Belarus approves ‘cryptocurrency bank’ regulation

Subject to regulation by Belarus High-Tech Park and National Bank, crypto banks to meet growing need for crypto transactions amid Western sanctions

By Emre Gurkan Abay and Emir Yildirim

MOSCOW (AA) — Belarusian President Alexander Lukashenko signed a decree on Friday to approve the establishment and operation of cryptocurrency banks in the country.

The decision aims to strengthen the country’s reputation in the field of information technology.

Crypto banks in Belarus will have to combine traditional banking activities with crypto transactions, as per the decree.

Crypto banks will have to register with the Belarus High-Tech Park (HTP) and comply with the dual regulation of the country’s National Bank and the HTP.

Amid the Western sanctions against Russia, there has been a growing demand for cryptocurrency transactions in the region.

Kaynak:

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