The President of Belarus signed a decree on crypto banks in the country

ArmInfo. Belarusian President Alexander Lukashenko signed a decree regulating the regulation of digital tokens and cryptobanks in the country, according to the Telegram channel "Pool of the First," which is affiliated with the presidential press service.

"On January 16, the President of Belarus signed the Decree 'On Cryptobanks and Certain Regulatory Issues in the Sphere of Digital Tokens'," the statement reads.

It is noted that the document aims to strengthen Belarus's image as a leader in financial IT technologies and provides for the creation of conditions for cryptobanks to operate in the country.

According to the Decree, a cryptobank is a joint-stock company that is granted the right to combine activities involving the use of digital tokens with banking, payment, and other related financial transactions.

"To be admitted to the market, a cryptobank must have resident status in the High-Tech Park and be included in the National Bank's register of cryptobanks." In carrying out its activities, the cryptobank is obligated to comply with the legal requirements applicable to non-bank credit and financial institutions, as well as implement the decisions of the High-Tech Park Supervisory Board," the statement reads.

The decree notes that dual regulation will allow the cryptobank to offer clients innovative financial products that combine the advantages of traditional banking operations with the technological sophistication, speed, and convenience of transactions with digital tokens.