Belarus Crypto Banks vs Traditional Crypto Exchanges and What 26 Currencies With Deposits and Loans Actually Means

On April 23, 2026, Belarus became the first country to formally define what a "crypto bank" is and what it can do. First Deputy Chairman of the National Bank Alexander Egorov announced at the Digital Banking 2026 conference that crypto banks will operate with 26 approved cryptocurrencies and offer 11 categories of financial services, ranging from deposits and loans to staking and token issuance.

The distinction from a traditional crypto exchange is not subtle. Exchanges let you trade, and that is essentially where their services end. Crypto banks let you deposit crypto and earn interest, borrow against your holdings, use crypto as loan collateral, stake through a regulated institution, and transfer assets between individuals and legal entities with full banking oversight. Decree No. 19, signed by President Lukashenko on January 16, 2026, created the legal framework, and the April conference filled in the operational details.

Here is what those 11 services actually cover, how this model compares to the exchanges most traders already use, and why it matters beyond Belarus.

The 26 Approved Cryptocurrencies

The National Bank selected 26 digital assets for crypto bank operations. The confirmed list includes BTC, ETH, TON, SOL plus multiple stablecoins and a range of established altcoins. Egorov noted that the list was chosen based on market capitalization, liquidity, and the needs of both retail and institutional clients.

What stands out is the inclusion of TON. Most Western regulatory frameworks have focused on BTC, ETH, and a handful of assets that already had commodity classification or ETF pipelines. Belarus including Toncoin alongside Bitcoin and Ethereum signals a different calculus. TON has a large user base through Telegram integration across Eastern Europe and Central Asia, and Belarus is positioning its crypto banks to serve that existing demand rather than waiting for Western regulators to set the pace.

The list is also explicitly designed to grow. Egorov described the approved currency roster as a "living document" that would expand as investor interest develops and new assets meet the National Bank's criteria. This is a different approach from the SEC and CFTC model, where each asset requires its own classification process.

What 11 Services Actually Means

Traditional crypto exchanges offer a narrow set of functions. You can buy, sell, and sometimes stake. A Belarus crypto bank can do all of that and add banking services that never existed in the crypto space under a single regulated license.

The 11 approved service categories break down as follows.

Crypto deposits. Customers can deposit cryptocurrency into interest-bearing accounts, similar to how a traditional bank handles fiat savings deposits. The crypto bank holds the assets and pays yield.

Crypto-collateralized loans. Borrowers can pledge their crypto holdings as collateral to receive loans, either in fiat or in other digital assets. This is the DeFi lending model brought into a regulated banking structure with National Bank oversight.

Staking operations. The bank can stake proof-of-stake assets on behalf of customers and distribute rewards. Unlike exchange-based staking, this operates under banking supervision with capital adequacy requirements.

Transfers between parties. Crypto banks can process transfers of digital assets between individuals and legal entities, functioning as a regulated payment rail for crypto transactions.

Token issuance. Crypto banks have the right to issue their own tokens, opening the door to bank-issued digital instruments, loyalty programs, or tokenized financial products.

Exchange services. Standard crypto-to-crypto and crypto-to-fiat conversion, operating within the same institution rather than requiring users to move between platforms.

Custody and storage. Regulated custodial services for digital assets with the same legal protections that apply to traditional bank deposits, including oversight from the National Bank.

The remaining categories cover related operational functions, but the core takeaway is clear. A Belarusian crypto bank combines the trading functions of an exchange with the deposit, lending, and custody functions of a traditional bank, all under one license and one regulatory framework.

Crypto Bank vs Traditional Exchange

The gap between what a crypto bank can do and what a traditional exchange offers is wider than most traders realize.

The comparison reveals something important. Exchanges are essentially marketplaces where you show up, trade, and leave. A crypto bank is a financial institution that holds your assets, pays you for depositing them, lends against them, and operates under the same supervisory framework as a traditional bank.

For traders who already use Phemex Earn or similar yield products, the crypto bank model formalizes what exchange earn programs already do informally. The difference is regulatory backing, deposit protections, and the addition of lending services that exchanges cannot legally offer in most jurisdictions.

The Regulatory Architecture Behind Crypto Banks

Belarus did not build this from scratch. The country has been a crypto regulatory pioneer since Decree No. 8 in 2017, which legalized crypto activities and established the High-Tech Park as a regulatory sandbox for digital asset businesses. Decree No. 19 builds on that foundation by creating a new institutional category rather than simply expanding exchange permissions.

