Belarus has started allowing crypto banks to integrate tokens into banking, boosting crypto adoption in the country.
The president signed a decree regarding crypto banks, allowing them to integrate crypto assets into TradFo, according to an official release. The document aims to strengthen Belarus’s presence in the financial IT industry, offering conditions for the operations of crypto banks.
Combining tokens and banking
According to the decree, such a bank is a joint-stock company with the right to unify activities using tokens with banking, payments, and other financial services. To be authorised, a cryptobank must have the status of a resident of the High-Tech Park and be registered with the crypto banks of the National Bank.
The crypto banks are required to comply with the legislation requirements applicable to non-bank credit and financial institutions, having to implement the decisions of the Supervisory Board of the High-Tech Park. The regulation will allow these crypto banks to offer clients improved products that combine the benefits of TradFi with the advancements of the crypto industry.
Additionally, the country recently blocked residents’ access to Bybit, Bitget, and OKX, in accordance with the Mass Media Act. The country's president believes that, as more individuals turn to crypto, the demand will increase, especially as the US is interested in digital assets. Belarus’s close ally, Russia, is also opening up to crypto, as the Bank of Russia aims to allow investors to buy Bitcoin and other cryptocurrencies legally as part of its new regulatory regime.
The Belarusian president urged the country’s minister of energy to look into how Belarus could start mining crypto. This follows the increasing interest of other countries in digital assets, including the US, which is working on establishing a Bitcoin reserve. The president mentions that the country can leverage its excess electric energy for the job, encouraging crypto adoption.
