Institutional

The Daily: EU Urged for Common Crypto Rules, EEU Ready for Common Crypto

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A Brussels-based think tank has urged the European Union to adopt common crypto regulations. Its report will be reviewed during this week’s meeting of the EU finance ministers in Vienna. Also in The Daily, the Eurasian Economic Union may adopt a single settlement currency, possibly a crypto, Samsung Pay offers a tokenized money transfer service in Russia, and Transfergo launches remittance payments to India using DLT technology.

Also read: Luxury Car Dealership Accepts Bitcoin, Basketballers to Earn Crypto

Think Tank Calls for Universal EU Crypto Regulations

The European Union, a politico-economic behemoth that often finds it hard to agree on common policies on anything, from immigration to taxation, has been called upon to adopt universal regulations for crypto exchanges and clear rules for crowdfunding through initial coin offerings (ICOs). In a report, the Brussels-based think tank Bruegel argues such an approach would put risks under control while creating conditions to exploit the industry’s potential.

Worried about some innate peculiarities of the space and the technology, including the volatility of young crypto markets and the associated risks of fraud and money laundering, EU leaders and institutions have nevertheless refrained so far from discussing and developing a comprehensive pan-European regulation, citing the relatively small size of the sector and the crypto-euro trade. There are indications this attitude could change as the report in question has been prepared for the Union’s finance ministers’ meeting this Friday and Saturday in Vienna, as reported by Reuters.

Despite the bearish market trends this year, crypto trading and investing has increased in the EU, so has the interest in ICOs – member-states account for 30 percent of the projects funded through digital token sales. This will surely press Brussels to take a closer look at the regulatory challenges. Austria, the current EU president, is now asking its partners whether the applicable EU regulations need to be updated.

Bruegel suggests that entities dealing with cryptocurrency and related instruments, such as crypto exchanges, should be subject to stricter disclosure rules. However, the think tank notes that crypto companies seeking favorable business climates in jurisdictions like the EU-member Malta might need to be tolerated for some time in order to “experiment and learn about the best approaches to this fast-developing technology.”

EEU May Adopt Single Currency, Ruble or Crypto

Belyaninov admitted the EDB is currently a “bit aggressive” with its plans across the EEU and complained the bank’s initiatives are hampered by what he called “incompetent and illiterate judgments” about the current situation in the economic markets. EDB has an authorized capital of $7 billion USD and is supported by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.

Revamped Russian Crypto Law Ready for Discussions in October

Samsung Pay Offers Tokenized Money Transfer Service in Russia

Mobile payment service Samsung Pay is now offering a tokenized cashless transfer service in the Russian Federation, local media reported. Samsung Pay is partnering on the project with Visa, Mastercard, and Multikarta, and the Russian Vneshtorgbank (VTB) will be the acquiring bank. When making a transfer, a randomly generated token will replace the card number thereby protecting the clients’ personal information, mitigating the risks of the data being intercepted by third parties.