"Under the new law, a crypto bank is defined as a joint-stock company that is a resident of Belarus' High-Tech Park (HTP) and included in a registry maintained by the National Bank of Belarus. These institutions can offer both traditional banking services - such as deposits, loans, and transfers - and activities involving digital tokens, creating a hybrid financial model that blends fiat and crypto operations."
"Only firms registered with the HTP and listed in the National Bank's crypto bank registry will be eligible to operate. Crypto banks will not be full commercial banks but will function as non-bank financial institutions, subject to dual regulation. This means they must comply with rules for non-bank credit and financial institutions, including capital adequacy, risk management, anti-money laundering (AML) and counter-financing of terrorism (CFT) obligations, as well as consumer protection standards. They are also required to follow decisions made by the HTP Supervisory Board."
""Dual regulation will allow a crypto bank to offer clients innovative financial products that combine the advantages of traditional banking operations with the technological efficiency, speed, and convenience of digital token transactions," the presidential website noted."
Decree No. 19 creates a legal framework for bitcoin and crypto banks in Belarus. A crypto bank is a joint-stock company resident of Belarus' High-Tech Park (HTP) and included in a registry maintained by the National Bank of Belarus. Crypto banks can offer traditional banking services such as deposits, loans, and transfers alongside activities involving digital tokens, forming a hybrid model that blends fiat and crypto operations. Only HTP-registered firms listed in the National Bank registry may operate. Crypto banks will function as non-bank financial institutions under dual regulation, subject to capital, risk, AML/CFT, and consumer-protection rules, and to HTP Supervisory Board decisions. A 2017 decree previously established tax-free conditions for cryptocurrency mining and trading.
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