Belarus May Form Working Group to Curb Illegal Cryptocurrency and Cross-Border Transfers, NBRB Says

• NBRB forms a dedicated task force to stop illegal crypto transactions.

• Measures target unlicensed coin payments, cross‑border fund flows and fraud schemes active in the shadow economy.

• Belarus reported $1.7 billion in cross‑border crypto payments in the first seven months of 2025; regulators aim to tighten controls as volumes rise.

Belarus crypto crackdown: NBRB creates a working group to halt illegal crypto transactions and cross‑border transfers—read the implications and next steps for licensed operators.

Published: 2025-10-14 | Updated: 2025-10-14 | Author: COINOTAG

What is the Belarus crypto crackdown?

Belarus crypto crackdown refers to a coordinated regulatory push led by the National Bank of the Republic of Belarus (NBRB) to curb unauthorized cryptocurrency payments and illicit cross‑border transfers. The initiative establishes a working group with banks and licensed crypto firms to detect, prevent and remediate fraud while continuing to support the regulated domestic market.

How will the NBRB working group curb illegal crypto transactions?

The NBRB’s working group will focus on three practical lines of action: enhanced monitoring of licensed platforms, improved information sharing with banks, and targeted enforcement against unlicensed providers. Meetings chaired by Deputy Governor Alexander Egorov brought bankers and HTP‑registered firms together to map common schemes and propose operational controls. The central bank emphasized collaboration, stating that market growth should be supported alongside measures to prevent fraud.

Background and regulatory context

Belarus was an early mover in formal crypto regulation when a 2017 presidential decree “On the Development of the Digital Economy” legalized activities such as mining and trading and routed industry participants through the Belarus Hi‑Tech Park (HTP) registration mechanism. Since then, the legal framework has evolved: in September 2024 regulators prohibited private individuals and HTP resident entrepreneurs from using non‑Belarusian exchanges to buy or sell cryptocurrencies, citing risks of capital flight and the export of funds stolen from bank accounts.

Why now: market growth and enforcement needs

Regulatory action follows rapid growth in crypto use for cross‑border payments. President Alexander Lukashenko reported $1.7 billion in cross‑border Belarusian crypto payments for the first seven months of 2025 and projected the full‑year volume could reach $3 billion. With liquidity and transaction volumes rising, the NBRB frames enforcement as essential to preserve the integrity of licensed services and to limit abuse that drains domestic financial resources.

What measures are being proposed or implemented?

According to the NBRB statement, participants recommended establishing a standing working group, introducing stronger transaction monitoring for licensed exchanges, and bolstering bank‑to‑exchange information exchange. Regulators also flagged the need to update legislation to reflect new market realities—a process that President Lukashenko has instructed officials to accelerate. The bank’s governor, Roman Golovchenko, has signaled forthcoming amendments intended to secure “breakthrough results in the usage of cryptocurrencies” while tightening safeguards.

Enforcement versus market support

Officials repeatedly stressed balance. The deputy chair of the NBRB Board said the central bank supports continued development of the regulated market and that anti‑fraud approaches should be collective. The stated goal is to protect legitimate licensed activity registered with the HTP and to channel innovation into compliant, supervised venues rather than pushing activity into unregulated foreign platforms.

Frequently Asked Questions

Can Belarusian residents use foreign crypto exchanges after the recent rules?

As of the September 2024 measure, private individuals and HTP‑registered entrepreneurs were restricted from buying or selling crypto on non‑Belarusian exchanges. The policy aims to curb capital flight and the export of stolen funds. Licensed domestic platforms remain the permitted channel for regulated operations.

How will this affect merchants and cross‑border payments?

Regulated merchants and licensed exchanges can continue to accept crypto under Belarusian rules, but enhanced monitoring and controls are expected. Businesses engaged in cross‑border payments should prepare for stricter compliance checks and clearer reporting obligations to avoid disruption.

Key Takeaways

• Targeted enforcement: The NBRB has formed a working group to stop illegal crypto payments and cross‑border transfers.
• Support for licensed market: Regulators emphasize protection and growth of HTP‑registered and licensed operators.
• Regulatory updates coming: Lawmakers are updating rules to align oversight with rising transaction volumes and to limit abuse.

Conclusion

The Belarus crypto crackdown reflects a calibrated approach: regulators are stepping up enforcement against unauthorized crypto activity while signalling continued support for licensed operators within the HTP framework. Citizens and businesses should monitor forthcoming regulatory amendments, strengthen compliance practices, and prioritize transactions through supervised domestic platforms as Belarus modernizes its crypto oversight.

Sources (plain text): National Bank of the Republic of Belarus (NBRB) statement; president statements by Alexander Lukashenko; coverage by RBC and Cryptopolitan. Author: COINOTAG.