Belarus President Pushes for Stronger Crypto Rules

During a government meeting on September 5, 2025, Lukashenko gave officials one month to create transparent rules for the crypto industry.

The president’s concerns grew after government inspectors found major violations at cryptocurrency platforms. Half of all money that Belarusian investors send abroad through these platforms never comes back. Even worse, 1,600 people have lost money trying to profit from risky crypto investments, and three out of six token-issuing companies have collapsed entirely.

“It won’t do,” Lukashenko said firmly about the current situation. He made it clear that protecting citizens from fraud is his top priority while still supporting technological progress.

In a groundbreaking move, Belarus could become the first country to create an experimental crypto bank. The National Bank’s First Deputy Chairman Aleksandr Yegorov presented this proposal to Lukashenko during the same September meeting. The president approved the concept and ordered officials to prepare a detailed plan within 30 days.

Similar crypto banks exist only in Switzerland, Singapore, and one U.S. state. The Belarusian version would operate as a non-bank financial organization under strict government oversight. Unlike traditional banks, this crypto bank would not accept deposits from Belarusian citizens in local currency to protect them from potential losses.

Instead, the bank would focus on attracting foreign investors and handling cryptocurrency-only transactions. The government believes this approach will create a safe testing ground for crypto banking while protecting local citizens from excessive risk.

Belarus has built an impressive track record in the cryptocurrency world since 2017. The country became the first nation globally to legalize smart contracts and cryptocurrencies through its Digital Economy Development Decree.

The results speak for themselves. Belarus’ Hi-Tech Park now hosts 18 cryptocurrency companies serving over 300,000 clients worldwide. Foreign trade in digital currencies reached $1.2 billion in 2024 and hit $1.7 billion in just the first seven months of 2025. Officials expect this number to reach $3 billion by year’s end.

The Hi-Tech Park, often called the “Silicon Valley of Eastern Europe,” offers companies special tax benefits and legal protections until 2049. This regulatory framework has attracted major international companies including Google, Uber, and General Electric to establish operations in Belarus.

Lukashenko sees cryptocurrency mining as a perfect way to use Belarus’ excess electricity. In March 2025, he instructed the Energy Minister to develop mining operations, saying “We have excessive electricity. They are free to make this cryptocurrency.”

The president pointed to global trends, noting that major economies are building cryptocurrency reserves. He believes Belarus should follow this path rather than just selling electricity to foreign mining companies.

This strategy makes economic sense for Belarus, which has significant energy production capacity. The country can generate revenue from cryptocurrency mining while using its natural resources more efficiently.

Belarus is also developing its own Central Bank Digital Currency called the digital ruble. The government plans to launch this state-controlled cryptocurrency in late 2026 after completing pilot testing that began in 2023.

The digital ruble will initially handle government services, social payments, and retail transactions. Long-term plans include connecting it to international trade systems, especially within BRICS countries and the Eurasian Economic Union.

Unlike decentralized cryptocurrencies, the digital ruble will remain under complete government control. Officials see this as protection against risks from foreign digital currencies while maintaining economic independence.

Communications Minister Kirill Zalessky explained that cryptocurrency regulations continue evolving based on real-world experience. The government regularly releases new rules to address emerging issues and prevent illegal activities.

“The cryptocurrency sphere is complicated, new, and risky,” Zalessky said. “Every citizen needs to understand this is for people who know what they’re doing.”

The government has already blocked numerous scams since 2018 and implemented new rules to minimize losses for honest investors. Officials work closely with the National Bank, President’s Administration, and other agencies to maintain proper oversight.

Lukashenko emphasized that any new regulations must have no gaps that criminals could exploit. He wants potential investors to understand exactly how the system works before putting their money at risk.

Belarus continues balancing innovation with consumer protection in its cryptocurrency approach. The country’s early adoption of crypto-friendly laws created significant economic benefits, but recent problems showed the need for stronger oversight.

The planned crypto bank represents a careful next step that could influence how other countries handle digital banking. By limiting risks to citizens while attracting foreign investment, Belarus hopes to maintain its position as a global cryptocurrency leader while building a safer, more sustainable digital economy.