Belarus Resolution: Classifies Bitcoin and cryptocurrencies as “non-deliverable” eligible OTC assets

On May 23, the Belarus Council of Ministers and the National Bank (NBRB) approved a joint resolution to include cryptocurrencies (including Bitcoin) in the list of eligible underlying assets for non-deliverable over-the-counter (OTC) financial instruments. The resolution was published by Pravo.by’s official portal on May 26 and became effective starting May 27, as confirmed by the official documents cited by Office Life and Myfin.by.

更新後的合格基礎資產清單：四類標的確認納入

根據 Office Life 和 Myfin.by 引述的官方文件，更新後的非交割場外工具合格基礎資產清單現包含以下四類標的：

· 期貨合約和選擇權

· 國際資本市場利率

· 股票指數值

· 數位代幣，包括加密貨幣

非交割場外工具是市場參與者之間的直接合約，不需交易所作為中介，亦不涉及標的資產的實際交割；合約到期時，雙方以現金結算合約期間內的價格差額。

白俄羅斯加密貨幣監管的已確認法律節點

白俄羅斯是後蘇聯空間中最早將加密貨幣相關活動合法化的國家。盧卡申科總統於 2017 年簽署相關法令，該法令於 2018 年春季生效，允許在明斯克 HTP 高科技園區（軟體與金融科技中心）註冊的實體使用加密貨幣。2026 年 1 月頒布的另一項法令正式規範「加密銀行」設立，此類實體須同時具備傳統銀行與加密貨幣服務資質，並以 HTP 居民身份向貨幣當局完成登記。5 月 27 日生效的聯合決議，是上述監管框架的最新組成部分。

地區背景：俄羅斯與哈薩克的已知立法進度

俄羅斯立法機構目前正在審議《數位貨幣和數位權利法》綜合監管框架，報道指出該法律的立法期限目標為 2026 年夏季前完成通過。哈薩克近期對其數位資產立法進行了修訂，目標是將加密貨幣交易範圍從其位於阿斯塔納的金融科技中心擴展至更廣泛市場。

常見問題

How are non-deliverable OTC instruments different from spot crypto trading?

Non-deliverable OTC instruments are direct contracts that do not require an exchange as an intermediary and do not involve the actual delivery of cryptocurrencies. Investors do not hold the cryptocurrencies themselves; instead, they obtain the value changes of the underlying asset through the contract during its term. When the contract expires, the difference is settled in cash between the two parties.

白俄羅斯 26 種加密銀行允許交易的加密貨幣清單已確認包含哪些？

2026 年 5 月中旬，HTP 管理層批准的清單確認包括比特幣（BTC）、以太幣（ETH）、瑞波幣（XRP）和幣安幣（BNB）等主流加密貨幣。官方媒體報道未在本次報道中列出完整的 26 種名單。

After this resolution takes effect, what are the compliance requirements for financial institutions?

The resolution will have legal effect from May 27, 2026, and the updated list of eligible underlying assets will apply from the same date. Under the current regulatory framework, the specific operational rules and licensing requirements for institutions will be carried out by the National Bank (NBRB) and the relevant HTP organizations; the official side has not separately issued additional compliance guidance.