The Eurasian Economic Union is beginning to move toward creating a common approach to regulating digital assets. The National Bank of Belarus has proposed that EAEU countries develop a unified set of rules for cryptocurrency circulation to reduce the risks of legal gaps and prevent capital outflows between jurisdictions.
Belarus proposes to unify crypto regulation
The First Deputy Chairman of the Board of the National Bank of Belarus, Alexander Egorov, stated that the union countries face significant differences in regulation. Belarus, for example, allows the use of cryptocurrencies through the High Technology Park regime, which is already discussing expanding its powers in the field of digital assets and crypto banks. At the same time, Russia maintains strict restrictions on the use of cryptocurrencies and investment in related instruments.
The initiative of the National Bank is aimed at simplifying cross-border operations and reducing tax arbitrage, when holders of digital assets move capital to countries with softer oversight and lower taxes.
Different goals and regimes in the EAEU
All five union countries are interested in digital assets, but their approaches differ radically.
- Belarus is preparing a digital ruble pilot for companies by 2026, while President Alexander Lukashenko is demanding stricter oversight after an audit revealed high risks of losing funds when sending cryptocurrencies to foreign platforms.
- Kyrgyzstan has allowed banks to open escrow accounts for cryptocurrency transactions thanks to an updated banking instruction.
- Russia plans to allow management companies to invest in crypto products in 2026, but so far maintains a ban on the purchase of derivatives related to digital assets.
- Kazakhstan is preparing its own crypto reserve of up to $1 billion, which will consist of both confiscated assets and funds returned to the state.
- Armenia, on the contrary, is tightening the rules: from 2025, buying cryptocurrencies for cash will be banned there to reduce the number of anonymous transactions.
The EU strengthens measures against circumventing sanctions via cryptocurrencies
Amid discussions in the EAEU, the European Union is increasing pressure on Russian and Belarusian capital. As part of the 19th sanctions package, the EU for the first time extended restrictions to crypto platforms. After this, the European branches of Revolut and Bybit began mass account closures for Russians and some Belarusians, even if they have a residence permit in EU countries.
Users report that re-verification is becoming unavailable, and previously opened accounts are being closed from November 1. The European Commission emphasizes that the new rules are aimed at eliminating financial loopholes that allow circumvention of restrictions.
What Belarus’s initiative means
If EAEU countries agree on unified standards for crypto regulation, this could:
- reduce pressure on cross-border operations
- strengthen oversight and investor protection
- slow the outflow of capital to softer jurisdictions
- bring the region closer to unified rules for digital asset circulation
But against the backdrop of different economic interests and political approaches, agreeing on a common regime may become a lengthy process.
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