Union of Soviet Cryptocurrency Republics

The Eurasian Economic Union (EAEC), an organisation which works towards the economic integration of former Soviet states, plans to develop unified regulations regarding cryptocurrency and ICOs. According to Banki.ru, Duma representatives and industry experts have already met and are planning have planned a further meeting in Belarus.

The EAEC is governed by an executive body called the Eurasian Economic Commission (EEC). EEC Minister Tatiana Valova told local media that the organisation is preparing a singly financial market that will cover Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.

Valova said that creating a shared financial market between these countries has been challenging, despite the fact that they were once considered one state. With regard to cryptocurrency, there is an opportunity to avoid such problems by creating a common approach sooner rather than later.

Organisations from some of these countries have already met, and will do so again in the near future in Belarus. This country was chosen because it holds a regulatory sandbox called the Hi-Tech Park.

Denis Dusnov, vice president of the Russian Association of Cryptocurrency and Blockchain (RACIB), said that a common goal should be possible because EAEC countries face similar economic challeneges.

Valova clarified that the EAEC is not currently looking to issue a common cryptocurrency – the goal is “regulation and evaluation of the future of this tool.”

In April the RACIB said that half of the $300 million raised in Russia through ICOs in 2017 actually went to pyramid schemes. Russian money accounts for approximately 10 percent of the ICO market, and as the industry is projected to grow significantly in 2018 this problem will only become more serious. The organisation proposed a set of guidelines for ICOs enforced by self regulation and a RACIB committee.