Belarus reportedly approves its first crypto banks

Belarus has reportedly approved its first crypto banks. Interfax reported that the banks had been launched and registered, citing a statement from the High-Tech Park press service. The banks have not yet been named. They will begin operations after accreditation from the National Bank of Belarus. The High-Tech Park press service said the launch and registration followed a discussion. The statement said High-Tech Park and the National Bank of Belarus would regulate the banks. High-Tech Park is a tax and legal regime in Belarus. Digital asset transactions are permitted in the zone. In January, President Alexander Lukashenko signed Decree No. 19, creating a legal framework for bitcoin and crypto banks. Last September, Lukashenko backed the National Bank's initiative to establish crypto banks. Dmitry Kalechits, first deputy director of the High-Tech Park supervisory board secretariat, said the move would improve the flow of the financial ecosystem. Kalechits said it would drive foreign investment to Belarus. A 2017 decree legalized crypto mining and trading. It temporarily exempted individuals' crypto income from tax and declaration. The exemption was extended to 2025 and has since been narrowed. Income from foreign platforms is now taxed at 13%. Lukashenko has repeatedly promoted Bitcoin mining as a use for surplus electricity. In 2025, the Mogilev region began preparing sites for mining farms with his backing.