On January 16, Decree No. 19 “On cryptobanks and certain issues of control in the field of digital signs (tokens)” was adopted, which actually opens a new chapter for the cryptomarket in Belarus. Now cryptocurrency is officially recognized as a means of payment - albeit in strictly defined cases.

How is a crypto bank useful?

The key innovation is the legal use of cryptocurrency in payments through a cryptobank:

Individuals (artisans, agroecotourism, independent professional activities)
- can receive cryptocurrency from non-residents to a crypto account in a crypto bank
Legal entities
- can receive and send cryptocurrency to non-residents under agreements (in cases determined by the Government and the National Bank).
Cryptobanks
- receive remuneration for services, as well as fines and penalties in cryptocurrency.

What is a cryptobank?
This is a CJSC or OJSC, which at the same time:

cryptobroker,
issuer of own tokens,
payment service provider.

Functionality includes:

purchase, sale and exchange of tokens
release and placement of tokens
settlement and payment services
acquiring, payment initiation
consultations and other operations (the list will be determined by the HTP and the National Bank)

Basic requirements:

capital - 20 million BYN (before submitting an application);
the country of origin of the capital does not matter;
deposit with the National Bank - 10 million BYN (after inclusion in the register);
strict requirements for management and business reputation;
servers - only in Belarus;
the site is registered in BelGIE.

How to register a crypto bank?
The process is multi-stage:

registration of CJSC/OJSC
obtaining HTP resident status (up to 2 months)
inclusion in the registers of the National Bank (30 working days)
placing an irrevocable deposit

Important: The cryptobank must not only be a resident of the HTP, but also be included by the National Bank in the Register of Cryptobanks and the Register of Payment Service Providers.

Why is this important now?
Cryptobank is:

the ability to carry out banking operations without a license;
controlled circulation of cryptocurrencies and fiat in one place;
the only form of cryptocurrency payment available.

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