Belarus Opens Door To Crypto Banks With New Presidential Decree

According to the decree, a cryptobank is a joint-stock company that may carry out token operations alongside banking, payment and other financial services.

The new document ties cryptobank status to HTP residency, which aims to concentrate activity inside a known tech zone. That requirement also means the HTP’s rules will play a role in daily oversight.

Officials say cryptobanks will follow many of the rules that apply to non-bank credit and financial organizations, including standards for capital, risk controls and anti-money-laundering checks.

That suggests applicants will need to show robust compliance systems before being accepted into the register.

He added that cryptobanks may be able to issue loans secured by cryptocurrency, provide payment cards linked to crypto accounts, and allow self-employed people to receive salaries in tokens.

The next steps will include drafting implementing rules, creating the special registry at the National Bank, and deciding capital and licensing thresholds for applicants.

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