This milestone is a direct consequence of Presidential Decree No. 19, signed by President Alexander Lukashenko on January 16, 2026. Following a six-month period dedicated to drafting complementary regulations, the decree’s core provisions entered into force around July.
Why Belarus Chose Merger, Not Coexistence
Under Decree No. 19, crypto banks must be incorporated as joint-stock companies, the same corporate structure required of traditional banks, and must maintain formal residency within the HTP. These institutions answer simultaneously to the HTP administration and to the National Bank of the Republic of Belarus, a dual oversight scheme that combines the tax incentives of the technology park with the anti-money laundering compliance controls typical of the conventional financial system.
Permitted activities include the integration of token-based transactions into standard banking services. In practical terms, a single entity could manage everything from fiat currency deposits and credit operations to digital asset custody and token-based transfers. This approach sets the Belarusian model apart from other jurisdictions that treat crypto and banking licenses as separate regulatory domains.
The identities of both institutions were not disclosed. Authorities described them only as operators with proven experience in the sector. Before commencing operations, they must complete a second step: registration in the National Bank’s specific registry. The launch of their services is expected in the second half of 2026, though the exact timeline depends on how quickly the National Bank processes the applications.
A Long-Term Policy
In 2017, Lukashenko had already signed a decree that legalized cryptocurrency activities and granted tax exemptions to crypto companies based in the HTP until 2023. That framework was extended and evolved into the more comprehensive regulatory architecture represented by Decree No. 19. Rather than tolerating the activity in a gray area or allowing it to migrate abroad, Belarus channels it toward state-sanctioned entities with clear regulatory obligations.