On January 16, President of Belarus Alexander Lukashenko signed Decree No. 19 "On Cryptobanks and Certain Issues of Control in the Sphere of Digital Signs (Tokens)". BELTA was informed about this by the press service of the Head of State.
The document is aimed at strengthening Belarus's image as a flagship in the field of financial IT technologies and provides for the creation of conditions for the activities of cryptobanks in the country.
According to the decree, a cryptobank is recognized as a joint-stock company granted the right to combine activities using digital signs (tokens) with the performance of banking, payment, and other related financial operations.
To be admitted to the market, a cryptobank must have the status of a resident of the High-Tech Park and be included in the register of cryptobanks of the National Bank.
In carrying out its activities, a cryptobank is obliged to comply with the requirements of the legislation provided for non-bank credit and financial organizations, as well as to fulfill the decisions of the Supervisory Board of the High-Tech Park.
Dual regulation will allow a cryptobank to offer clients innovative financial products that possess both the advantages of classic banking operations and the technological efficiency, speed, and convenience of operations with digital signs (tokens).