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Belarusian cryptobanks will be allowed to work with 25 cryptocurrencies. This was announced by First Deputy Chairman of the National Bank of Belarus Aliaksandr Yahorau. A meeting on implementing the decree on cryptobanks was held at the National Bank today.
“There are no plans for ruble-denominated stablecoins in Belarus. For now, we are still relying on the introduction of the digital Belarusian ruble as the first step. According to the draft, both stablecoins and classic cryptocurrencies such as bitcoin and ether are envisaged. Around 25 types of cryptocurrencies will be allowed to circulate. It is possible that the list will either be expanded or reduced. But this will also depend on the development of the cryptocurrency market, because new currencies appear every day and often gain capitalization very quickly. If we see a large number of investors who have invested and this cryptocurrency is backed by real assets, then in principle it can easily be additionally included”, Yahorau said.
Yahorau also said that no applications from investors in cryptobanks had yet been received.
“There are no applications yet, because for them to be submitted it is necessary to create legislation that describes the process for handling these applications. Moreover, all legislation on cryptobanks will only come into force in the middle of the summer. For now, Belarusian investors or companies linked to Belarusian investors are showing the greatest interest. It is possible that some of them are backed by foreign investors, for example from EAEU countries. A number of companies that are currently crypto exchanges or are interested in entering the cryptobank market are participating in meetings of the working group established at the National Bank. We are in active dialogue with them both on legislative changes and on drafting legislation for the operation of cryptobanks. We see strong interest in this issue. Going forward, we will look at the business plans that companies develop and, on that basis, make decisions on the final list of operations that will be allowed for cryptobanks, as well as on prudential standards that would ensure uninterrupted operation without creating risks either for other banks or for the traditional banking sector”, he said.
According to Yahorau, in mid-April the Supervisory Board of the Hi-Tech Park is expected to review a document that will approve the rules for working with crypto assets, the types of operations and the types of cryptocurrencies. Another document will concern accounting.
“We still view cryptobanks as banks that will be able to conduct transactions with cryptocurrencies. Accordingly, accounting will be similar to banking accounting, but with its own nuances, primarily related to the revaluation of cryptocurrencies. This is because the volatility of the cryptocurrency market is higher than the volatility of traditional foreign exchange markets or other asset markets, and these nuances will need to be taken into account”, he explained.
“Here we will also rely on what we already have for banks and approach it according to the same principle. A cryptobank is a bank that will be able to work with cryptocurrency. Accordingly, the approaches will be similar to ordinary banking activity”, Yahorau said about prudential requirements for cryptobanks.
Today’s meeting also addressed the division of responsibilities between National Bank departments for supervising cryptobanks and measures to counter fraud.
“These include fraud issues, including the fact that crypto platforms are used as a tool for transferring money obtained fraudulently or stolen from citizens. The task is to build a system in cryptobanks that would minimize the possibility of transferring such funds”, Yahorau said.