Belarus moves to establish legal framework for crypto banks: Report

[Oshosondy]

You can read the news from https://finance.yahoo.com/news/belarus-moves-establish-legal-framework-102206979.html?guccounter=1

Belarus has taken a formal step toward integrating digital assets into its financial system with President Alexander Lukashenko signing a decree that introduces a framework for crypto banks, according to the Belarusian state news agency BELTA. Lukashenko signed Decree No. 19, titled “On Crypto Banks and Certain Issues of Control in the Sphere of Digital Tokens,” on January 16.

According to the report the decree formally defines a crypto bank as a joint-stock company authorised to combine digital token operations with traditional banking, payment and related financial services.

Under the new framework crypto banks will be able to offer products that integrate blockchain-based instruments alongside conventional financial operations.

Under the new rules crypto banks may facilitate digital asset operations while providing access to banking and payment services positioning them as intermediaries between traditional finance and the digital asset economy.

I just quote the most important parts. I do not exactly yet fully know what the crypto banks would be, but from what is explained on the news, cryptocurrencies like bitcoin will be offered with some traditional bank products through the crypto banks.

If this is it, this is very good, more countries will later adopt bitcoin. As more countries, institutions and other people adopt bitcoin, one day the price of bitcoin will get to $1 million.

[Aanuoluwatofunmi]

These countries we see today are not really interested in bitcoin so far, instead, they are doing all these because of the regulation opportunities that can make them generate revenue from the crypto sectors and those that will be mostly affected are the exchanges and their users, miners have once been well dealt with, maybe we should be expecting breaking news like bitcoin adoption as a legal tender or government treasury investing in bitcoin and so on, then we will know that everything is only pointing to their support for bitcoin and how it could advance for better use by the people.

[fikrett]

The desire for control, regulation, and taxes outweigh the coins for more countries, it seems

[Odusko]

Alot is changing and most countries around the world have recent revenue laws review in 2025 which most of them included Bitcoin and cryptocurrency as digital assets and taxable and banks are interesting in taking direct buy sell order for digital assets such as Bitcoin. What is most targeted right now is taxation and I don't know if the government will be interested in other regulatory concerns, such as control which is what most cryptocurrency users are against.

[Zlantann]

I just quote the most important parts. I do not exactly yet fully know what the crypto banks would be, but from what is explained on the news, cryptocurrencies like bitcoin will be offered with some traditional bank products through the crypto banks.

If this is it, this is very good, more countries will later adopt bitcoin. As more countries, institutions and other people adopt bitcoin, one day the price of bitcoin will get to $1 million.

These crypto banks will integrate blockchain technology with traditional banking systems. Customers now have several options to carry out a fiat or crypto transaction within a conventional bank. Belarus is a close ally of Russia and has been under severe sanctions from the US and some European countries. President Aleksandr Lukashenko believes that cryptos are essential in the country's quest for dedollarization and invasion of sanctions. Bitcoin is performing its function as a global currency that can be adopted by any country since it is decentralized. Bitcoin has no respect for political or economic alliances among nations.

The law will increase adoption and also give rise to more regulation.

[uchegod-21]

During my early days when I started reading about Bitcoin, Bitcoiners used to boast of how Bitcoin anables you be your own bank. Now, the government is trying hard to change that narrative and alot of people seem to be cool with it. Can the government make Bitcoin legal, or ever allow people use bitcoin without heavy regulations? Reading the news, I can see how the emphasis is on strict regulations and compliance.

[macson]

With the growth of the bitcoin and altcoin markets, the Belarusian government will certainly not waste this opportunity to reap more profits.

I don't fully understand the framework designed by the Belarusian government. However, in general, this framework allows banks to integrate their services with crypto, which means that banks can take advantage of cryptocurrency. Although this is positive news for the crypto market, the biggest beneficiaries here are the banks and, of course, the Belarusian government.

[FortuneFollower]

With the growth of the bitcoin and altcoin markets, the Belarusian government will certainly not waste this opportunity to reap more profits.

I don't fully understand the framework designed by the Belarusian government. However, in general, this framework allows banks to integrate their services with crypto, which means that banks can take advantage of cryptocurrency. Although this is positive news for the crypto market, the biggest beneficiaries here are the banks and, of course, the Belarusian government.

Totally right.

And you either agree to be on their comfortable leash, having your coins not in your custody, or you walk this path yourself, the choice is always ours.