The National Bank of Belarus has submitted a proposal to the member states of the Eurasian Economic Union (EAEU) to establish a unified framework for the regulation of virtual currencies.
Alexander Egorov, the first deputy chairman of the central bank’s executive board, proposed changes to harmonize the law to prevent conflicts between member states. The EAEU currently includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
“For example, in the Republic of Belarus, the High-Tech Park Zone allows the use of cryptocurrencies for both legal entities and individuals.Recently, there was a meeting of heads of state to discuss expanding the powers of the park to include the field of cryptocurrencies and cryptobanks.On the other hand, we see the situation in Russia, where the use of cryptocurrencies and crypto-related investments are quite restricted.” Egorov He explained.
These measures will facilitate cross-border transactions and prevent crypto holders from transferring capital to EAEU countries, which have less regulation and lower taxes than other jurisdictions, the people said.
EAEU countries have different cryptocurrency goals and regulations
Although all five countries have different crypto regulations, they still show significant interest in crypto assets. Earlier, Belarusian National Bank Chairman Roman Golovchenko said that a digital version of the national currency would be available to businesses and state-owned enterprises in the second half of 2026.
At the same time, Belarusian President Alexander Lukashenko called on the government to introduce stricter regulations for the cryptocurrency industry. According to reports, Lukashenko warned that lax oversight was undermining investor safety and the country’s economic interests. This came after a state audit found that about half of all national investments sent to foreign cryptocurrency platforms were not returned.
In Kyrgyzstan, the National Bank of the Kyrgyz Republic (NBKR) recently authorized banking institutions in the country to open escrow accounts for transactions involving crypto tokens.
this was made Possible This is due to recently introduced amendments to the resolution “On the approval of instructions on the treatment of bank accounts and bank deposit accounts”, which was first adopted in 2012.
In Russia, the Central Bank of Russia (CBR) According to Cryptopolitan, the company announced plans to authorize capital management companies to invest in crypto-related products in 2026.
Currently, the purchase of such derivatives is prohibited by regulatory law, which would require amendments to lift the restriction. The bank now intends to make the necessary changes in the first quarter of the new year.
Additionally, Kazakhstan announced The company plans to own a cryptocurrency reserve holding various assets worth between $500 million and $1 billion. Some of these will come in the form of cryptocurrencies seized by governments, and some will be repatriated assets.
on the other hand, armenian Authorities have confirmed plans to ban cash purchases of cryptocurrencies in the country starting next year. Representatives of Yerevan’s executive authority stated that their aim is not to suppress the trading volume of virtual currencies, but rather to prevent anonymous transactions.
The EU continues to crack down on sanctions evasion through cryptocurrencies
In other news, EAEU founder Russia was reminded that the European Union intends to crack down on sanctions evasion through cryptocurrencies. After the EU’s 19th round of sanctions, platforms such as Revolut and Bybit EU started blocking customers from Russia.
Most of the complaints came from Russians and Belarusians living in the EU. One of the affected users with a Russian passport had a European residence permit but still failed to re-verify. “Recently, ByBit NL migrated to ByBit EU. And they asked me to pass KYC again (…) with the exact same documents that I checked before, and they refused.” of user I explained the problem.
Citing the new restrictions, Revolut is closing accounts for Russians with EU residence permits for similar reasons. The bank had previously opened accounts for these residents, but from November 1, existing customers will also receive closure notices.
Announcing the latest policy, European Commission President Ursula von der Leyen said it was aimed at financial loopholes that Russia uses to circumvent regulations. But for the first time, that regulation has been extended to crypto platforms as well.
This official document was published on October 23rd. In addition to import and personal sanctions, the regulations also prohibit EU-licensed facilities from providing services to residents of the Russian Federation.
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