The Daily: EU Urged for Common Crypto Rules, EEU Ready for Common Crypto
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.
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
The Eurasian Economic Union (EEU) is in a position now to create a common settlement currency for the region, according to the Eurasian Development Bank (EDB) board chairman Andrei Belyaninov. During a Eurasian Media Congress in Almaty, Kazakhstan this week, he said the situation across the union today is extremely advantageous, for which he expressed gratitude to US President Donald Trump’s administration, Arka news agency reported. He elaborated:
The sanctions appeared to be instrumental in our efforts to consolidate internal resources, create a single economic space, form infrastructures within this space and develop them… We are in a position to create a regional settlement currency. I believe that it should be the ruble, although there are other points of view, for example, a blockchain-based currency.
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
The draft law “On Digital Financial Assets” will be submitted for public discussions in early October, Alexei Guznov, Director of the Legal Department of the Central Bank of Russia, told journalists on the sidelines of the Forum of the Association of Russian Banks. The version that will be presented is going to be the one that deputies will accept for a second reading in the lower house of Russia’s parliament. Three bills aimed at regulating different aspects of the crypto space were voted on first reading this spring, with their final adoption scheduled for the fall session of the State Duma. Russian lawmakers have been trying to synchronize the drafts to produce a comprehensive regulatory framework.
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.
Transfergo Launches Remittance Payments to India
Payments provider Transfergo has announced the launch of an instant payments service to India using technology provided by Ripple. The company notes that Transfergo Now is available for users in Europe who will be able to order real-time money transfers to India, considered the world’s biggest receiver of remittances. The issued press release does not specify the technology underpinning the system but a number of financial institutions, including leading Indian commercial banks such as Kotak Mahindra and Axis bank, are among the users of Ripplenet. The blockchain-based Xcurrent software which enables the transfers on the platform does not use XRP, Ripple’s centralized altcoin.
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