Belarus Approves The Country’s First Crypto Banks: Report

The first crypto banks have opened in Belarus, according to reports, after the European country earlier this year created a legal framework for Bitcoin banks. 

While not yet named, the crypto banks will start operations after obtaining accreditation from the National Bank of Belarus, Russian news agency Interfax reported Monday. 

Back in January, Belarusian President Alexander Lukashenko signed Decree No. 19 “On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens,” officially creating a legal framework for bitcoin and crypto banks in the country. 

“The practical outcome of today’s discussion is the launch and registration of the first crypto banks in the country’s history,” Interfax reported the press service of High-Tech Park saying in a statement.

High-Tech Park is a tax and legal regime in Belarus. Digital asset transactions are permitted in the zone. 

The statement added that banks would be regulated by Hi-Tech Park and the National Bank. 

Dmitry Kalechits, first deputy director of the High-Tech Park supervisory board secretariat, was quoted saying that the move would “improve the flow of the financial ecosystem” and drive foreign investment to Belarus. 

President Lukashenko last September backed the National Bank’s initiative to establish crypto banks in the country.