Report contents
Europe · Developing
Belarus
Crypto Livability Index 2025·data to 31 Dec 2025
Scoreboard
Five pillars, then the 22 sub-pillars scored 0 to 4. Empty sub-scores are held out of the total, not zeroed.
The number behind the rank
| Raw capability score | 31 / 84 |
| P2P liquidity bonus (tie-breaker) | +2 |
| Inflation 5.8% · unbanked 19% · remittances 2.4% GDP · capital controls 0.58 · sanctions 1 | CNI 0.397 |
| Need multiplier | ×1.096 |
| Livability score | 0.404 |
Raw 31/84 = 0.369 capability. Crypto-Necessity Index 0.40, from five components: inflation 5.8% (three-year average 2023 to 2025), unbanked 19% of adults, remittances 2.4% of GDP, capital-control intensity 0.58 (KAOPEN 2023), sanctions exposure 1. Need multiplier ×1.10. Livability score 0.404, rank #44 of 79.
Three findings
An early crypto pioneer that has funnelled every retail trade through four state exchanges
Belarus legalised mining, exchanges and holdings back in 2018 under the High-Tech Park decree, with a 9% tax rate locked until 2049. But Decree 367, effective September 2024, concentrates all individual crypto activity onto four state-supervised HTP exchanges, criminalises peer-to-peer (person-to-person) trades and foreign-platform access, and puts the National Bank in continuous watch over every fiat gateway. The KYC sub-score sits at 1.
One crypto event in the entire country in 2025
Belarus records a single tracked crypto event for the whole year, scoring 0 on community activity, the floor of the ecosystem pillar. The auditor's read is blunt: a once-promising legal framework has been hollowed out by sanctions and geopolitical isolation, leaving Belarus functionally disconnected from the global Web3 ecosystem. There are no active crypto ATMs either.
Real need, almost no capability to meet it, hence a muted 19-place climb
Belarus carries a Crypto-Necessity Index of 0.40 from 19% unbanked, capital-control intensity 0.58 and full sanctions exposure, yet scores only 31 of 84 in raw capability. The ×1.10 need multiplier lifts it from rails #63 to livability #44. The index rewards the pressure, but there is little working infrastructure for that pressure to act on.
In one line
"Belarus has the need and once had the rules. What sanctions and a state-only channel left behind is a market where the pressure to use crypto is real and the means to act on it have been quietly closed off."
Watch in 2026
Trajectory 2/4, stable with mixed signals. The liberalising side extended the crypto tax exemption through 2025 and the HTP regime to 2049, with a crypto-bank framework under development. The tightening side blocked Bybit, OKX, Bitget, BingX, Gate and Weex on 9 December 2025 and added mandatory individual income declaration. If those December exchange blocks expand in 2026, the trajectory slides to 1.