Two residents with crypto bank status have been registered in the High-Tech Park. The corresponding decision was made at a meeting of the High-Tech Park Supervisory Board, which took place in the government under the chairmanship of Prime Minister Alexander Turchin. This was reported by the government press service.

Preparation of the regulatory framework

At the next meeting of the Supervisory Board, the discussion focused on the further development of the Belarusian crypto sector.

“For more than six months, active rule-making work was carried out to implement the Decree of the Head of State on the activities of crypto banks, which came into force in July of this year. A number of Government resolutions, legal acts of the National Bank and the Supervisory Board of the High-Tech Park were adopted, and the necessary organizational measures were implemented to put into practice the ideas laid down in the Decree of the Head of State. And today, the result of all the work done is the prepared decisions to register in the Park the first two crypto banks in the country’s history,” said Alexander Turchin.

Registration of HTP residents

Anna Ryabova, Head of the Secretariat of the HTP Supervisory Board, noted the significance of today’s event.

“Today, two crypto residents with the status of crypto banks are appearing in our Park. First they appear as HTP residents, and then they undergo appropriate accreditation with the National Bank,” said Anna Ryabova.

Requirements for crypto banks

As explained by Dmitry Kalechits, First Deputy Head of the Secretariat of the HTP Supervisory Board, the HTP and the National Bank have agreed on key aspects of crypto bank operations — requirements for them, the list of operations, and the reporting procedure.

“This is a very positive evolutionary step that will bring traditional finance and the crypto sphere closer together,” emphasized Dmitry Kalechits. “A great deal of work has been done by organizations that have applied to become crypto banks. Professional teams and IT architecture have been formed, and technical and legal audits have been completed. The organizations that are now planning to become crypto banks are well-known players both in the Park and in the crypto market, and have quite good practical experience working in the crypto sphere,” said Dmitry Kalechits.

Dual regulation

He also drew attention to the system of dual regulation — on the part of the High-Tech Park and the National Bank. In his opinion, this will contribute to the development of the financial flow ecosystem, increasing the technological sophistication of business and trust in financial institutions, as well as attracting investment and boosting incomes in the country.

The next step will be the inclusion of organizations in the National Bank's register of crypto banks.

Development of the crypto sphere

As Dmitry Kalechits noted, the goal of developing the crypto sphere is to combine classical banking operations with cryptocurrency operations. The world is seeing the integration of various segments of the financial market. The decisions being made should serve to improve the efficiency of the financial market's functioning, diversify various kinds of financial instruments, enhance opportunities for protecting savings, and increase the variety of financial operations available to users of financial services.