The minimum charter capital for crypto banks in Belarus will be set at no less than 20 million Belarusian rubles (about $7 million). This follows from Decree No. 19 of January 16, published today on the National Legal Internet Portal. The main provisions will come into force six months after publication.
The decree approves regulations governing the activities of crypto banks. Under these rules, founders of a crypto bank must form a charter capital of at least 20 million rubles before submitting an application for inclusion in a register to be maintained by the National Bank. Reinvestment of profits from other legal entities is permitted. In addition, after being included in the register, a crypto bank must place a deposit of 10 million rubles with the National Bank.
According to the regulations, individuals engaged in crafts, agro-ecotourism, as well as self-employed persons will be allowed to receive digital tokens to their crypto accounts in crypto banks as payment from non-residents.
Legal entities will be able to use tokens for settlements under foreign economic contracts in cases to be determined by the Council of Ministers and the National Bank.
The National Bank will also set a maximum number of crypto banks in the country in order to ensure financial stability, as well as limit the volume of operations carried out by each crypto bank.
Crypto banks will not be allowed to use the words “bank” or “non-bank credit and financial organization” in their names. At the same time, crypto banks will be considered financial organizations under the law “On Payment Systems and Payment Services.”
Without obtaining a banking license, crypto banks will be entitled to open and maintain correspondent and other accounts directly related to their activities, as well as carry out one or more of the following financial operations:
- opening and maintaining bank accounts of non-resident individuals, including individual entrepreneurs, and legal entities;
- currency exchange operations;
- settlement operations;
- other banking, payment, and related financial operations, including those that normally require a special permit (banking license).
The specific list of operations for each crypto bank will be determined by the National Bank upon its inclusion in the register. The list of digital tokens with which a crypto bank will be allowed to operate will be determined by a decision of the Supervisory Board of the Hi-Tech Park in coordination with the National Bank.
Funds placed in accounts or deposits of non-resident individuals, including individual entrepreneurs, in crypto banks will not be subject to guaranteed reimbursement of bank deposits. Crypto banks will not make mandatory contributions to the reserve of the State Institution “Agency for Guaranteed Reimbursement of Bank Deposits of Individuals.”
Crypto banks will be required to publish on their websites information about the risks of investing in cryptocurrency, as well as a notice that funds of individuals placed with crypto banks are not covered by deposit guarantees. Crypto banks will also be required to include risk warnings in their advertising.
The regulations specify that information about accounts, crypto accounts, and deposits in digital tokens held with crypto banks is not subject to disclosure, including:
- the existence of an account, crypto account, or deposit in digital tokens;
- the owners, numbers, and other details of accounts, crypto accounts, and deposits in digital tokens;
- the amount of funds in accounts and the volume of digital tokens held in crypto accounts and deposits;
- specific transactions and operations.
Such information may be provided by a crypto bank in cases and in accordance with procedures established for banks and non-bank credit and financial organizations when disclosing information constituting bank secrecy. At the same time, the Supervisory Board of the Hi-Tech Park will be entitled to obtain information on the existence of crypto accounts and deposits in digital tokens, their owners, numbers, and other details, the volume of digital tokens held in crypto accounts and deposits, as well as financial operations with digital tokens carried out without the use of funds, subject to compliance with legislation on information, informatization, and information protection.
The gross profit of crypto banks will be subject to profit tax at a rate of 9%, without applying the tax exemption provided for residents of the Hi-Tech Park.