The requirements for operating a crypto bank are deliberately high. A crypto bank must be structured as a joint-stock company, registered as a resident of Belarus's High-Tech Park, and listed on a special National Bank registry. Founders need a minimum charter capital of 20 million Belarusian rubles (approximately $7 million) plus an additional 10 million ruble irrevocable deposit with the National Bank after registration. The 9% corporate income tax on gross profit applies without the standard High-Tech Park tax exemptions.

This dual-oversight model means crypto banks answer to both technology-sector regulators (through the High-Tech Park supervisory board) and traditional financial regulators (through the National Bank). The structure is designed to prevent the kind of regulatory arbitrage that has plagued crypto businesses operating in jurisdictions with unclear oversight.

And the foreign exchange ban matters for context. A September 2024 regulation restricted crypto trading for real money to domestic exchanges registered in the High-Tech Park. Belarus blocked the websites of major international exchanges including Bybit, BingX, and OKX in December 2024. The crypto bank framework is part of a broader strategy to bring all crypto activity under domestic, licensed institutions rather than letting it leak to offshore platforms.

Why This Model Matters Beyond Belarus

The honest answer is that Belarus alone is not a large enough market to reshape global crypto regulation. The country has roughly 9.4 million people and a GDP smaller than most US states. But the crypto bank model creates a template that other jurisdictions are watching.

No other country has created a formal "crypto bank" category. Switzerland has crypto-friendly banks (Sygnum, SEBA), but they operate under existing banking licenses with crypto added as a permitted activity. The UAE has free zone frameworks and Singapore has the Payment Services Act. None of these created a distinct institutional category that combines banking and crypto operations under a purpose-built legal framework.

The 11-service model also addresses a gap that DeFi has been filling without regulation. Crypto lending, crypto deposits, and collateralized borrowing already exist on-chain through protocols like Aave and Compound. But those operate without deposit insurance, without capital adequacy requirements, and without recourse if something goes wrong. Belarus is essentially saying that these services should exist, but within a banking structure that protects depositors.

For Eastern European and Central Asian markets in particular, the Belarusian model could become a reference point. Countries like Kazakhstan, Georgia, and Armenia are all developing crypto frameworks, and the crypto bank concept gives them a model that goes beyond "regulate exchanges" to "build financial institutions around crypto."

Frequently Asked Questions

What is a Belarus crypto bank?

A crypto bank under Decree No. 19 is a joint-stock company authorized to combine traditional banking operations with digital asset services. It can accept crypto deposits, issue crypto-backed loans, provide staking services, process transfers, and issue its own tokens, all under National Bank of Belarus supervision. The minimum capital requirement for launching one is approximately $7 million.

Which cryptocurrencies can Belarusian crypto banks use?

The National Bank approved 26 digital assets including BTC, ETH, TON, SOL, and multiple stablecoins. The list was selected based on market cap and liquidity, and officials have described it as a "living document" that will expand over time as new assets meet the criteria.

How is a crypto bank different from a regular crypto exchange?

An exchange is a marketplace for buying and selling. A crypto bank adds banking services on top of trading, including interest-bearing deposits, collateralized loans, regulated custody, and party-to-party transfers under banking law. The regulatory requirements are also much stricter, with dual oversight from both the National Bank and the High-Tech Park authority.

Can anyone open an account at a Belarusian crypto bank?

The framework targets both individuals and legal entities. However, Belarus has banned its residents from trading on foreign crypto platforms, directing all activity through domestically licensed institutions. Non-resident access to crypto bank services will depend on the specific regulations each institution operates under once the first crypto banks launch.

Bottom Line

Belarus created a category that did not exist anywhere before. Crypto banks are not exchanges with extra features, and they are not traditional banks that happen to hold Bitcoin. They are a new type of financial institution designed from the ground up to treat digital assets the way banks treat fiat, with deposits, loans, collateral, custody, and regulated transfers.

The 26-currency, 11-service framework is deliberately expansive, and the "living document" approach to the approved asset list means it will grow. The first crypto banks are expected to launch within six months of the January 2026 decree, putting the timeline somewhere around mid-2026. The model's success depends on execution, capital flows, and the country's ability to attract institutional interest despite its geopolitical constraints. But the template now exists, and every jurisdiction building a crypto framework has a new reference point to consider.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency trading involves substantial risk. Always conduct your own research before making trading decisions.