Belarus could see its first crypto bank within six months. This is the time needed to bring legislation into line with the decree on a crypto bank signed today. This was announced by Aliaksandr Yahorau, First Deputy Chairman of the Board of the National Bank.
“We have set a six-month timeframe to bring legislation into compliance with this decree. At the same time, of course, we will be working with all potential investors, both domestic and foreign, so that almost immediately after all the legislation is prepared we can already see the first crypto banks operating in our country. Various countries are showing interest in this. In fact, all the ideas related to the emergence of crypto banks did not arise out of nothing. This is, so to speak, initially the interest of investors, and only then the development of this idea into a draft regulatory act that has been supported by the head of state,” he said.
According to the decree, a crypto bank will combine the functions of a traditional bank and a cryptocurrency exchange. Its activities will be supervised by the National Bank, while the crypto bank will also receive a license from the High Technology Park, which is responsible for oversight in the cryptocurrency sector.
Aliaksandr Yahorau also said that a crypto bank will be able to issue loans secured by cryptocurrency, create opportunities for the self-employed to receive salaries in cryptocurrencies, and allow individuals to obtain bank cards linked to cryptocurrency accounts.