Belarus Sets Dynamic Crypto Bank Rules With 26 Approved Tokens and 11 Permitted Operations

Context Belarus has adopted a decree outlining specific regulations for its nascent crypto banking industry, marking a significant step towards integrating digital assets into its financial landscape. The "On Crypto Banks and Certain Issues of Control in the Field of Digital Tokens" decree provides clarity for financial companies operating with cryptocurrencies. This regulatory move addresses the need for defined accounting and business practices in this evolving sector.

Key Facts The National Bank of Belarus has approved an initial list of 26 cryptocurrencies for use by licensed crypto banks. This list includes prominent digital assets such as Bitcoin, the cryptocurrency with the largest market capitalization, Ethereum, the second largest, Solana, and Toncoin. These digital assets operate on decentralized networks and are secured using cryptography.

Furthermore, the National Bank has defined 11 specific operations that crypto banks may conduct. These operations encompass fundamental financial services like deposits and loans, alongside crypto-specific activities such as pledging digital assets, staking (where users commit cryptocurrencies to support a blockchain network and earn rewards), and transfers between individuals or legal entities. The framework also permits crypto banks to issue their own tokens, facilitate exchanges between different cryptocurrencies, and provide secure storage solutions for digital assets.

This list of permitted cryptocurrencies is not static. A deputy chairman of the regulator confirmed the list will be dynamically updated. Future revisions will incorporate investor feedback, allowing the regulatory framework to adapt to market developments and participant needs.

What It Means This comprehensive regulatory approach aims to provide a structured environment for cryptocurrency transactions in Belarus. By clarifying which digital assets are permissible and what operations can be performed, the framework offers a clearer path for financial institutions seeking to engage with the crypto market. The flexibility to update the approved token list ensures the regulations can remain relevant as the digital asset space evolves. This initiative also follows earlier plans to legalize cryptocurrency transactions for self-employed individuals, signaling a broader government focus on digital asset integration. The financial sector will now observe how these defined rules impact adoption rates and investment within Belarus's digital economy.