On April 23, 2026, Belarus became the first country to formally define what a “crypto bank” is and what it can do. First Deputy Chairman of the National Bank Alexander Egorov announced at the Digital Banking 2026 conference that crypto banks will operate with 26 approved cryptocurrencies and offer 11 categories of financial services, ranging from deposits and loans to staking and token issuance.

The distinction from a traditional crypto exchange is not subtle. Exchanges let you trade, and that is essentially where their services end. Crypto banks let you deposit crypto and earn interest, borrow against your holdings, use crypto as loan collateral, stake through a regulated institution, and transfer assets between individuals and…