Belarus registers first crypto banks

MINSK. Sept 28 (Interfax) - The first crypto banks have been registered in Belarus, the press service of High-Tech Park reported.

"Prime Minister Alexander Turchin is chairing a meeting of the High-Tech Park supervisory board. Today's meeting could be described as a milestone for the digital economy and the financial system as a whole. The focus is on implementing the head of state's decree regarding the operations of crypto banks. The practical outcome of today's discussion is the launch and registration of the first crypto banks in the country's history," according to the statement.

As specified, the crypto banks will be permitted to begin operations after obtaining accreditation from the National Bank of Belarus and being included by the regulator in the registry of crypto banks.

"The organizations that have applied to become crypto banks have carried out extensive work. They have assembled professional teams and established IT architectures, as well as successfully undergone technical and legal audits. The organizations currently planning to become crypto banks are well-known players in both Hi-Tech Park and the broader crypto market, possessing significant practical experience in the crypto sphere," Dmitry Kalechits, first deputy director of the High-Tech Park supervisory board secretariat, said in the press service's statement.

Kalechits also commented on the dual regulation of crypto banks by Hi-Tech Park and the National Bank. "We believe that this will undoubtedly improve the flow of the financial ecosystem by enhancing the technological sophistication of the business and boosting trust in financial institutions, as well as driving investment inflows and revenue growth in our country," Kalechits said.

Last September, Belarusian President Alexander Lukashenko backed the National Bank's initiative to establish crypto banks in the country, and called for expanding the scope of cryptocurrency usage.

In April, Roman Golovchenko, chairman of the board of the National Bank of Belarus, said that a number of major foreign financial institutions were interested in establishing crypto banks in Belarus.

High-Tech Park is a special legal zone in Belarus where transactions involving digital assets are permitted.