Belarus towards creating a cryptobank

Lukashenko calls a summit on “crypto”: a crypto-bank project to arrive in Belarus

September 5, Minsk.
Belarusian President Alexander Lukashenko convened a broad summit dedicated to the development of the “digital signs” sphere – tokens and cryptocurrencies – to review the national strategy and assess new initiatives.

From pioneering legislation to a new course

The President recalled that Belarus was among the first countries in the world to regulate this matter, with decree No. 8 of 2017 “On the Development of the Digital Economy”, which came into effect in 2018. This regulation laid unique foundations for the growth of the IT sector, strengthening the country's competitiveness.
Despite initial skepticism, Lukashenko emphasized that, eight years later, the topic is more relevant than ever: today, cryptocurrencies are used as an alternative payment method, as an investment form, and even as a store of value by some states.

Transparency and clear rules

The Head of State reiterated that the government's task is to define “transparent game rules” and effective control mechanisms. The goal is to promote development without leaving room for fraud or abuses, while ensuring concrete benefits for the state.
In 2024, the volume of foreign operations in the “crypto” sector in Belarus exceeded 1.2 billion dollars. In the first seven months of 2025, the figure has already reached 1.7 billion, and according to estimates, by year-end the total could reach 3 billion.

The proposal for a crypto-bank

One of the central topics was the idea of creating a Belarusian crypto-bank. The initiative, proposed by the first deputy chairman of the National Bank, Alexander Egorov, received full support from Lukashenko.
The project envisages the establishment of a pilot structure in the form of a non-bank financial organization (NFO), under full supervision of the National Bank. The objective: attract foreign investors, ensuring security, transparency, and legal stability, with the backing of a presidential decree.

According to Egorov, similar experiences exist only in Switzerland, Singapore, and one U.S. state, making Belarus a global pioneer. However, the President requested eliminating all “grey zones” before approving the final decree, particularly concerning risks related to citizens' savings.

Divided opinions

Not all participants at the summit embraced the idea without reservations. The Chairman of the State Control Committee, Vasily Gerasimov, stressed the need for clear rules regarding operations, oversight, and economic risks.
The current position of the National Bank is that citizens' deposits should not be collected by the crypto-bank to avoid possible losses due to volatility. Access might be restricted to foreign investors or residents who operate exclusively in cryptocurrencies.

A “new phase” for the sector

According to Vsevolod Janchevsky, director of the High Technology Park (PVT), it is time for a true “reorganization.” The PVT, which already hosts 18 crypto companies with over 300,000 clients worldwide, will be at the center of a new development cycle, with special attention to protecting citizens from frauds and scams.
Minister of Communications Kirill Zalesky finally reminded that the regulation of the sector in Belarus is dynamic and evolves with practice, adapting to block fraudulent schemes and reduce risks for investors.