Overview of the Cryptobank Regulation in Belarus

20.05.2026

Regulation on the Procedure for Cryptobanks to Carry Out Activities Using Digital Tokens

Presidential Decree No. 19 “On Cryptobanks and Certain Matters of Oversight in the Field of Digital Tokens” (hereinafter - “Decree No. 19”), adopted in January 2026, established the regulatory framework for cryptobank operations in Belarus. REVERA lawyers previously prepared a detailed analysis of Decree No. 19.

In furtherance of the Decree, the Regulation on the Procedure for Cryptobanks to Carry Out Activities Using Digital Tokens (hereinafter - the “Regulation”) has been developed, specifying the operational aspects of cryptobanks in Belarus. The Regulation is aimed at establishing the legal basis for the functioning of cryptobanks in the country.

I. WHAT TOKEN TRANSACTIONS MAY A CRYPTOBANK CARRY OUT?

The Regulation authorises a crypto-bankcryptobank to carry out 11 types of transactions (operations) with tokens, which may be broadly divided into 3 categories:

1. Banking instruments adapted to blockchain infrastructure;
2. Staking and token issuance;
3. Commercial Trading and non-commercial trading transactions (operations) with tokens

PART I. BANKING INSTRUMENTS ADAPTED TO BLOCKCHAIN INFRASTRUCTURE

1. Acceptance of Tokens into Crypto-Deposits

Cryptobanks will be authorised to accept tokens as crypto-deposits under corresponding agreements, and to place crypto-deposits with other cryptobanks. Information on crypto-deposits will be maintained in the client’s crypto-account.

The following types of crypto-deposits are provided for:

1. Fixed-term deposit: the Cryptobank pays the accrued income upon expiry of the term specified in the agreement;
2. Demand deposit: the Cryptobank pays the accrued income upon the client’s first request;
3. Conditional deposit: the Cryptobank pays the accrued income upon the occurrence (or non-occurrence) of a specific circumstance (event) stipulated in the agreement.

The client shall be entitled to increase or decrease the number of tokens in the crypto-deposit, provided such right is stipulated in the relevant agreement.

Interest (remuneration) on a crypto-deposit will be paid in fiat currency obtained through the conversion of the relevant tokens.

2. Crypto-Guarantee

Under a corresponding agreement concluded with a principal, a Cryptobank (acting as guarantor) gives, in its own name, an undertaking to transfer tokens to the principal’s creditor (or another instructing party) (beneficiary) in accordance with the terms of the crypto-guarantee.

A crypto-guarantee shall be issued in the form of an electronic document or as a record entry in the Cryptobank’s information system.

3. Escrow Account in Tokens

A Cryptobank will be able to use an escrow account mechanism for tokens, whereby the client’s tokens are blocked on the client’s crypto-profile and “frozen” until the conditions specified in the agreement are met (e.g., fulfilment of an obligation or occurrence of an event), following which they are transferred to the beneficiary.

Where document submission is required, the Cryptobank verifies the documents and may suspend the transfer of tokens if their authenticity is in doubt, unless the agreement provides otherwise.

Under an escrow account arrangement:

1. Only a predetermined number of tokens within the client’s balance is blocked;
2. No income accrues on the blocked tokens unless provided for in the relevant agreement;
3. Disposal of tokens by the depositor and the beneficiary is excluded for the duration of the blocking period.In our view, this model may be in demand for cross-border settlement transactions conducted through a Cryptobank.

4. Token Loan

A Cryptobank will be authorised to provide and obtain tokens under loan agreements. Where a token loan agreement does not contain a provision on the amount of remuneration, the loan shall be deemed interest-free (gratuitous).

5. Token Pledge (Collateral)

A pledge of tokens will be available as a means of securing the performance of obligations under a corresponding pledge agreement. Under such agreements, the Cryptobank may act as either pledgor or pledgee, subject to satisfaction of certain conditions.

The Cryptobank records the pledge by blocking the tokens in the client’s crypto-profile. From that moment, the client is no longer able to dispose of, sell, or transfer the pledged tokens until the underlying obligation is discharged.

Upon a breach of the pledge terms, the Cryptobank acquires the right to enforce against the pledged tokens. Proceeds from the sale of the pledged tokens are applied towards the settlement of the outstanding debt. The pledge model is structured such that the obligation is satisfied from the value of the tokens at the time of their realisation and, as a general rule, does not give rise to additional claims against the client.

In practice, the token pledge mechanism may be used where a client enters into high-value transactions or other operations involving significant sums. For example, a client holding a large volume of tokens may use them as collateral to obtain a token loan or other financing, enabling the client to utilise existing tokens without the need to liquidate them.

6. Custodial Storage of Tokens

Custodial storage of tokens constitutes a professional token custody service, under which the client transfers tokens to the Cryptobank for safekeeping under a custody agreement. In substance, such custody is the equivalent of depository (custodial) safekeeping as applied to securities, but adapted for tokens.

Prior to this Regulation, the regulatory framework contained no provisions governing professional token custody. Under this approach, the Cryptobank, as a professional custodian, shall be liable for the loss of tokens accepted for safekeeping regardless of fault.

Should a Cryptobank intend to provide custodial storage services, it is obliged to develop an internal policy which must include:

1. A description of the rules for providing the custodial storage service;
2. Methods of token storage;
3. Security measures;
4. Procedures for the transfer and return of tokens;
5. The format and frequency of client reporting.

