Key Takeaways
Belarus has approved its first crypto banks following the creation of a legal framework signed earlier this year, according to Bitcoin Magazine.
According to reporting by Bitcoin Magazine, the first crypto banks have been approved in Belarus. Following a legal framework signed earlier this year by Belarusian President Alexander Lukashenko via Decree No. 19, the newly approved crypto banks will begin operations after receiving accreditation from the National Bank of Belarus.
Interfax reported that the High-Tech Park press service announced the launch and registration of the country's first crypto banks. These institutions will be regulated by the National Bank and High-Tech Park. Dmitry Kalechits, first deputy director of the High-Tech Park supervisory board secretariat, stated that the development aims to improve financial ecosystem flows and drive foreign investment.
President Lukashenko previously supported the National Bank's initiative to establish crypto banks. Belarus has a history of pro-crypto regulations, beginning with a 2017 decree that legalized mining and trading. Lukashenko has also promoted Bitcoin mining to utilize surplus electricity, with the Mogilev region preparing sites for mining farms in 2025.
Source & Fact-Check Note
https://bitcoinmagazine.com/news/belarus-approves-first-crypto-banks
