Best Crypto Exchanges in Belarus

Best Cryptocurrency Exchange in Belarus

There are a select number of cryptocurrency exchanges available to residents of Belarus. We have carefully assessed the top platforms based on several key factors, including adherence to the National Bank of the Republic of Belarus regulations, the range of supported digital assets, and the fee structures. Below is a detailed comparison table of the five best platforms for local investors.

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1. Bybit

Bybit is one of the largest cryptocurrency exchanges in the world and serves over 32 million users in Belarus and 160 other countries. Thanks to its wide reach, the platform can be used in Russian and 20 other languages and provides multilingual customer support. There are over 1,200 digital assets to trade on spot, derivatives and options markets with leverage up to 100x. 

It's strong security measures ensure the safety of user funds and data. Bybit regularly audits its proof-of-reserves to show all assets are backed on a 1:1 basis. Aside from trading, users can stake, lend and borrow hundreds of tokens to earn a yield on their idle assets. Additional features include an NFT marketplace, a crypto card, copy trading, TradeGPT and more. 

• Fees: 0.1% for spot trading, and the maker/taker rebate is 0.02%/0.05% for derivatives.
• Supported Assets: Over 1,200 cryptocurrencies.
• Regulation & Licensing: Regulated by CySEC across Europe and available in Belarus.
• BYN Deposits: Bank transfers, A-Bank, Revolut, Monobank, Privat Bank, KoronaPay and credit or debit cards.

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2. Gate.io

Gate.io offers one of the most diverse selections of cryptocurrencies in Belarus with a user base of 16 million trading over $8 billion daily. The platform has over 2,100 cryptocurrencies, providing ample opportunities for diversification. It features advanced trading tools, including spot trading, margin trading, and futures contracts.

The platform offers competitive fees and supports free BYN deposits, making crypto accessible to Belarusian users. In addition to buying and trading assets, Gate.io users can lend and borrow tokens or stake them to earn up to 78% APY, allowing for multiple revenue streams. It can also be used in Russian and 14 other languages.

• Fees: 0.2% per spot trade and the futures maker/taker rebate is 0.02%/0.07%.
• Supported Assets: Over 2,100 cryptocurrencies.
• Regulation & Licensing: Globally regulated and available in Belarus.
• BYN Deposits: Credit or debit card.

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3. KuCoin

KuCoin is another popular crypto exchange that is home to over 30 million users in Belarus and 200 other countries. The platform is known for its attractive staking rewards and extensive crypto offerings. The platform provides a user-friendly experience, supporting over 700 digital currencies and offering various earning opportunities through staking and lending. 

The platform also offers features like spot trading, margin trading, and lending services, providing users with multiple ways to engage in the crypto market. It has over $2 billion in daily trading volume across all order books, providing deep liquidity to its users. KuCoin supports BYN deposits, making it convenient for Belarusian users to start trading and investing.

• Fees: 0.1% spot trading fees.
• Supported Assets: Over 700 cryptocurrencies.
• Regulation & Licensing: Adheres to global regulations and available in Belarus.
• BYN Deposits: Credit or debit cards.

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4. OKX

OKX is an ideal platform for Belarusian users interested in decentralized finance (DeFi). It offers access to a wide range of DeFi products, including the OKX Wallet, OKT Chain, and OKB Coin, the native token that powers the exchange and ecosystem. The platform supports 350 tokens for spot trading, margin trading, and perpetual swaps, providing extensive trading opportunities.

OKX is known for its user-friendly interface and secure wallet options, which help protect users' digital assets. The platform also offers yield farming opportunities, allowing users to earn attractive returns. BYN deposits can be made through a variety of payment methods, ensuring convenience for users in Belarus.

• Fees: 0.1% for spot trading, 0.02% for futures makers, 0.05% for futures takers.
• Supported Assets: Over 350 cryptocurrencies.
• Regulation & Licensing: Globally regulated and available in Belarus.
• BYN Deposits: Apple Pay, Google Pay and credit cards.

