The National Bank of Belarus has established specific rules for a crypto bank’s compliance with prudential requirements. The regulator’s Board Resolution No. 167 of July 10 was published today on the National Legal Internet Portal.
The document approves a list of operations that a crypto bank may conduct. These include:
- opening and maintaining bank accounts for non-resident individuals, including individual entrepreneurs, and legal entities, including respondent banks;
- foreign exchange transactions;
- settlement transactions;
- accepting funds into accounts from non-resident individuals, including individual entrepreneurs, and legal entities;
- providing settlement and/or banking cash services to individuals and/or legal entities, including respondent banks.
A crypto bank will also be able to conduct operations included in a list approved by the National Bank upon its registration.
The resolution stipulates that, from the date the National Bank decides to include it in the register of crypto banks, a crypto bank must comply with the prudential requirements established by the National Bank for non-bank credit and financial institutions, subject to a number of specific provisions set out in the published document.
It also stipulates that a crypto bank must maintain, on a daily basis, a ratio of at least 1 between the amount of funds in Belarusian rubles held in the crypto bank’s correspondent account with the National Bank and the balance of funds in Belarusian rubles in current (settlement) accounts of resident individuals.
