Eurasian Economic Commission Considers Regulations on Cryptocurrencies

All the major players in the crypto market are in a hurry to introduce the regulations and laws that will help bring the vast market to the mainstream. Countries like China, US, UK, France, Korea, Japan, Thailand, and India are constantly working to find the correct mix of oversight and freedom (to different degrees, of course) to allow cryptocurrencies and other DLT’s to progress in their relevant demographics.

In another example, the Eurasian Economic Commission, which serves as an executive body of the Eurasian Economic Union (EAEU) prepared a report on cryptocurrencies to promote regulation in the area.

In the report, the Commission’s minister for integration and macroeconomics, Tatyana Valovaya, said that the EAEU aims to create a consolidated financial market by 2025. She insisted that since cryptocurrencies are maturing and becoming more robust, the EAEU has to study them.

The EAEU is a political and economic union established by Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan back in 2014. Valovaya also insisted that a legal framework for the crypto market is absolutely necessary. She was of the view that cryptocurrencies have the potential to change the macroeconomic area and impact the macroeconomic stability. She stated:

“We understand that the cryptocurrency phenomenon takes on such scales and volumes that it can sooner or later have an impact on macroeconomic stability.”

The commission has also established a group of experts consisting of representatives of all member countries. The report by the group focuses on how to define a cryptocurrency and examples of regulations in other countries to take inspiration from. Moreover, Russia is working to release a cryptocurrency of their own in cooperation with other members of the EAEU by 2020 or 2021.

This news is another addition to the trend of cryptocurrency adoption internationally. Many countries are working in a hurry to introduce their own take on a blockchain solution and beat the competitors to market.

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