Fintech & payments regulation in Belarus (2026)

President Lukashenko signed Decree No. 19 'On Cryptobanks and Certain Issues of Control in the Field of Digital Tokens,' creating a purpose-built licensing category for crypto banks, joint-stock non-bank financial institutions authorised to combine token operations with banking, lending, custody, and payments under dual oversight by the National Bank and the HTP Supervisory Board. Belarus became one of the first states globally to issue a dedicated crypto-bank licence.

Prime Minister Golovchenko and National Bank Chairman Kallaur publicly confirmed the digital ruble will enter full circulation in the second half of 2026, with businesses onboarded first and government agencies and citizens following in 2027; three immediate tasks were named, finalising the platform (Hyperledger Fabric), building domestic software, and codifying the legal framework for CBDC as non-cash transactions.

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.

The National Bank of Belarus launched a structured pilot of its digital ruble involving 12 commercial banks and approximately 600 employees, testing wallet creation, top-ups, peer-to-peer transfers, and automated payments on a permissioned Hyperledger Fabric ledger. The pilot marked the transition from research to live technical testing of Belarus's central bank digital currency.

Belarus enacted its first omnibus payments law, consolidating fragmented rules into a unified framework covering licensing of payment service providers and system operators, e-money issuance (reserved to licensed banks and non-bank credit institutions), AML/CFT obligations for all payment market participants, and a new 'payment application' category enabling bank-agnostic payment initiation. The law entered into force in August 2022.

Decree No. 8 'On the Development of Digital Economy,' signed 21 December 2017, took full legal effect, legalising mining, token ownership, ICOs, crypto exchange operations, and smart contracts for HTP residents, and granting individuals the right to own, exchange, and bequeath tokens free of income tax until 2023. It was among the earliest comprehensive state-level crypto licensing frameworks globally.

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.

Presidential Edict No. 6 ('On Urgent Measures to Combat Illegal Drug Trafficking') mandated full identity verification for every individual opening an electronic wallet, regardless of balance, eliminating anonymous e-money accounts and tightening AML controls across all electronic money issuers.

The National Bank of Belarus stood up ERIP, a unified real-time payment infrastructure connecting banks, utilities, merchants, and government services into a single settlement network. ERIP became the foundational backbone for retail digital payments in Belarus, enabling bank-agnostic bill payment and later contactless and mobile-initiated transactions.

The BELKART national domestic card scheme, developed from 1994 under a National Bank initiative to give Belarus a sovereign card infrastructure, processed its first microprocessor card payment. BELKART became the state-backed alternative to international card networks and today accounts for the majority of non-cash card turnover in Belarus, underpinning the domestic payments stack that all licensed payment providers must interoperate with.