Crypto Overview in Belarus

Regulatory data is for informational purposes only and may not reflect the most current legal developments. Always consult qualified professionals before making decisions.

Legal Classification and Regulatory Framework

Cryptocurrency Status

Belarus established one of the earliest comprehensive legal frameworks for cryptocurrencies in Eastern Europe through Presidential Decree No. 8 “On the Development of the Digital Economy,” signed on 21 December 2017 and effective from March 2018. The decree provides clear legal recognition for digital tokens, cryptocurrencies, and blockchain-based assets within Belarusian civil law. Subsequent decrees extended and refined this foundation, most notably Presidential Decree No. 367 (17 September 2024), which tightened the requirement that all individual crypto transactions be conducted exclusively through HTP-resident domestic operators.

Under Belarusian law, cryptocurrencies are classified as digital signs (digital tokens) representing property rights and capable of participating in civil circulation. The framework distinguishes between utility tokens, security-type tokens, and pure cryptocurrencies such as Bitcoin. Smart contracts are recognized as legally binding. Cryptocurrencies are not legal tender and cannot settle tax obligations or mandatory state payments, but are fully legal for private transactions within the regulated HTP framework. The right to conduct crypto-related activities, including exchange operations, mining, token issuance, and custody, belongs exclusively to HTP-resident companies.

Regulatory Oversight

Regulatory authority is divided across several bodies. The National Bank of the Republic of Belarus (NBRB) sets requirements for virtual asset service providers, oversees AML and CFT compliance, and maintains the register of cryptobanks introduced by Decree No. 19 (January 2026). The High Technologies Park (HTP) Supervisory Board, backed by the President’s Administration, evaluates HTP residency applications and governs the operational standards of crypto businesses within the park. The Department of Financial Monitoring of the State Control Committee (KGK) serves as the primary AML enforcement body. The Ministry of Information enforces access restrictions on non-licensed foreign platforms.

In January 2026, Decree No. 19 introduced a “cryptobank” framework permitting joint-stock HTP-resident companies to combine token operations with traditional banking services. These entities face dual supervision from both the NBRB and the HTP Supervisory Board, and must comply with legislation applicable to non-bank credit and financial organizations, including capital adequacy, risk controls, and AML standards. The NBRB estimates the first licensed cryptobanks could become operational within months of the decree.

Crypto License in Belarus

HTP resident status is the single required authorization for any company conducting regulated cryptocurrency activities in Belarus. There is no separate crypto license category: the HTP Supervisory Board, backed by the President’s Administration, functions as the licensing authority, evaluating applicants on business reputation, origin of capital, technical readiness, and compliance program quality. Since Decree No. 367 (September 2024), all individual crypto transactions must flow through HTP-resident domestic operators, making this status essential for any commercially meaningful operation.

HTP Membership Requirements

Applicants must establish a Belarusian legal entity. Joint-stock company structure is required for most exchange and brokerage operations and is mandatory for entities seeking cryptobank status under Decree No. 19 (January 2026). The minimum charter capital for crypto broker registration is 500,000 Belarusian rubles (approximately USD 165,000), deposited into a Belarusian bank account before submission.

The application package must include a detailed business model, platform technical architecture, information security policies, compliance procedures, and an AML and KYC program aligned with FATF standards. Crypto operators are classified as high-risk entities (alongside lotteries and casinos), increasing review scrutiny. Transaction-monitoring software must come from certified providers. Client funds must be fully segregated, with regular reporting on balances and order execution. Staff handling token transactions must meet competency criteria set by the HTP Administration. HTP-resident exchanges must undergo periodic independent audits.

Authorized Activities

HTP-resident companies may operate cryptocurrency exchanges, provide wallet and custody services, issue tokens, conduct token placement events, mine digital assets, and develop blockchain software and smart contract systems. From January 2026, qualifying joint-stock HTP residents may apply for cryptobank status under Decree No. 19, enabling combined token and banking operations, including crypto-linked payment cards and salary payments in digital assets across 26 approved coins (including Bitcoin, Ether, and Tether).

Commercial crypto activity without HTP residency has no legal basis. Access to major foreign exchanges including Bybit, OKX, Bitget, and BingX was blocked by the Ministry of Information in December 2025, consolidating activity within the domestic HTP ecosystem.

Application Process and Sanctions Layer

The process starts with incorporation and submission of the full application package. The HTP Supervisory Board reviews holistically: a formal-only approach to the compliance section or inadequate technical infrastructure are common grounds for refusal.

Applicants must account for the international sanctions environment. Belarus has been subject to EU sanctions since 2020 (extended to February 2027), UK designations, US OFAC SDN designations, and measures from Canada and Switzerland. In 2025, OFAC made its first-ever designation of a Belarusian cryptocurrency exchange. EU packages in 2025 targeted crypto-asset wallets linked to sanctioned entities and introduced transaction restrictions on Belarusian financial messaging services. For HTP-resident operators, these measures constrain international banking access and require ongoing sanctions screening for any international operations or investor relationships.

