Belarus
Retail_Trading_Status
- Analysis ID
- #605
- Version
- Latest
- Created
- 2025-12-12 03:53
- Run
- ec71208b...
- History
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- Workflow Stage
- Step 1
Executive Summary
Retail cryptocurrency trading is legal in Belarus but strictly confined to a domestic 'walled garden' of licensed platforms. While the landmark Decree No. 8 (2017) legalized crypto assets and provided tax exemptions, subsequent regulations—specifically Decree No. 367 (2023)—have explicitly banned peer-to-peer (P2P) transactions and the use of foreign exchanges for fiat settlements. As of late 2025, the government has actively blocked access to major international exchanges, forcing all retail activity through High Technology Park (HTP) resident companies.
Key Pillars
High Technology Park (HTP) Administration (Primary Regulator)
National Bank of the Republic of Belarus (Oversight of fiat gateways)
Mandatory KYC/AML for all users of HTP-resident exchanges
Prohibition on P2P transactions (individuals must trade via licensed intermediaries)
Ban on using foreign/unlicensed platforms for fiat-to-crypto exchange
Landmark Laws
Decree No. 8 'On the Development of the Digital Economy' (Decree No. 8) - Enacted: 2017-12-21
- The foundational law that legalized mining, buying, selling, and exchanging tokens for individuals. It established the High Technology Park (HTP) regime and introduced tax exemptions.
- Source
Decree No. 367 'On the Circulation of Digital Signs (Tokens)' (Decree No. 367) - Enacted: 2023-09-17
- Explicitly prohibits individuals from buying or selling cryptocurrency outside of HTP-resident exchanges. This effectively bans P2P trading and the use of foreign platforms for fiat settlement.
- Source
Decree No. 80 'On Rules for Dealing with Crypto Assets' (Decree No. 80) - Enacted: 2023-02-14
- Established measures to combat cybercrime and unauthorized crypto circulation, reinforcing the state's oversight capabilities.
Considerations
Strict 'Walled Garden': Trading on foreign exchanges (e.g., Binance, Bybit) is prohibited for fiat settlements and websites are actively blocked as of Dec 2025.
P2P Ban: Direct transfers between individuals for the purpose of exchange are illegal; all trades must route through an HTP broker.
Tax Exemption: Income from crypto trading is tax-exempt for individuals until at least January 1, 2025 (with reports of extension through 2025).
Limited Liquidity: Users are restricted to the liquidity and asset pairs available on local HTP exchanges (e.g., Whitebird, Bynex, Free2Ex).
Notes
The analysis date is December 12, 2025. Recent enforcement actions in late 2025 have significantly tightened the practical landscape, moving from theoretical bans to active website blocking of major international exchanges. Users in Belarus must now strictly adhere to local platforms like Whitebird, Bynex, and Free2Ex.
Remaining Uncertainties
- The exact duration of the tax exemption extension beyond 2025 (conflicting reports on whether it ends Jan 1, 2025, or extends through the year).
- Whether 'crypto-to-crypto' trading on foreign platforms (without fiat touchpoints) is technically pursued/penalized, or if the ban focuses solely on fiat on/off ramps.
Detailed Explanation
Detailed Explanation
In Belarus, retail cryptocurrency trading is allowed but strictly regulated, confined to a domestic 'walled garden' of licensed platforms. The foundational legal framework was established by Decree No. 8 'On the Development of the Digital Economy', enacted on December 21, 2017. This landmark decree legalized activities such as mining, buying, selling, and exchanging tokens for individuals, placed the sector under the oversight of the High Technology Park (HTP) Administration, and introduced significant tax exemptions. This permissive stance was subsequently tightened with more restrictive regulations. Decree No. 367 'On the Circulation of Digital Signs (Tokens)', enacted on September 17, 2023, explicitly prohibits individuals from buying or selling cryptocurrency outside of exchanges that are residents of the HTP, effectively banning peer-to-peer (P2P) transactions and the use of foreign platforms for fiat-to-crypto conversion. Further reinforcement came from Decree No. 80 'On Rules for Dealing with Crypto Assets', enacted on February 14, 2023, which established measures to combat cybercrime and unauthorized circulation of crypto assets. The National Bank of the Republic of Belarus also plays a key role, overseeing fiat gateways and settlements. Compliance for users is mandatory and includes Know Your Customer and Anti-Money Laundering (KYC/AML) procedures on all HTP-resident platforms. The regulatory environment imposes significant restrictions, most notably a strict prohibition on P2P transactions, requiring all trades to be conducted through licensed HTP intermediaries like Whitebird, Bynex, or Free2Ex. Furthermore, using foreign or unlicensed platforms for fiat settlement is banned, and as of late 2025, the government has actively blocked access to major international exchanges. This forces all retail activity onto local platforms, which inherently limits liquidity and available asset pairs. A notable benefit for individuals is that income from crypto trading remains tax-exempt, a provision initially set under Decree No. 8 and reportedly extended through at least 2025. As of the analysis date of December 12, 2025, recent enforcement actions have significantly tightened the practical landscape, moving from theoretical bans to active website blocking, underscoring the government's commitment to this controlled, domestic-only trading ecosystem.
