Belarus has established a formal regulatory framework for cryptocurrency banks with the signing of Decree No. 19, which will permit operations with an initial list of 26 digital currencies and 11 distinct transaction types.
"A document was adopted that determines which crypto currencies can be used by crypto banks, what transactions can be carried out, and the procedure for handling these transactions," Aleksandr Yegorov, First Deputy Chairman of the Board of the National Bank of the Republic of Belarus (NBRB), said at the Digital Banking 2026 conference.
The approved cryptocurrency list includes the market's most popular assets, such as Bitcoin (BTC), Ethereum (ETH), Toncoin (TON), and Solana (SOL), alongside various stablecoins. The 11 permitted operations include crypto deposits and loans, staking, crypto-backed collateral, and direct peer-to-peer transfers. Yegorov noted that the list of operations is not closed and the framework is considered a "living" document, subject to updates as the market evolves.
This crypto-friendly legislation arrives under the shadow of significant geopolitical pressure. The European Union's 20th sanctions package, adopted in April 2026, extended a sectoral ban on crypto services to Belarus, mirroring measures imposed on Russia. This action creates a challenging path for Belarusian crypto banks seeking to interact with European counterparties and the global financial system.
The EU's sanctions aim to prevent the circumvention of financial restrictions through digital assets. The measures specifically target any direct or indirect transactions with crypto providers and exchanges registered in Russia and Belarus. This policy was enacted after investigations showed that targeted sanctions on individual entities like the Garantex exchange were ineffective, leading to a broader sectoral ban.
For Belarus, this means its new crypto banking infrastructure could be largely isolated from the European market, one of the world's largest. Any cryptocurrency that interacts with the Belarusian financial system risks being flagged, potentially complicating its movement through international exchanges. The development runs parallel to the NBRB's separate work on a digital Belarusian ruble, which is being tested for cross-border payments with legal entities, indicating a broader push toward financial digitalization within the country.
This article is for informational purposes only and does not constitute investment advice.
