Belarus High-Tech Park Registers First Two Crypto Banks

The Supervisory Board of the Belarus High-Tech Park, chaired by Prime Minister Aleksandr Turchin, has registered two companies as residents of the park, making them the first candidates for crypto banks in the country; they still need to obtain certification from the National Bank and enter the crypto bank registry before they can operate, and their names have not yet been disclosed.

The legal basis is Decree No. 19, signed by President Aleksandr Lukashenko on January 16, 2026, with core provisions expected to take effect around July. It defines crypto banks as joint-stock companies that can combine digital token operations with banking, payment, and other financial services. They must simultaneously hold resident status in the high-tech park and qualify for the central bank registry, while also complying with regulations for non-bank credit institutions and decisions made by the park's supervisory board. The park's secretariat stated that the applicants have formed teams, built IT infrastructure, and passed technical and legal audits, being known players with practical experience in the park and the market. Secretariat Director Anna Ryabova mentioned that the two companies are starting out: first as residents, then moving on to central bank certification. As of July, the park reported approximately 26 crypto residents, including about 10 exchanges and 13 brokers. The exchange WhiteBird had stated earlier this year its intention to establish the first crypto bank and registered the company White Finance for this purpose, but the official source has not confirmed whether these two seats include it. National Bank President Roman Golovchenko mentioned in April that large foreign financial institutions are interested. As of late September, there were still no active entries in the central bank registry, with expectations for opening in the second half of 2026, depending on the speed of approval.

Registration does not equate to a license. Dual regulation has been described by officials as a way to enhance technical complexity and institutional trust, and to attract investment. Products are described as fiat currency deposits, custody, and token transfers that can fall under the same entity. In the context of sanctions, Belarus is treating the high-tech park as a financial IT showcase, with crypto banks serving as an experiment to upgrade existing exchange residents to a quasi-bank license.

In market mechanisms, this is a supply of licenses, not already operating deposits and loans. Buyers are local and Eurasian Economic Union players who want to engage in both fiat and token transactions; sellers are the park and the central bank's dual-door approval. If funds come in, they will first form custody and settlement reserves, rather than immediately resulting in tradable Belarusian crypto bank shares. Beneficiaries are exchanges and brokers already in the park; those under pressure are purely foreign platforms that cannot simultaneously obtain resident status and central bank registry. Keeping names confidential reduces immediate valuation speculation and prevents compliance officers from conducting due diligence on counterparties.

Supplementary data: Lukashenko supported the establishment of crypto banks by the central bank and the expansion of crypto usage last September. The decree aims to strengthen the country's financial information technology image. The park was established in 2005. Foreign interest remains based on officials' statements, with no disclosed equity agreements seen.

Source: Public Information