Is crypto legal in Belarus? Rules & regulation (2026)

Legal framework

Presidential Decree No. 8 'On Development of Digital Economy' (2017, in force 28 Mar 2018) as the foundational regime, now supplemented by Decree No. 19 'On Crypto Banks and Some Issues of Regulation of Digital Tokens' (signed 16 Jan 2026); supervised by the High-Technology Park (HTP) and the National Bank of the Republic of Belarus.

Status by sub-area

• Stablecoins

  Partial

  There is no dedicated stablecoin issuance/reserve regime, but stablecoins are included among the 26 assets approved for crypto banks, and crypto banks are permitted to issue their own tokens. Dedicated reserve/redemption/attestation rules for stablecoins have not been published.

  Still pending: Dedicated stablecoin reserve/redemption/attestation rules not yet published

• Exchanges / VASP

  In force

  Cryptocurrency exchanges and token operators must be residents of the High-Technology Park, meeting capital and fit-and-proper requirements; only HTP residents may legally conduct token activity. Exchange of crypto for fiat requires National Bank involvement, and a separate crypto-bank licensing track now exists under Decree No. 19.

• Token Offerings

  In force

  Decree No. 8 legalized the creation and placement (issuance) of digital tokens, including for business fundraising, with such activity reserved to HTP residents. Tokens are treated as a distinct legal category rather than being forced into the general securities regime, and Decree No. 19 reaffirms regulation of digital tokens.

• Custody

  In force

  Crypto-platform operators must fully segregate clients' money and tokens from their own and report on each client's balances and order execution. Decree No. 19 expressly authorizes crypto banks to provide digital-asset custody and storage services.

• DeFi

  None

  Belarus has no specific regulatory framework addressing decentralized finance, DAOs, protocols or front-ends. The regime is built around licensed/HTP-resident intermediaries (exchanges, brokers, crypto banks) rather than permissionless DeFi, and no dedicated DeFi rules or public enforcement posture have been published.

• Tax

  Partial

  Personal income from mining, acquiring and exchanging tokens was tax-exempt through end-2024; from 1 Jan 2025 individuals must declare crypto income annually and pay 13% on transactions via foreign platforms, while transactions with HTP-resident companies remain tax-exempt. HTP-resident businesses enjoy broad tax exemptions (paying ~1% turnover) guaranteed to 2049.

  Still pending: Implementation and enforcement details for new personal crypto tax regime (effective 1 Jan 2025)

Key points: crypto & digital assets in Belarus

1. 01Crypto is legal and HTP-centric

   Decree No. 8 legalized token creation, placement, mining, exchange and disposal; commercial token activity is reserved to residents of the High-Technology Park, while individuals may hold, mine and exchange crypto.

   maint.loc.gov en.wikipedia.org

2. 02New crypto bank regime (Decree No. 19, Jan 2026)

   A crypto bank is a joint-stock company authorized to combine digital-token activity with banking, payment and related financial operations; it must be an HTP resident and entered in the National Bank's register of crypto banks.

   president.gov.by eng.belta.by

3. 03Dual supervision

   Crypto banks are overseen by both the National Bank of the Republic of Belarus and the HTP's governing/supervisory bodies, and must comply with rules applicable to non-bank credit and financial institutions.

   president.gov.by interfax.com

4. 04Approved asset list of 26 tokens

   In April 2026 authorities approved an initial list of 26 cryptocurrencies (including Bitcoin, Ethereum, Solana, Toncoin and stablecoins), selected by market cap/liquidity and described as a 'living document' that will expand over time.

   eng.belta.by en.belsat.eu

5. 05Tax treatment shifting from 2025

   The blanket personal income-tax exemption on crypto ended 1 Jan 2025: individuals must now declare crypto income annually and pay 13% on transactions via foreign platforms, while transactions with HTP-resident companies remain tax-free; HTP corporate tax benefits run to 2049.

   coinjournal.net maint.loc.gov

6. 06State-controlled, investor-courting posture

   President Lukashenko in Sept 2025 ordered 'clear and transparent rules' for the crypto market alongside state control; the National Bank expects to process the first crypto-bank applications by summer 2026.

   coindesk.com interfax.com

Timeline of decisions

1. 16 Jan 2026Law · official
   Decree No. 19 Legalises 'Cryptobanks'

   President Lukashenko signed Decree No. 19 'On crypto banks and some issues of regulation in digital tokens,' creating a formal class of joint-stock companies authorised to combine token services with conventional banking and payments. Cryptobanks must hold HTP resident status and be registered in the National Bank's dedicated register, completing a years-long effort to channel all crypto activity through licensed domestic institutions.

   BelTA (Official Belarusian State News Agency)

2. 5 Sept 2025Guidance
   Lukashenko Orders One-Month Deadline for Transparent Crypto Rules

   At a government meeting, Lukashenko instructed officials to finalise 'clear and transparent rules of the game' for the crypto sector within one month, criticising delays since 2023 directives and citing State Control Committee findings of violations at crypto platforms. The directive directly triggered the drafting of Decree No. 19 four months later.

