On January 16, Lukashenka signed the Decree "On Cryptobanks and Certain Issues of Control in the Sphere of Digital Signs (Tokens)".
The document is aimed at strengthening Belarus's image as a leader in financial IT technologies and provides for the creation of conditions for the operation of cryptobanks in the country, according to Lukashenka's press service.
According to the decree, a cryptobank is recognized as a joint-stock company that is granted the right to combine activities involving the use of digital signs (tokens) with 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.
When carrying out its activities, a cryptobank is obliged to comply with the requirements of the legislation stipulated for non-bank credit and financial organizations, as well as to comply with the decisions of the Supervisory Board of the High-Tech Park.
It is also noted that dual regulation will allow a cryptobank to offer clients innovative financial products, while simultaneously possessing the advantages of both classical banking operations and the technological efficiency, speed, and convenience of operations with digital signs (tokens).
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