The European and Asian countries which form the Eurasia zone could have its separate crypto regulations soon according to a report by the Russian news agency, TASS.
The report confirms that the executive arm of the Eurasian Economic Union (EAEU) known as the Eurasian Economic Commission, released a report on cryptocurrencies and blockchain technology.
In its study, a group of experts selected by the Commission defined cryptocurrencies and provided an overview of how the emerging industry is regulated in different countries. The body hopes to build on the report to create Eurasia’s regulation for cryptocurrencies, which will, in turn, result in a healthy financial market for member countries by 2025.
Tatyana Valovaya, EAEU’s Minister of integration said in the report that the existence of a regulatory framework for the industry is essential before adding that “sooner or later, cryptocurrencies will have an impact on macroeconomic stability”
The Eurasian Economic Union (EAEU) was formed in 2014 by national leaders from Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
The recent call for regulation by the EAEU is remarkably coming at a time when the European Union (EU) itself is already gearing up to bring the crypto industry under control.
We reported earlier this month that the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) issued a separate report urging the European Commission to provide rules for crypto space.
Those measures are also different from the recent release of proposed crypto regulations by the U.K Financial Conduct Authority (FCA).
Industry participants will hope that the regulatory efforts on different fronts do not conflict with each other in the long run.
Such a situation would retard the growth of the industry by drawing crypto companies into the struggle of remaining compliant with regulatory rules in different regions where they decide to set up.
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