A historical precedent for the entire CIS region has been set in the financial and technological sector of Belarus: two companies have been registered as residents with the status of 'cryptobank' in the Belarusian High Technologies Park (HTP) for the first time in the country's history. This important decision was made following a meeting of the Government Supervisory Board held on September 28 under the chairmanship of Prime Minister Alexander Turchin.

Background and Legal Framework

As the Head of Government emphasized, in order to implement the presidential decree on cryptobank activities that came into force in July, the legislative framework and National Bank regulations had been meticulously developed for over half a year. According to Anna Ryabova, Head of the HTP Supervisory Board Secretariat, these cryptobanks first obtain HTP resident status and then undergo appropriate accreditation with the National Bank.

Two-Stage Legalization and Control

The most important official facts of cryptobanking legalization imply a clear structure: initial acquisition of HTP resident status followed by strict National Bank accreditation. These measures are aimed at completely eliminating the risks of illicit trafficking and fraud.

Economic Significance and Prospects

Experts note that the emergence of cryptobanks in Belarus can serve as a powerful bridge for investments and capital inflows, providing international investors with the opportunity to link cryptocurrencies with official bank accounts amid external sanctions.