How can cryptocurrency be useful for legal entities?

01.09.2025

In recent years, cryptocurrency has been gaining increasingly significant positions in the global economy. Many companies view digital assets as part of their financial strategy—whether as an investment tool, a means of saving, or a way to participate in innovative projects. Gleb Yakushev, Head of the Crypto & Blockchain sub-practice at REVERA law group, and Polina Filiptsova, a lawyer at REVERA law group, explain the main opportunities available in the crypto space for Belarusian legal entities.

1. What cryptocurrency operations are allowed for legal entities that are residents of the Republic of Belarus?

According to subparagraph 2.1, paragraph 2 of Decree No. 8 "On the Development of the Digital Economy," legal entities are allowed to own tokens and perform the following operations:

1. Create and issue their own tokens in Belarus and abroad—through ICO organizers who are Hi-Tech Park (HTP) residents;
2. Store tokens in virtual wallets;
3. Buy, sell, and conduct other transactions with tokens—through crypto platforms (exchanges), crypto exchangers, and crypto brokers that are HTP residents.

Thus, Belarusian companies are allowed to buy and sell cryptocurrency (tokens), but only through Belarusian crypto businesses that are HTP residents.
No special permits or licenses are required for these operations. However, if a legal entity plans to independently provide crypto business services (e.g., operate a crypto platform, exchange, ICO, or broker, or engage in mining), it must obtain HTP resident status.
It’s important to note that cryptocurrency is not legal tender in Belarus. This means that using tokens to pay for goods, services, or works is prohibited for both individuals and legal entities. Therefore, crypto can only be used by Belarusian residents as an investment or savings tool.

2. On which platforms can Belarusian legal entities acquire cryptocurrency?

The key rule for all Belarusian companies is that all operations must be conducted exclusively through Belarusian crypto businesses that are HTP residents.
The full list of "crypto residents" is published on the official HTP website and is updated as new crypto companies appear in Belarus.

Currently, the following platforms are available for Belarusian legal entities:

Crypto platforms (exchanges):

• IMEX (LLC "IMEX Global")
• Secure8 (LLC "Alterpay")
• TRADEX (LLC "Brightum")
• Dzengi com (CJSC "Dzen’gi")
• BYNEX (LLC "ERPBel")
• Free2ex (LLC "Pixel Internet")
• Whitebird (CJSC "White Bird")

Crypto brokers:

• New Digital Investments (LLC "New Digital Investments")
• Broker Finance (LLC "Prim Broker")
• CIFRA Broker (LLC "Cifra Broker")
• ASTRA.BROKER (CJSC "Astra Broker")
• Crypto Broker (LLC "Crypto Broker")

ICO organizers:

• FINSTORE.by (LLC "DFS")
• FainEX (LLC "Fainex")

Only crypto brokers with HTP resident status are authorized to advise clients on token-related transactions in Belarus. These consultations may cover individual transactions, token storage, or comprehensive market analysis to develop investment strategies and portfolios, and to minimize risks.

3. What types of tokens are advisable to acquire?

When acquiring cryptocurrency, the primary goal of the investment should be determined.
If the company aims to store funds in crypto with minimal risk of price volatility, stablecoins are usually preferred. These are cryptocurrencies pegged to fiat currencies or exchange-traded assets. Unlike traditional cryptocurrencies, stablecoins are more resistant to sharp price swings, making them a convenient tool for maintaining liquid reserves and protecting funds from inflation. They can also serve as an alternative method for acquiring foreign currency. The most popular are USD-pegged tokens (USDT, USDC), or those backed by gold or other commodities.
For investment purposes, more volatile assets are used—so-called “unbacked” cryptocurrencies, as well as tokens issued through ICOs. The value of unbacked cryptocurrencies (e.g., Bitcoin, Ethereum, BNB) is determined solely by market demand and supply. ICO tokens are similar to bond issuance, as they help raise funds for ongoing operations and often offer higher returns than traditional bonds.
However, high return potential comes with significant risks. Companies investing in crypto or ICOs must carefully evaluate projects, ensure legal compliance, and use only HTP-resident platforms. A common strategy is to combine both: storing most funds in stablecoins and a smaller portion in high-risk, high-return tokens.

4. Where can acquired tokens be stored?

Decree No. 8 does not specify where Belarusian companies must store tokens. In practice, there are two main options:

1. Storage in a virtual wallet within the information system of a Belarusian crypto exchange, broker, or ICO organizer (i.e., on the corporate account itself). The main advantage is speed and convenience—funds are readily accessible for quick transactions. However, this method is less secure, as assets are held by a third party.
2. Using a hardware (“cold”) wallet, with tokens transferred from HTP-resident platforms and recorded on the company’s balance sheet. This method isolates crypto from the internet, minimizing cyberattack risks. For companies holding large sums or planning long-term investments, hardware wallets may be the optimal solution.

Note: In 2018, Belarus adopted a national accounting standard for digital tokens. All token-related operations by legal entities, including storage, must be reflected in accounting records. Proper bookkeeping of financial operations, including those involving tokens, may be subject to audits by tax authorities, the State Control Committee, and others.

Authors: Gleb Yakushev, Palina Filiptsova.