Belarus has reportedly approved the establishment of its first cryptocurrency bank.

Belarus approves the country's first two crypto banks after signing Bill 19

Bitcoin Magazine reported, citing Russia's Interfax news agency on Monday that a European country such as Belarus has approved the opening of its first two crypto banks after the government established a regulatory framework for bitcoin and cryptocurrency banking earlier this year.

While no names of the approved banks have been reported yet, sources say they will start operations after being certified by the National Bank of Belarus.

Post by Bitcoin Magazine on September 28, 2026 states that the approval of the country's first two crypto banks will help promote a closer connection between traditional financial systems and the crypto industry.

Circles of law from the 19th Theorem.

In January, President Alexander Lukashenko of Belarus signed Bill No. 19 on crypto banking and some regulatory issues in the digital sector, which gave the establishment of bitcoin banks and crypto-banks legal status within the country.

Interfax news agency reported a statement from the high-tech park's communications department that the practical outcome of these discussions was to open and register the first crypto bank in the country's history.

Hi-tech parks are both the tax and legal framework in Belarus that allows for digital asset transactions within such zones, and a statement states that these banks will be under the supervision of the hi-tech park jointly with the National Bank of Belarus.

Flow of capital and foreign investment.

Dmitry Kalekits, deputy director-general of the Supervisory Board of the Hi-Tech Park, said such a move would help improve the flow of financial ecosystems and attract foreign investment into Belarus.

The policy line before the First Bank.

Prior to this approval, President Lukashenko had supported the National Bank of Belarus' initiative in setting up a crypto bank last September.

Belarus has been a proponent of crypto regulation since the early stages, with Bill 2017 making cryptocurrency mining and trading legal, exempting individuals from taxation and declaring income on cryptocurrencies temporarily.

The exemption was once extended to 2025 but later narrowed, with foreign platform income taxed at the rate of 13%.

President Lukashenko also promoted the use of bitcoin mining to cover excess electricity, and in 2002 the Mogilev region began preparing land for a mining farm under President Lukashenka's auspices.

Meaning to the reader.

The approval of the first two crypto banks is therefore not just a new institution opening, but an intersection between the 19th Legislative District High-Tech Park and the National Bank of Belarus' accreditation process.

For those who follow the regulation of digital asset supervision, this move reflects that crypto banks in Belarus will operate under the jurisdiction of a special authority allowing business with digital assets, while revenues from foreign platforms are subject to taxation system 13% as per policy changes.

The next thing to watch is whether they get a bank designation, are certified by national banks, and how well can these banks actually integrate traditional banking with the crypto industry.