Tax Treatment

Belarus’s tax framework for crypto has undergone meaningful changes since the original Decree No. 8 regime. The broad exemptions that made Belarus internationally notable, including zero PIT for individuals and zero corporate income tax for HTP residents on crypto profits, were granted for defined periods and have partially expired.

From 1 January 2025, the individual personal income tax exemption on cryptocurrency transactions expired for dealings with foreign platforms, per the terms set in Presidential Edict No. 80 (28 March 2023). Individuals conducting crypto transactions through domestic HTP-resident platforms (Bynex, Whitebird, Dzengi, Free2Ex) remain exempt from PIT on those transactions in 2025. Individuals transacting via foreign platforms or receiving cryptocurrency from foreign entities are subject to a 13% PIT rate and must declare such income annually. Cryptocurrency received by inheritance or as a gift from close relatives is not taxed.

HTP-resident companies now pay a 9% income tax rate on profits from cryptocurrency transactions, replacing the previous zero-tax regime. Non-HTP-resident companies face rates of 20% or 25% (the higher rate applies when crypto profits exceed 25 million Belarusian rubles). Income from placement of a company’s own tokens is not recognized as taxable income. VAT does not apply to token transactions for HTP residents. The broader HTP tax privileges, including the reduced 9% rate and various VAT exemptions, are legislatively secured until 2049. Mining operations and blockchain development services within the HTP benefit from the same preferential regime.

Sanctions and Banking Environment

Belarus has been subject to multilateral sanctions since 2020, initially in response to the post-election crackdown on protesters and civil society, and subsequently expanded to address Belarus’s role in facilitating Russia’s war in Ukraine. The EU has adopted 20 successive sanctions packages targeting Belarus, with the regime extended to February 2027. UK designations have included entities engaged in crypto-based sanctions evasion. US OFAC has designated the Lukashenko regime and, from 2025, specific Belarusian crypto entities including the first-ever designated Belarusian crypto exchange. Canada and Switzerland maintain parallel sanctions frameworks.

EU packages adopted in 2025 specifically targeted crypto-asset wallets linked to sanctioned entities, banned the Russia-backed A7A5 stablecoin and related trading platforms, and imposed full transaction restrictions on certain Belarusian financial messaging services. OFAC SDN designations affect access to the US financial system, which in practice limits correspondent banking for Belarusian entities regardless of HTP status.

Domestic banking for HTP-resident crypto companies has historically been more accessible than in many other jurisdictions, given the supportive regulatory framework. Several Belarusian banks offer corporate accounts and payment processing to compliant HTP-resident operators. However, international banking relationships remain challenging. Foreign banks apply their own risk assessments to Belarusian counterparties and frequently apply enhanced due diligence irrespective of local regulatory compliance. Companies targeting international markets should expect to demonstrate robust sanctions compliance programs and may need to structure banking across multiple jurisdictions.

Market Characteristics

Domestic Ecosystem

The Belarusian crypto market is centered on the HTP ecosystem, which by 2025 hosted more than 400 companies involved in cryptocurrency and blockchain projects. The HTP-resident exchange sector recorded approximately USD 1.7 billion in digital currency transactions in 2025. Currency.com, the first HTP-licensed exchange registered in 2019, remains the flagship operator. Other active HTP-resident platforms include Bynex, Whitebird, Dzengi, and Free2Ex. Individual adoption has grown steadily, driven by the domestic tax advantages and growing familiarity with digital assets, though the blocking of major foreign exchanges in December 2025 has constrained access to global liquidity for retail participants.

Belarus has historically attracted blockchain development talent, leveraging the country’s strong IT education base. The sector has been significantly reshaped since 2020, however, by the mass emigration of IT professionals to Poland, Lithuania, Georgia, and elsewhere following political crackdowns. This brain drain has reduced the domestic developer pool and shifted the center of gravity of many originally Belarus-based blockchain projects to other jurisdictions, while maintaining some development functions in-country.

Regulatory Trajectory

The Belarus regulatory framework has evolved from broad permissiveness under the original Decree No. 8 toward a more controlled and domestically consolidated model. Decree No. 367 (September 2024) restricted individual transactions to domestic HTP-licensed operators. The blocking of foreign exchanges in December 2025 enforced this in practice. Decree No. 19 (January 2026) introduced the cryptobank structure, deepening integration of crypto with the formal banking sector while keeping both under state supervision through the HTP and NBRB.

In September 2025, President Lukashenko publicly criticized regulators for failing to finalize comprehensive rules for digital tokens despite directives issued in 2023, signaling that further regulatory development is anticipated. The government is also developing a Central Bank Digital Currency, with the digital ruble projected for launch in late 2026, which would provide a state-controlled alternative to decentralized digital assets.

Companies evaluating Belarus as an operating jurisdiction should monitor both domestic regulatory developments and the evolving multilateral sanctions environment, as changes in either can materially affect the legal and commercial viability of HTP-based operations.