Summary Points
I. Regulatory Status
* Retail cryptocurrency trading is Allowed-Regulated.
* Activity is strictly confined to a domestic 'walled garden' of licensed platforms.
II. Key Regulatory Bodies
* High Technology Park (HTP) Administration: Primary regulator overseeing the sector and licensing resident exchanges.
* National Bank of the Republic of Belarus: Provides oversight of fiat gateways and settlements.
III. Important Legislation
* Decree No. 8 'On the Development of the Digital Economy' (Enacted: 2017-12-21):
* Foundational law that legalized mining, buying, selling, and exchanging tokens for individuals.
* Established the HTP regime and introduced tax exemptions for individuals.
* Decree No. 367 'On the Circulation of Digital Signs (Tokens)' (Enacted: 2023-09-17):
* Explicitly prohibits individuals from buying or selling cryptocurrency outside of HTP-resident exchanges.
* Effectively bans peer-to-peer (P2P) trading and the use of foreign platforms for fiat settlement.
* Decree No. 80 'On Rules for Dealing with Crypto Assets' (Enacted: 2023-02-14):
* Established measures to combat cybercrime and unauthorized crypto circulation, reinforcing state oversight.
IV. Compliance Requirements
* Mandatory KYC/AML procedures for all users on HTP-resident exchanges.
* All trading must be conducted through licensed intermediary platforms that are residents of the High Technology Park.
V. Notable Restrictions or Limitations
* Prohibition on P2P Transactions: Direct transfers between individuals for exchange purposes are illegal.
* Ban on Foreign/Unlicensed Platforms: Using international exchanges (e.g., Binance, Bybit) for fiat-to-crypto exchange is prohibited.
* Limited Liquidity: Users are restricted to the liquidity and asset pairs available on local HTP exchanges (e.g., Whitebird, Bynex, Free2Ex).
* Active Blocking: As of late 2025, the government actively blocks access to major international exchange websites.
VI. Recent Developments or Notes
* Analysis date is December 12, 2025.
* Recent enforcement actions in late 2025 have significantly tightened the practical landscape, moving from theoretical bans to active website blocking.
* Income from crypto trading is tax-exempt for individuals until at least January 1, 2025, with reports of extension through 2025.
* Users in Belarus must now strictly adhere to local HTP platforms.
Full Analysis Report
Full Analysis Report
Belarus has evolved from one of the world's most open 'crypto havens' into a highly regulated, closed-loop jurisdiction. The regulatory framework is anchored in the 2017 Decree No. 8, which famously legalized cryptocurrency activities and exempted them from taxation to attract tech investment. Under this regime, the High Technology Park (HTP) acts as a special economic zone and regulator, issuing licenses to 'crypto platform operators' (exchanges). For several years, this allowed for a liberal environment where individuals could freely trade.
Belarus has evolved from one of the world's most open 'crypto havens' into a highly regulated, closed-loop jurisdiction. The regulatory framework is anchored in the 2017 Decree No. 8, which famously legalized cryptocurrency activities and exempted them from taxation to attract tech investment. Under this regime, the High Technology Park (HTP) acts as a special economic zone and regulator, issuing licenses to 'crypto platform operators' (exchanges). For several years, this allowed for a liberal environment where individuals could freely trade.
Source Evidence
Primary and secondary sources cited in this analysis
"The decree prohibits individuals from purchasing and selling tokens outside of Belarusian crypto-platforms (cryptocurrency exchanges)."
"Individuals are entitled to possess tokens... mine... exchange tokens... for Belarusian rubles, foreign currency, electronic money."
"Residents of the High Tech Park... authorized to perform operations with digital signs (tokens)."
"President Lukashenko signed a decree prohibiting individuals from buying or selling digital assets through foreign exchanges or brokers."
"The Belarusian Ministry of Information added Bybit, OKX, Bitget... to the national restricted access list on December 9, 2025."
Web Sources (5)
Sources discovered via web search grounding
Search queries used (5)
- Belarus legal status of cryptocurrency for individuals
- Belarus crypto tax exemption extension 2025
- Belarus Decree No. 367 September 2023 crypto P2P ban
- Belarus crypto regulation retail trading status 2024 2025
- High Technology Park Belarus crypto exchange list
https://www.binance.com/en/square/post/22918469018450
https://spex.by/news/cryptocurrencies-in-belarus-legal-status-and-use
https://www.lightspark.com/knowledge/is-crypto-legal-in-belarus
https://eor.by/cryptocurrency-regulation/
https://www.ainvest.com/news/belarus-strategic-crypto-investment-hub-regulatory-evolution-2512/