Belarus has pulled its crypto market inward.
A decree signed by President Alexander Lukashenko bans individuals from buying or selling digital assets through foreign exchanges or brokers, forcing all activity onto Belarus-regulated platforms. It’s one of the region’s toughest moves yet and it immediately raises the question of whether Russia might take a similar path.
Belarus Pulls Crypto Back Under State Control
The ban targets residents of the High Technology Park (HTP), the country’s main hub for IT and crypto businesses. Only HTP-registered companies can operate exchanges, and the new rules effectively shut down peer-to-peer trading inside Belarus.
The government says the goal is to protect users and curb illicit fund outflows. Most activity already flowed through the HTP system, but this decree makes the country’s direction unmistakable: Belarus wants a tightly contained, fully monitored crypto market.
On December 10, the country added Bitget, Bybit, and OKX to its national stop-list, cutting off access to some of the world’s largest trading platforms. According to state telecom watchdog BelGIE, the blocks were introduced following a decision by the Ministry of Information.
Users who attempt to open Bybit now see a standard notice: “Access to this resource is restricted based on a decision of an authorized body of the Republic of Belarus.”
Will Russia Copy Belarus’ Playbook? Probably Not
Right now, Moscow is heading down a very different track.
After sweeping Western sanctions choked off traditional banking channels, crypto became “indispensable” for keeping trade alive, according to analysts.
President Vladimir Putin has even appeared at events tied to the A7 payments network, which now sits at the center of Russia’s crypto-settlement system.
The A7A5 stablecoin, a rouble-backed token, has processed more than $51 billion in volume through July. Businesses use it to convert roubles into USDT, enabling international payments.
That’s why shutting Russians off from foreign digital assets isn’t realistic.
Two Very Different Strategies
Belarus is tightening its grip and closing external doors. Russia, pressured by sanctions and shifting trade routes, appears more focused on building controlled channels rather than cutting them off.
For now, the region’s crypto approach is splitting: Belarus is choosing restriction, while Russia is choosing adaptation.
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FAQs
The government aims to protect users, curb illicit fund outflows, and fully monitor the country’s crypto market.
No. Russia is focusing on controlled crypto channels to support trade amid sanctions, rather than banning foreign platforms.
Platforms like Bitget, Bybit, and OKX are blocked, and residents attempting access see an official government restriction notice.
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