Belarus has registered the first two crypto banks in the country’s history, marking another step toward connecting the traditional banking system with the digital asset market. Both companies have been registered as residents of the Belarus Hi-Tech Park, and before beginning operations, they will also have to obtain accreditation from the National Bank of the Republic of Belarus.
This model was introduced after a presidential decree establishing the legal framework for crypto banks was signed in January 2026. Most of the decree’s provisions came into effect on July 18, 2026.
The First Two Crypto Banks Registered in Belarus
The registration decision was made on September 28 during a meeting of the Hi-Tech Park Supervisory Board chaired by Belarusian Prime Minister Alexander Turchin.
The names of the two companies have not been publicly disclosed. According to representatives of the Hi-Tech Park, they are already established participants in the crypto market with industry experience, qualified professional teams, and developed IT infrastructure. According to the same sources, the companies have undergone technical and legal reviews.
Registration with the Hi-Tech Park, however, is not the final step. The companies must now obtain accreditation from the National Bank of the Republic of Belarus and be included in the official register of crypto banks. Only after that will they be able to begin full operations.
What Exactly Is a Crypto Bank?
The Belarusian model introduces a special category of financial institutions that can combine digital asset activities with banking and payment services.
According to the January decree, crypto banks may carry out certain banking, payment, and other related financial activities alongside operations involving digital tokens.
This means that a crypto bank is not simply another term for a crypto exchange. The idea is to bring traditional financial services and services related to digital assets together within a regulated financial institution.
The planned activities include digital asset custody, exchange, transfers, and certain token-related services, while the exact scope of operations will depend on the regulatory framework and the activities permitted for each individual institution.
Who Will Supervise Crypto Banks?
One of the distinctive features of the Belarusian model is the combination of oversight by the Hi-Tech Park and the National Bank of the Republic of Belarus.
The Hi-Tech Park plays an important role in the registration and legal status of companies operating in this field, while the National Bank defines and enforces certain banking and prudential requirements.
In July 2026, the National Bank adopted specific rules governing prudential requirements for crypto banks, including requirements related to reserves, reporting, and liquidity.
In addition, the National Bank adopted rules governing the crypto bank register, which also came into effect on July 18, 2026.
Why Is This Important for the Digital Asset Market?
The registration of the first crypto banks shows that Belarus is attempting to integrate digital assets into a more formal financial framework rather than treating them as a completely separate sector.
It is particularly significant that the new model combines the existing Hi-Tech Park infrastructure with banking supervision by the National Bank.
Representatives of the Hi-Tech Park have stated that this approach could contribute to the development of the financial ecosystem, the technological development of companies, and greater trust in financial institutions.
At the same time, the actual effects of the model will only become clear once the first institutions receive accreditation and begin providing services.
Crypto Banks and Traditional Banking
The development of crypto banks is part of a broader trend toward connecting the traditional financial system with the digital asset market.
Instead of banks, payment institutions, crypto platforms, and digital asset custody providers operating entirely separately, some regulatory models are attempting to bring different activities under a unified set of rules and supervision.
Belarus has chosen a specific approach by introducing a separate legal category for crypto banks. According to the presidential decree of January 16, 2026, joint-stock companies that are residents of the Hi-Tech Park and are entered into the National Bank’s register of crypto banks are eligible for this status.
What Comes Next?
The next important step will be the accreditation of the two registered companies by the National Bank of the Republic of Belarus and their inclusion in the official crypto bank register.
Only then will they be able to begin full operations under the new regulatory model.
For now, it is therefore more accurate to refer to them as the first registered crypto banks, rather than banks that are already providing services to clients.
The further development of this model will be worth following across the regional and international digital asset market, particularly because of the question of how banking services, digital asset custody, tokenized transactions, and regulatory supervision will be combined in practice.