HeBelarus Calls for a Unified Crypto Playbookading
Belarus is making a bold push for coordinated crypto regulation, urging countries across the Eurasian Economic Union to stop operating in separate legal silos. The proposal, introduced by Alexander Egorov, First Deputy Chairman of the Belarusian Central Bank, calls for a “harmonized framework” that would prevent conflicting rules and fragmented oversight.
He warned that this regulatory imbalance creates capital flight and regulatory arbitrage, with users naturally migrating toward more lenient jurisdictions.
Diverging Crypto Agendas Across the Union
The five EAEU member states - Belarus, Russia, Kazakhstan, Armenia, and Kyrgyzstan - all approach crypto from different directions, creating what officials described as an uneven, unpredictable . Belarus is preparing to launch a digital version of its national currency by 2026, signaling an expanding roenvironmentle for digital assets in its economy. Yet tensions remain, as President Aleksandr Lukashenko warned that “lax oversight undermines investor security” after an audit revealed that half of all citizen investments sent abroad never return. Kyrgyzstan, meanwhile, is opening the doors for banks to maintain escrow accounts for crypto transactions, signaling a push toward stronger institutional involvement.
Russia and Kazakhstan Expand Their Crypto Roadmaps
Russia is preparing a dramatic shift of its own. The Central Bank of Russia announced that by 2026, it plans to allow capital management firms to invest in crypto-linked instruments, a significant departure from its strict historical stance. According to regulators, restrictions on such investments will be lifted after updating the relevant supervisory acts early next year. Kazakhstan is taking another route by aiming to launch a national crypto reserve valued between $500 million and $1 billion, composed largely of seized digital assets and repatriated funds. Across the region, crypto continues to gain political and strategic importance, even as individual countries move at different speeds.
Armenia Tightens Rules While Others Look Outward
Armenia is preparing to prohibit cash purchases of crypto, emphasizing that the goal is not to stop crypto adoption but to eliminate anonymous transactions. Officials argue that transparency is vital as digital assets increasingly intersect with cross-border finance. Egorov says unified rules would prevent nations from being used as “regulatory escape routes”, ensuring fairness and reducing risks. The differences across the EAEU have become increasingly stark, making Belarus’ call for integration timely. The goal is to create consistent infrastructure, predictable taxation, and smoother cross-border payments across the region.
EU Sanctions Pressure Complicates the Picture
The geopolitical backdrop is adding further urgency. Russia’s dominant role in the EAEU means the entire bloc is impacted by the EU’s expanding sanctions regime, which now directly targets crypto service providers. Following the EU’s 19th sanctions package, platforms such as Revolut and Bybit EU began restricting access for Russian - and in some cases Belarusian - residents. Affected users reported sudden account closures despite valid EU residency. European Commission President Ursula von der Leyen emphasized that the new measures focus on closing “financial loopholes used to evade restrictions” marking the first major EU crackdown directly involving crypto platforms. These developments place additional pressure on EAEU nations to clarify how their own crypto rules will interact with tightening Western oversight.
