Eurasian Economic Union Creates Joint Space for Regulating Cryptocurrencies and ICO


Published on 04 May. 2018
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EEU Commission plans to form a joint financial space for the member countries on the issues of the cryptocurrency and ICO regulation. 

The meetings of the Russian Duma representatives and the specialists will take place in Moscow, Belarus, and Kazakhstan. In particular, Belarus will host the meeting with the experts from the High Technologies Park – the initiative, created by the country’s government to test the blockchain technologies and investigate the cryptocurrency space. The meeting is announced by the Russian informational resource. One should mention that Belarus has a mild cryptocurrency regulation, e.g., blockchain-startups have special tax conditions.

As for the creation of the joint financial space, experts consider this initiative not only probable but really necessary. Eurasian Union includes Russia, Belarus, Kazakhstan, Armenia, and Kirghizia. Tatiana Valova, a Eurasian economic commission representative, said that the single approach to the cryptocurrency regulation would help to avoid more complex problems in the future.

We need some model laws for the cryptocurrencies and blockchain so that no one made up their own laws and then we would not have to work on unification,

- she mentioned.

The representatives of the national exchanges of the EEU counties will take part in the discussion as well.

Denis Dushnov, the vice-president of the Russian Cryptocurrency and Blockchain Association (RAKIB), believes that the cryptocurrency should be created on the EEU level particularly since the economies of these countries are similar and have same problems. However, his colleague Tatiana Valova emphasizes that it’s not about the own cryptocurrency at the moment but rather regulation of the cryptocurrency industry.

Experts compare the creation of the EEU joint cryptocurrency space to the bright example of EU. Recently, 22 countries of the EU have signed up the Declaration about the creation of the European Blockchain Partnership.

In Russia, cryptocurrency space is not regulated as well, despite the fact that the law project “On the digital financial assets” was provided to the State Duma for consideration and was repeatedly discussed.

It is also known that in summer this year, the Russian tax code will adopt certain changes for the cryptocurrency taxation. In particular, cryptocurrency selling will be taxed by the individual income tax in the size of 13%.


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