First Deputy Chairman of the Board of the National Bank, Alexander Yegorov, revealed that the National Bank will work with regulators to adapt the current regulatory framework to this decree, estimating that this task will take six months to complete.
Yegorov highlighted the significance of this ruleset, declaring it is “one of the most anticipated regulations” not only in Belarus but also internationally due to its uniqueness.
FAQ What recent legal action has Belarus taken regarding crypto banks? President Lukashenko signed a decree legalizing crypto banks, allowing them to combine traditional banking with digital token services. What requirements must institutions meet to become crypto banks? Interested entities must obtain residence status in the Hi-Tech Park and register with the National Bank as crypto banks. What does Belarus aim to achieve with this decree? Lukashenko seeks to position Belarus as a leader in financial IT technologies, making it an attractive hub for crypto investments. What unique features will these crypto banks offer? The new law allows banks to issue loans secured by cryptocurrency and cards linked exclusively to crypto accounts, fostering investment opportunities in the region.
