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Tatyana Valovaya: “It is important for our countries to ensure coherent approach to the establishment of a legal framework on cryptocurrency regulation within the EAEU”

Tatyana Valovaya: “It is important for our countries to ensure coherent approach to the establishment of a legal framework on cryptocurrency regulation within the EAEU”

6/21/2018

Tatyana Valovaya, Minister for integration and macroeconomics of the Eurasian Economic Commission (EEC), believes that the countries of the Eurasian Economic Union (EAEU) should jointly develop legislation in the field of cryptocurrency and blockchain. She announced this at a meeting with experts, which took place in the business-incubator of the High-Tech Park of the Republic of Belarus.

The event, which was dedicated to the issues of cryptocurrency and blockchain in the countries of the Union, continued the series of similar forums initiated by the EEC to discuss these issues in an expert environment with the participation of representatives from specialized agencies. Cryptocurrency and blokchain were assessed as regulatory challenges in the context of macroeconomic sustainability of the EAEU.

The participants reviewed the possibility of rapprochement between approaches of Member States on the issue of cryptocurrency and blockchain technology regulation, creation of conditions for the formation of a harmonized legislation within the Union and the Commission’s role in this process.

Tatyana Valovaya noted that “in the context of long-term development of the EAEU and ensuring macroeconomic stability we must already take into account that digital economy will be maintained by digital money, and be ready for this. There is a general consensus of our countries’ representatives that we must come to a common understanding of the key terms in the field of cryptocurrency and blockchain. In the long term this will enable us to harmonize the various approaches within the EAEU even when the national legislation of the Member States changes”.

Today Belarus is actively developing legal framework to regulate circulation of cryptocurrency and application of blockchain technologies, one of the authors of Decree No. 8 of the President of the Republic of Belarus “On the Development of Digital Economy”, Member of the Council on Digital Economy Development, Denis Aleynikov said. “Within the High-Tech Park, a working group was created for the elaboration of Decree No. 8, where experts are monitoring situation in the countries that are actively adopting regulatory standards for cryptocurrencies. In particular, we monitor problems faced by regulators in these States, how the consumers and investors react, what requirements are imposed on information systems,” Denis Aleynikov pointed out.

Arseniy Shcheltsin, Director of the Russian Association of Cryptocurrency and Blockchain (RACIB), reported on initiatives of the Russian Federation, identifying the strengths and weaknesses of the draft regulatory acts which are currently under consideration in the State Duma.

Ivan Ermokhin and Maria Girich, representatives of the Russia-OECD Center of the Russian Academy of Science and Technology under the President of the Russian Federation, presented the results of the analysis of the international experience in regulating cryptocurrencies in the world-leading countries, informed on the approaches of international organizations in this field and proposed several initiatives for EEC and EAEU.

The participants of the seminar prepared suggestions to the draft common glossary in the field of cryptocurrency and blockchain, as well as recommendations for EEC activities in this area.