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5. Bitget

Bitget is an excellent copy trading platform, allowing users to follow and replicate the strategies of successful traders on the platform, simplifying the trading process. This feature makes it particularly appealing for beginners looking to learn and profit from experienced traders. Bitget supports 800 cryptocurrencies to trade on spot and futures markets.

The platform is simple, with a clear layout and easy navigation. Bitget also offers competitive trading fees and supports BYN deposits through multiple payment methods, including bank transfers and credit/debit cards, making it accessible to Belarusian users.

• Fees: 0.5% spot trading fees.
• Supported Assets: Over 800 cryptocurrencies.
• Regulation & Licensing: Complies with international regulatory standards.
• BYN Deposits: Bank transfers and credit or debit cards.

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Is Crypto Regulated in Belarus?

Yes, the National Bank of the Republic of Belarus has implemented a comprehensive legal framework for cryptocurrencies through the Presidential Decree on the Development of the Digital Economy, which has been in effect since March 28, 2018. This decree covers taxation, foreign exchange controls, and the legal status of digital assets.

Both individuals and businesses in Belarus can legally mine, buy, sell, and exchange cryptocurrencies. However, only legal entities registered within the High Technologies Park (HTP) are authorized to provide cryptocurrency services, such as operating crypto exchanges and platforms.

Residents can own and exchange tokens for Belarusian rubles, foreign currency, or other tokens, but they cannot use cryptocurrencies to pay for goods and services. Businesses in the HTP can issue tokens and manage crypto platforms under a regulatory regime that excludes certain financial licensing requirements. The decree also offers tax exemptions on income from token-related activities until January 1, 2023.

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How is Crypto Taxed in Belarus?

In Belarus, the taxation of cryptocurrencies is overseen by the Ministry of Taxes and Duties. This government body is responsible for implementing tax policies related to the trading, mining, and other activities involving digital assets. 

The regulatory framework for cryptocurrency taxation in Belarus is established under the Presidential Decree on the Development of the Digital Economy, which provides specific guidelines and exemptions, particularly for residents of the High Technologies Park (HTP). 

The decree includes provisions on income tax and value-added tax (VAT) as they apply to crypto transactions and activities. It's important for both individuals and businesses to keep detailed records of their digital asset transactions, including the initial acquisition costs, as these can impact their tax obligations.

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How to Buy Bitcoin in Belarus

For those new to cryptocurrency investment in Belarus, purchasing Bitcoin can be straightforward with the right guidance. Here’s a quick summary to help you understand how to use an exchange:

1. Create an Account: Choose a reliable cryptocurrency exchange that serves users in Belarus and register for an account. Click on "Sign Up" and complete the verification process, which may require a valid photo ID and, in some cases, a selfie or proof of address. 
2. Deposit Belarusian Rubles (BYN): Head to the deposit section of your account, select BYN as your deposit currency, and enter the amount you wish to add. Funding options typically include bank transfers, local payment systems, or credit/debit cards.
3. Choose Bitcoin: Navigate to the trading section and search for Bitcoin (BTC). Select the BYN/BTC trading pair. Review the different trading options, such as market and limit orders, to choose how you want to proceed with your purchase.
4. Execute the Trade: To buy Bitcoin, click 'buy' or 'trade' and enter either the amount of Bitcoin you wish to purchase or the amount of BYN you want to spend. Review the order details, including the price and any applicable fees, before finalizing the trade.

This guide offers a clear pathway for beginners in Belarus to start trading Bitcoin, detailing each step from setting up an account to making the trade.

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Bottom Line

In conclusion, Belarus provides a supportive regulatory framework for cryptocurrency trading, making it accessible for residents and businesses. The Presidential Decree on the Development of the Digital Economy outlines clear rules and tax benefits for digital asset transactions. For those interested in trading, our top picks, Bybit, Gate.io, KuCoin, OKX, and Bitget offer diverse features and services.