Subject. This article discusses the approaches to the regulation and development of the crypto asset market in the EAEU countries. Objectives. The study aims to reveal the features of crypto assets regulation and taxation in the EAEU countries, to determine the measures taken by regulators and their impact on the development of the cryptoasset market. Methods. For the study, I used the methods of scientific cognition, comparison and generalization, and the analytical method. Results. The article reveals the most important aspects of regulating the market, and identifies the main factors that restrain and stimulate the development of crypto activities in the EAEU countries. Conclusions. Digital transformation of financial systems necessitates revising approaches to the regulation of crypto assets in countries with developed market economies. Crypto activity is increasingly crossing the legal sphere, the crypto infrastructure is developing. The Alliance countries need to harmonize legislative acts regulating crypto-asset circulation and implement unified rules for their circulation that correspond to modern realities.
Keywords: crypto assets, tokens, Eurasian Economic Union (EAEU), regulation of crypto assets, risks
References:
Baur D.G., Dimpfl T. Asymmetric Volatility in Cryptocurrencies. Economics Letters, 2018, vol. 173, iss. 4, pp. 148–151. DOI: 10.1016/j.econlet.2018.10.008
Kochergin D.A. [Crypto-assets: Economic nature, classification and regulation of turnover]. Vestnik mezhdunarodnykh organizatsii, 2022, vol. 17, iss. 3, pp. 75–130. (In Russ.) DOI: 10.17323/1996-7845-2022-03-04 EDN: ISTXME
Blandin A., Cloots A.S., Hussain H. et al. Global cryptoasset regulatory landscape study. University of Cambridge Faculty of Law Research Paper, 2019, no. 23, p. 121.
Emmert F. The Regulation of cryptocurrencies in the United States of America. European Journal of Law Reform, 2023, pp. 27–122.
Bouri E., Das M., Gupta R. et al. Spillovers between Bitcoin and other assets during bear and bull markets. Applied Economics, 2018, vol. 50, iss. 1, pp. 1–15. DOI: 10.1080/00036846.2018.1488075
Stolbov M.I. [The 10th anniversary of the cryptocurrency market: Its current state and prospects]. Voprosy ekonomiki, 2019, no. 5, pp. 136–148. DOI: 10.32609/0042-8736-2019-5-136-148 EDN: GMPVEI
Cumming D.J., Johan S., Pant A. Regulation of the crypto-economy: Managing risks, challenges, and regulatory uncertainty. Journal of Risk and Financial Management, 2019, vol. 12, iss. 3, p. 126. DOI:10.3390/jrfm12030126
Ozili P.K. CBDC, FinTech and cryptocurrency for financial inclusion and financial stability. Digital Policy, Regulation and Governance, 2022, vol. 25, iss. 1, pp. 40–57. DOI: 10.1108/DPRG-04-2022-0033
Auer R., Claessens S. Regulating cryptocurrencies: Assessing market reactions. BIS Quarterly Review, 2018, pp. 51–65.
Martin Y.M., Perez D., Gonzalez-Briones A. et al. Cryptocurrencies, survey on legal frameworks and regulation around the world. International Congress on Blockchain and Applications, Springer, 2023, pp. 58–66. DOI: 10.1007/978-3-031-21229-1_6
