Alexander Egorov, Deputy Chairman of the Board of Directors of the Central Bank of Belarus, has proposed standardizing regulations on digital asset circulation in the EAEU, which includes Belarus, Armenia, Kazakhstan, Kyrgyzstan, and Russia. This will allow for unimpeded cross-border transfers in virtual currencies and prevent capital flight to countries with more liberal legislation and low tax rates.

Alexander Egorov -

All EAEU countries currently have different cryptocurrency legislation, and the most lenient regulatory measures are in Kyrgyzstan, which recently allowed banks to provide services related to the purchase and sale of digital assets. In Armenia, on the other hand, they plan to ban the purchase of tokens and coins with cash, while Kazakhstan plans to create a state cryptocurrency fund and invest up to $1 billion in it.

In Russia, cryptocurrencies cannot be used as a means of payment, but the law does not prohibit the trading and mining of digital assets. Nevertheless, next year, a regulation regulating cryptocurrency investment and introducing penalties for violations may be adopted. Apparently, the Russian authorities intend to tighten the screws, so they are unlikely to support the creation of a unified, liberal legislation within the Eurasian Economic Union.