A decree “On Cryptobanks and Certain Issues of Oversight in the Sphere of Digital Tokens” was signed today, the press service of Alyaksandr Lukashenka reported.
It is noted that the decree is aimed at strengthening the country’s image as a flagship in the field of financial IT technologies and provides for the creation of conditions for the operation of cryptobanks in the country.
A cryptobank is defined as a joint-stock company that is granted the right to combine activities involving digital tokens with the performance of banking, payment, and other related financial operations.
A cryptobank must have the status of a resident of the High-Tech Park and be included in the National Bank’s register of cryptobanks.
A cryptobank is required to comply with legislation applicable to non-bank credit and financial institutions, as well as to follow the decisions of the High-Tech Park Supervisory Board.
“Dual regulation will allow a cryptobank to offer clients innovative financial products that combine the advantages of classical banking operations with the technological efficiency, speed, and convenience of operations involving digital tokens,” the statement said.
