Belarus Approves Its First Two Crypto Banks — They Can Only Operate After Registering With the National Bank

On September 28, the supervisory board of Belarus’s High-Tech Park approved two companies seeking status as the country’s first crypto banks. However, they will only be able to operate fully in their new capacity after being added to a special registry maintained by the National Bank.

The names of the organizations have not been disclosed. High-Tech Park representatives said both are already known players in the local crypto market with hands-on experience working with digital assets.

According to ForkLog, both companies have already assembled the necessary teams and IT infrastructure and have passed technical and legal audits.

Crypto Banks Will Be Regulated by Two Bodies at Once

The legal framework for this new type of financial institution came about after Decree No. 19, “On Crypto Banks and Certain Issues of Control in the Sphere of Digital Signs (Tokens),” was adopted in January 2026. Its main provisions took effect on July 18.

The system provides for dual regulation by the High-Tech Park and the National Bank. Approval and registration with the High-Tech Park are not enough: the next step is for the National Bank to review the documents and add the company to the crypto bank registry.

Only after that will the organization be able to officially offer the services provided for by law.

Crypto banks are allowed to combine digital asset operations with a range of traditional financial services – including settlement and currency operations, account servicing and other areas permitted by the regulator.

Launching Requires Capital in the Millions of Dollars

Requirements for the new sector are quite high.

Before submitting documents for inclusion in the registry, founders must establish charter capital of at least 20 million Belarusian rubles – about $6.6 million. After registration, a crypto bank must place another 10 million rubles – about $3.3 million in a conditional irrevocable deposit with the National Bank within ten days.

The regulator has also set a minimum capital requirement of 30 million rubles – about $9.9 million. For crypto banks permitted to place raised funds on terms of repayment, maturity and interest, the threshold rises to 60 million rubles – roughly $19.8 million.

The National Bank has also set requirements for reserves, currency risks, reporting and digital asset operations.

Names of the First Companies Still Unknown

The crypto platform WHITEBIRD previously identified itself publicly as one of the potential participants in the new market. Back in January, the company announced its readiness to create a crypto bank and sent a corresponding request to the National Bank and the High-Tech Park.

However, there is no confirmation yet that WHITEBIRD is one of the two organizations approved this time.

The next stage is the registration procedure with the National Bank. Once it is complete, Belarus will have its first companies able to officially combine cryptocurrency operations and regulated financial services under a separate crypto bank status.