Belarus is moving towards stricter regulation of digital assets. The country’s National Bank (NBRB) announced the formation of a special working group to identify and prevent illegal cryptocurrency operations. This decision is part of a broad reform aimed at increasing transparency and developing a legal digital asset market.
Focus on shadow schemes and capital outflow
The new initiative resulted from a meeting between the NBRB and representatives of the largest banks, payment systems, and officially licensed crypto companies. The meeting was chaired by Deputy Chairman of the National Bank Alexander Egorov, who emphasized the need for “coordinated action between regulators and market participants to ensure the stability of the financial system.”
The main goal of the working group is to combat unauthorized transfers and attempts to move illegal funds abroad via crypto platforms. According to RBC, meeting participants concluded that existing oversight methods are not keeping up with the market dynamics and need to be updated.
Egorov noted that the NBRB still supports the development of the digital economy, but “the rapid growth of crypto activity requires a new level of responsibility and technical solutions to fight fraud.”
Belarus — one of the first regulators in Eastern Europe
Back in 2017, Belarus became one of the first countries in the region where cryptocurrency activity was legalized at the state level. President Alexander Lukashenko signed the decree “On the Development of the Digital Economy,” which came into force in 2018. It legalized mining, trading, and token issuance, and also established the status of the High-Tech Park (HTP) as a key platform for IT companies and blockchain projects.
Thanks to a special legal regime and tax benefits, the HTP quickly turned into a magnet for tech business. However, the rapid growth of the sector required additional regulatory measures. In September 2024, the authorities restricted access of HTP residents and private entrepreneurs to foreign crypto exchanges, explaining this as an attempt to prevent capital outflow and money laundering.
This measure effectively cemented the transition to a model in which all cryptocurrency operations in the country must go through licensed platforms within the jurisdiction.
Crypto as a survival tool under sanctions
The growing interest in digital currencies in Belarus is directly related to international restrictions imposed on the country. Sanctions have complicated foreign trade settlements, and businesses have started looking for workarounds. Cryptocurrencies have become one of the few tools allowing cross-border transactions without the involvement of traditional banks.
According to official data, in just the first seven months of 2025, the volume of crypto transfers between Belarus and foreign counterparties reached $1.7 billion, and by the end of the year, it is expected to exceed $3 billion.
In a recent statement, Lukashenko noted:
“Crypto settlements today are more active than ever before, and their significance in the economy continues to grow”.
Following these words, Eastern Europe’s largest online retailer Wildberries announced the launch of crypto payments in Belarus. The technical solution was provided by the HTP-registered exchange Whitebird, which became the first major operator of local crypto payments.
Preparing for a new wave of regulation
At the same time, the country’s authorities have begun revising legislation on digital assets. The president instructed to accelerate the update of the legal framework to make regulation flexible and adapted to modern conditions.
Prime Minister and head of the NBRB Roman Golovchenko reported that amendments have been prepared that will allow the country to “achieve a technological breakthrough in the field of cryptocurrencies and digital assets.” He emphasized that the main task is to develop the domestic market while maintaining control and transparency of operations.
“Belarus is not abandoning the crypto industry, but intends to develop it within civilized frameworks,” Golovchenko said, adding that the updated rules should protect market participants and reduce the risks of shadow turnover.
Balance between development and oversight
The regulator emphasizes that the goal of the initiative is not to restrict crypto activity, but to strike a balance between innovation and security. The country remains committed to the development of digital technologies, but the authorities intend to focus on the “transparent integration of blockchain into the financial system.”
The new working group will become a link between banks, crypto companies, and supervisory authorities. Its tasks include monitoring suspicious transactions, analyzing threats, and preparing proposals for future legislative amendments.
Belarus and Russia: different approaches to cryptocurrencies
Interestingly, against the backdrop of Russia’s cautious stance, Belarus is showing greater willingness to introduce digital tools into the economy. While Moscow sees cryptocurrency primarily as a means of circumventing sanctions, Minsk is betting on creating a full-fledged legal and technological infrastructure.
This approach allows Belarus to remain one of the few countries in the region where cryptocurrencies are not just tolerated, but regulated with a focus on long-term development.
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