The President of Belarus has signed a decree allowing the establishment of cryptocurrency banks

According to the Belarusian National News Agency, Belarusian President Alexander Lukashenko has signed Decree No. 19 "On Certain Issues of Regulation in the Field of Cryptocurrency Banks and Digital Tokens." The decree aims to consolidate the country's image as a leading nation in the field of financial information technology and create conditions for the operation of "cryptocurrency banks" in the country.

According to the decree, "cryptocurrency banks" are defined as joint-stock companies authorized to conduct business using digital tokens while simultaneously engaging in banking, payment, and other related financial operations. To enter the market, cryptocurrency banks must have the status of a resident enterprise in a high-tech park and be included in the cryptocurrency bank register maintained by the National Bank. In conducting their business, they must comply with the regulatory requirements applicable to non-bank credit financial institutions and execute the resolutions of the high-tech park supervisory board.