Chairman signed decree on crypto banks

On January 16, the President of Belarus signed the Decree "On Crypto Banks and Certain Issues of Regulation in the Field of Digital Tokens," aimed at strengthening the country's image as a leader in financial IT technologies. According to the document, a crypto bank is recognized as a joint-stock company granted the right to combine banking, payment, and related operations using digital tokens. To enter the market, a crypto bank must have the status of a resident of the High-Tech Park and be included in the National Bank's registry of crypto banks. In carrying out its activities, a crypto bank must comply with legislation applicable to non-banking credit and financial organizations, as well as implement decisions of the High-Tech Park Supervisory Board. Dual regulation enables crypto banks to offer clients innovative financial products by combining the benefits of traditional banking operations with the technological efficiency, speed, and convenience of working with digital tokens.

Context

In recent years, many countries have introduced regulatory acts governing the activities of crypto banks and digital currencies to ensure financial security and promote the development of the digital economy.