At a meeting of EU finance ministers in Brussels, the rules developed together with the European Parliament were adopted.
The countries of the European Union on Tuesday, May 16, finally approved the first comprehensive set of rules in the world for the regulation of crypto assets. This was reported by Reuters.
It was noted that the regulation of the cryptocurrency market became more relevant for regulators after the collapse of the FTX cryptocurrency exchange.
“Recent events confirm the urgent need for rules to better protect Europeans who have invested in these assets and prevent the crypto industry from being misused for money laundering and terrorist financing,” said the Swedish Finance Minister which is Elisabeth Svantesson, EU Presidency.
The rules require companies wishing to issue, trade and hold crypto assets, tokenized assets and stablecoins in 27 EU countries to obtain a license.
Crypto companies want regulatory certainty, forcing countries to copy EU rules and regulators to develop global rules for cross-border activity.
The UK has outlined a phased approach, starting with stablecoins and expanding it to unbacked crypto assets later, but there is no clear timetable for introducing the rules.
The US is focused on using existing securities rules to enforce sector action while it decides whether to introduce new rules and who will enforce them.
Recall that earlier the National Police, in cooperation with the US FBI, liquidated a network of services for the exchange of crypto-currency obtained by criminal means.
Source: korrespondent
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