National Bank of Belarus has submitted a proposal to the EAEU countries to develop a common approach to regulating crypto

The National Bank of Belarus has submitted a proposal to the member countries of the Eurasian Economic Union (EAEU) to establish a unified framework for crypto regulation.

Alexander Egorov, the first Deputy Chairman of the Central Bank’s Board, proposed changes to harmonize legislation to prevent conflicts between the union’s countries. The EAEU currently includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. 

“For example, in the Republic of Belarus, the High-Tech Park zone permits the use of cryptocurrency for both legal entities and individuals. Recently, there was a meeting at the head of state where we discussed expanding the park’s mandate, including in the area of ​​cryptocurrencies and cryptobanks. On the other hand, we see the situation in Russia, where the use of cryptocurrencies and crypto-related investments is quite limited,” Egorov explained. 

According to the official, such measures will facilitate cross-border transactions, preventing instances where crypto asset owners transfer capital to EAEU countries with more lenient regulations and lower taxes than those in other jurisdictions.

The EAEU countries differ in crypto goals and regulations

All five countries have different crypto regulations, yet they still show great interest in the assets. Earlier, Roman Golovchenko, Chairman of the Board of the National Bank of Belarus, stated that a digital version of the national currency will become available to businesses and state-owned companies in the second half of 2026.

At the same time, Belarusian President Aleksandr Lukashenko urged his government to introduce stricter regulations for the crypto industry. According to reports, Lukashenko warned that lax oversight was undermining investor security and the state’s economic interests. This came after a state audit found that about half of all citizen investments sent to foreign crypto platforms fail to return.

In Kyrgyzstan, the National Bank of the Kyrgyz Republic (NBKR) has recently authorized banking institutions in the country to establish escrow accounts for transactions involving crypto tokens. 

This was made possible due to the recently introduced amendments to its Resolution “On Approval of the Instructions for Working with Bank Accounts and Bank Deposit Accounts,” which was originally adopted in 2012.

In Russia, the Central Bank of Russia (CBR) announced its plans to authorize capital management firms to invest in crypto-linked instruments in 2026, according to Cryptopolitan.

They are currently banned from buying such derivatives with a regulatory act that needs to be amended to lift the restrictions. The bank now intends to make the necessary changes in the first quarter of the new year.

Additionally, Kazakhstan announced its plans to own a crypto reserve that will store between $500 million and $1 billion worth of various assets. Part of these will be in the form of crypto seized by the government, and some will be repatriated assets.

On the other hand, Armenian authorities confirmed their plan to prohibit cash purchases of cryptocurrency in the country, starting from next year. A representative of the executive power in Yerevan stated that their intention is not to curb crypto turnover, but rather to prevent anonymous transactions.

The EU continues to crack down on sanctions evasion via crypto

In other news, the EAEU founder, Russia, was reminded that the European Union intends to crack down on sanctions evasion via crypto. After the EU’s 19th sanctions package, platforms such as Revolut and Bybit EU began cutting off customers from Russia. 

Most complaints came from Russians and Belarusians residing in the EU. One affected user with a Russian passport had a residence permit in Europe but still failed re-verification. “Recently, ByBit NL migrated to ByBit EU. And they asked me to pass KYC again. […] With the very same documents I used to verify before, they refused,” the user described the problem.

Revolut has been closing the accounts of Russians with EU residence permits on similar grounds, citing the new restrictions. Although the bank had previously opened accounts for such residents, from November 1, even existing clients began receiving closure notices.

Announcing the latest package, European Commission president Ursula von der Leyen said it was aimed at the financial loopholes that Russia uses to evade restrictions. However,  for the first time, the curbs were extended to crypto platforms.

The official document was published on October 23. Beyond import and personal sanctions, its provisions prohibit EU-licensed venues from providing services to residents of the Russian Federation.

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