   CoinDesk

3. 18 Apr 2025Decision
   National Bank Sets H2 2026 Target for Full Digital Ruble (CBDC) Launch

   National Bank Board Chair Roman Golovchenko announced the digital Belarusian ruble, built on Hyperledger Fabric, is targeted for full circulation in the second half of 2026, with businesses onboarding first and government agencies and individuals following in 2027. Cross-border interoperability with Russia's digital ruble is a core design goal.

   The Daily Hodl (citing National Bank Chairman Golovchenko)

4. 1 Jan 2025Law
   Individual Crypto Tax Exemption Expires; New Tiered Tax Rates Take Effect

   The personal income-tax and VAT exemption on cryptocurrency transactions, in place since Decree No. 8 (2018) and extended to end-2024 by Decree No. 80, expired. From 2025, HTP-resident companies pay a 9% profits tax on crypto; non-HTP entities pay 20-25%, marking the end of the near-zero tax era for individuals.

   EOR.by (Belarus Legal & HR Portal)

5. 12 Dec 2024Enforcement
   Regulators Block Major Foreign Crypto Exchanges Including Bybit, OKX and Bitget

   Belarusian authorities blocked access to major offshore cryptocurrency exchanges, citing advertising rule violations in the first instance and subsequently illicit fund flows, in a broad crackdown on the unlicensed grey market. The move signalled a firm policy of forcing all retail crypto activity through HTP-registered domestic platforms.

   CCN

6. 17 Sept 2024Law · official
   Decree No. 367: Crypto Token Trading Restricted to HTP-Licensed Domestic Platforms

   Presidential Decree No. 367 'On the Circulation of Digital Signs (Tokens),' in force from 20 September 2024, banned individuals and HTP-resident entrepreneurs from buying or selling tokens through foreign crypto exchanges; all such operations must route through HTP-registered domestic exchanges and exchangers. The measure was justified by capital-outflow data showing half of funds sent abroad by Belarusian crypto investors never returned.

   HTP Administration, Republic of Belarus (park.by)

7. 1 Feb 2024Decision
   National Bank Approves Digital Belarusian Ruble Concept and Begins Platform Development

   The National Bank formally approved the concept for a digital Belarusian ruble (CBDC) and initiated development of the DBR platform on Hyperledger Fabric, including plans to test cross-border payments via a demo cross-chain bridge. The initiative is closely coordinated with Russia's digital ruble to reduce reliance on Western payment infrastructure under sanctions pressure.

   Digital Pound Foundation

8. 31 Mar 2023Law
   Decree No. 80 Extends Crypto Tax Exemptions to January 2025

   A presidential decree extended the zero-rate personal income-tax and VAT exemptions on cryptocurrency transactions, originally due to expire in 2023, for a further two years to 1 January 2025, maintaining Belarus's crypto-friendly tax environment and keeping individual miners and traders effectively tax-free.

   CryptoRank

9. 28 Mar 2018Law · official
   Decree No. 8 Enters into Force: Full Crypto Legal Framework Operational

   The landmark Decree No. 8 took legal effect, activating Belarus's comprehensive crypto framework: statutory definitions for tokens, smart contracts, and crypto exchanges; the High-Tech Park (HTP) as the licencing and supervisory body for all crypto operators; and broad tax exemptions on mining, trading, and ICO proceeds guaranteed through 2049.

   Library of Congress Global Legal Monitor

10. 21 Dec 2017Law
    Decree No. 8 Signed: Belarus Creates Landmark Digital Economy and Crypto Framework

    President Lukashenko signed Decree No. 8 establishing the legal basis for blockchain-based tokens, authorising HTP-resident companies to operate crypto exchanges, conduct ICOs, and provide crypto custody and brokerage; individuals gained rights to mine and trade tokens. The decree also introduced common-law concepts (trust, option, convertible note) into Belarusian law to attract foreign IT investment.

    Wikipedia — Decree on Development of Digital Economy (cited sources: pravo.by, HTP)

Sources

1. 1.president.gov.by/en/events/podpisan-ukaz-o-kriptobankah-i-tokenah-1768562191
2. 2.eng.belta.by/president/view/lukashenko-signs-decree-on-crypto-banks-tokens-175850-
3. 3.eng.belta.by/economics/view/belarusian-crypto-banks-allowed-to-process-26-tokens-1
4. 4.maint.loc.gov/law/help/cryptoassets/belarus.php
5. 5.en.wikipedia.org/wiki/Decree_on_Development_of_Digital_Economy
6. 6.interfax.com/newsroom/top-stories/116386/
7. 7.coindesk.com/policy/2025/09/06/belarus-seeks-to-cement-role-as-crypto-digital-have
8. 8.en.belsat.eu/92891805/belarusian-crypto-banks-to-be-authorized-for-26-cryptocurren
9. 9.coinjournal.net/news/belarus-extends-tax-exemptions-for-crypto-firms-to-2025/