EAEU members did not back a common approach to regulating cryptocurrencies

There is no single position among the member states of the Eurasian Economic Union (EAEU) on the need to ‘harmonise’ the laws regulating crypto assets. This was stated by Iya Malkina, assistant to the chairman of the Collegium of the Eurasian Economic Commission (EEC), according to «Белта».

She said the EEC has been studying the impact of cryptocurrencies on the macroeconomic resilience of EAEU member states since 2017.

"From our side there was a proposal to adopt a recommendation for harmonised regulatory foundations within the EAEU, which would include a unified glossary and principles. However, this did not receive support from the parties," she said.

Malkina noted that member states currently do not share a consensus on the need to develop a harmonised legal framework for the use of digital assets, digital tokens and cryptocurrencies within the union.

The EAEU comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.

In 2018, the then-prime minister of the Russian Federation Dmitry Medvedev proposed that EAEU states align their approaches in regulation, and also create international conventions on cryptocurrencies.

Later, the EEC announced plans to develop a unified approach to regulating cryptocurrencies and ICOs.

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