EAEU: No agreement on crypto regulation in sight

Member states of the Eurasian Economic Union have failed to support an initiative to unify crypto regulation.

Member states of the Eurasian Economic Union (EAEU) have struggled to find common Immediate Edge ground on cryptocurrency regulation, according to an official.

Iya Malkina, deputy chair of the Eurasian Economic Commission’s board, said EAEU member states would not support a recent initiative for a unified cryptocurrency regulatory framework within the union.

The EWG also recommended the development

In a press briefing on Wednesday, Malkina said the Eurasian Economic Commission had received several proposals to synchronise regulations in the blockchain and crypto industries. The EWG also recommended the development of a basic unified set of rules within the EAEU with a single glossary and principles. „However, this proposal did not receive support,“ Malkina added.

Malkina said that since December 2017, the EWG has been actively analysing the impact of cryptocurrencies on the macroeconomic stability of EAEU member states.

The EAEU is an economic union of states in Eastern Europe and Western and Central Asia. Its members include Belarus, Russia, Kazakhstan and Armenia. The union was established in 2014 to facilitate the free movement of goods and services and to enable common policies on a macroeconomic scale.

As we previously reported, the EAEU has been trying to find an approach to promote the regulation of cryptocurrencies. It published its first report on crypto regulation in 2019, after Russia’s finance ministry pushed for the EAEU to launch its own digital currency to circumvent US sanctions.