PART II. STAKING AND TOKEN ISSUANCE

7. Organisation and/or Performance of Staking

The Regulation defines staking as actions directed at the operation of a blockchain network, for which the client is entitled to receive rewards.

It is our view that staking is permissible only in respect of those cryptocurrencies operating under the Proof of Stake (PoS) consensus model, as this mechanism specifically contemplates the generation of income through transaction validation and network maintenance. The procedures and timeframes for the withdrawal (unfreezing) of previously locked tokens are not regulated by the Regulation. It is our view that the “lock-up” periods will be determined solely by the technical characteristics of the relevant blockchain and may therefore vary significantly depending on the specific network.

A Cryptobank is entitled to carry out staking:

1. For its own account, using its own tokens as well as client tokens that the Cryptobank is entitled to use;
2. On behalf of clients, pursuant to a separate agency agreement, commission agreement, or other analogous agreement.

For the purposes of organising and/or carrying out staking, the Cryptobank is obliged to develop an internal policy which must provide for:

1. Criteria for the selection of blockchain networks and tokens for staking;
2. Procedures for monitoring changes to the rules of the relevant networks;
3. Oversight of compliance with security requirements and mechanisms for preventing the loss of client tokens.

8. Creation and Placement of Proprietary Tokens (ICO)

A Cryptobank is entitled to create and place tokens:

1. Independently;
2. Through an ICO organiser;
3. Through a non-resident carrying out activities abroad.

A Cryptobank may place its proprietary tokens by one or more of the following methods:

1. Direct sale of tokens to initial holders, including under sale and exchange (barter) agreements;
2. Sale of tokens through trading on an information system of a crypto-platform operator, acting as a participant in token trading;
3. Sale of tokens through trading on a foreign trading platform, acting as a participant in token trading.

PART III. COMMERCIAL AND NON-COMMERCIAL TOKEN TRANSACTIONS

9. Intermediary Token Transactions

A Cryptobank is entitled to provide intermediary services for carrying out transactions (operations) with tokens in the following capacities:

1. In the name and on behalf of clients under an agency agreement (договор поручения);
2. In its own name and on behalf of clients under a commission agreement (договор комиссии);
3. Depending on the specific nature of the relationship, under an agency agreement (with sub-delegation of performance), a commission agreement (sub-commission), or another agreement incorporating elements of the foregoing.

A Cryptobank may carry out such token transactions (operations):

1. Within its own proprietary trading system;
2. Outside a trading system (OTC — over-the-counter transactions);
3. Through the trading systems of crypto-platform operators and on foreign crypto-platform trading platforms. 

10. Token Transactions Without Organised Token Trading

A Cryptobank is entitled to operate under a crypto-exchange model, i.e., to acquire, dispose of, and exchange tokens without organising token trading, acting in its own name and for its own account.

Such token transactions (operations) may be carried out, inter alia, through automated hardware-software systems operating in self-service mode (crypto ATMs).

11. Transfers Between Crypto-Profiles of Different Clients and Other Off-Chain Operations

In addition to transfers of tokens from one Cryptobank client’s profile to another’s, this category of token transactions (operations) also includes:

1. Acceptance of inheritance in tokens;
2. Performance of token gift (donation) agreements;
3. Provision and receipt of gratuitous (sponsorship) assistance in tokens;
4. Use of tokens as a means of payment in accordance with applicable legislation.

II. WITH WHICH TOKENS MAY A CRYPTOBANK CARRY OUT TRANSACTIONS?

A Cryptobank is entitled to carry out transactions (operations) with tokens:

1. Listed in the schedule (annex) to the Regulation;
2. Created and placed by a resident of the Hi-Tech Park (HTP) or through an HTP resident.

A Cryptobank is NOT entitled to carry out transactions (operations) with tokens:

1. That have been created and/or placed (or are offered for placement) in violation of applicable law and/or resolutions of the HTP Supervisory Board;
2. That are being placed in the course of the Cryptobank providing intermediary services in connection with the placement of such tokens, or tokens in respect of which the Cryptobank itself intends to be the initial holder;
3. In respect of which the HTP Supervisory Board has adopted a decision prohibiting the Cryptobank from carrying out transactions (operations).

III. PROCEDURE FOR ESTABLISHING CLIENT RELATIONSHIPS

A Cryptobank will be entitled to establish relationships with clients, who may be any individuals or legal entities, whether residents or non-residents.

For the purposes of establishing a client relationship, the Cryptobank will conclude a crypto-account creation agreement, which shall constitute a public contract (agreement of adhesion).

IV. RECORD-KEEPING AND STORAGE OF TOKEN TRANSACTION DATA

The Cryptobank shall ensure the generation, accumulation, and storage of data concerning token transactions (operations), and shall perform automatic back-up of such data at the end of each business day.

For each token transaction, the Cryptobank is obliged to record the following information:

1. The transaction (operation) identifier in the Cryptobank’s information system, including one that enables the type of transaction (operation) to be determined;
2. The unique token identifier (UCID);
3. The date and time of execution (performance or termination) of the transaction (operation) to the nearest second, with the time zone indicated;
4. Details of the parties to the token transaction (operation), enabling unambiguous identification of participants, including their status;
5. The status of the token transaction (operation);
6. The transaction (operation) amount in tokens and its equivalent in Belarusian rubles (BYN) as at the date of conclusion and completion of the transaction.

V. ACCOUNTING AND SAFEKEEPING OF TOKENS BY THE CRYPTOBANK