outlet Office Life reported, citing regulatory discussions surrounding the initiative.
The approved list currently contains 26 cryptocurrencies, although regulators emphasized that the selection remains flexible.
Alexander Egorov, Deputy Chairman of the National Bank of the Republic of Belarus, previously revealed that regulators may expand or reduce the list of approved cryptocurrencies depending on market conditions.
According to Egorov, Belarusian cryptobanks will operate under a dynamic framework where factors such as capitalization, investor demand and asset volatility determine whether tokens remain eligible.
“New coins appear almost daily,” Egorov reportedly stated. “If a token gains significant market attention and is supported by real assets, it could be added.”
That flexibility may become important as Belarusian cryptobanks attempt to adapt to rapidly changing global crypto markets.
Notably, several prominent cryptocurrencies were excluded from the initial list, including Monero, Zcash and Stellar.
Privacy-focused cryptocurrencies appear to have faced stricter scrutiny, likely reflecting broader international regulatory concerns surrounding anonymous digital transactions.
The expansion of Belarusian cryptobanks is part of a broader strategy aimed at strengthening the country’s position in financial technology and software development.
The Belarus Hi-Tech Park, often described as the country’s version of Silicon Valley, has become central to that effort.
The technology hub already offers special tax and legal benefits for software firms and crypto businesses operating within its ecosystem.
Those incentives were originally introduced under Decree No. 8 “On the Development of the Digital Economy,” signed by Lukashenko in 2017.
That legislation formally legalized cryptocurrencies in Belarus and recognized them as “digital tokens,” making the country one of the first post-Soviet states to establish a legal framework for crypto-related activities such as trading, mining and token issuance.
The emergence of Belarusian cryptobanks now pushes the country into a new phase where crypto services are no longer isolated from traditional financial infrastructure.
Under the latest rules, only companies registered within the Hi-Tech Park and approved by the National Bank will qualify to operate as Belarusian cryptobanks.
The inclusion of Bitcoin and stablecoins highlights how Belarusian cryptobanks are targeting both institutional and retail crypto demand.
Bitcoin remains the world’s largest cryptocurrency by market capitalization, while stablecoins such as USDT and USDC dominate global crypto settlement activity.
The addition of Toncoin also drew attention after recent developments surrounding Telegram and The Open Network ecosystem.
Toncoin’s price surged earlier this year after Telegram founder Pavel Durov announced the company would become the largest validator on the TON network, reinforcing Telegram’s operational role within the blockchain ecosystem.
Analysts say Belarusian cryptobanks could benefit from growing interest in fast-settlement blockchain networks and stablecoin-based payments as crypto adoption expands globally.
Unlike standard crypto exchanges, Belarusian cryptobanks are expected to provide a broader set of financial services that combine fiat banking and digital asset functionality under one regulated structure.
According to the regulations, Belarusian cryptobanks will be able to facilitate deposits, transfers, lending, staking operations and custody solutions tied to approved cryptocurrencies.
The framework also permits these institutions to assist clients in launching and managing tokenized projects and ICO-related activities within the Hi-Tech Park ecosystem.
Officials believe the model could help attract investment and strengthen Belarus’s digital economy ambitions.
The National Bank of Belarus and the Supervisory Board of the Hi-Tech Park will jointly oversee the sector.
For now, Belarusian cryptobanks represent one of the clearest examples of a government attempting to formally merge crypto infrastructure with regulated banking services.
As more countries debate digital asset regulation, Belarus is moving aggressively to position itself ahead of the curve even as global regulators remain divided on how crypto should integrate into mainstream finance.
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