The European Union has approved the world's first comprehensive crypto laws

On Tuesday, European Union member states approved the world's first complete set of laws to regulate cryptoassets, putting pressure on countries such as the United Kingdom and the United States to come up.

An EU finance ministers meeting in Brussels endorsed guidelines hammered out with the European Parliament, which approved them in April.

Following the bankruptcy of crypto exchange FTX, officials have prioritised crypto regulation.

“Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism,” said Elisabeth Svantesson, finance minister for Sweden, which holds the EU presidency.

The rules compel enterprises in the 27-country bloc to seek a licence in order to issue, trade, and safeguard cryptoassets, tokenized assets, and stablecoins.

Crypto businesses say they seek regulatory stability, increasing pressure on countries to adopt EU laws and regulators to develop global norms for cross-border activities.

Britain has proposed a staged approach, beginning with stablecoins and gradually expanding to unbacked cryptoassets, but there is no specific timeframe.

While deciding whether to adopt customised new laws and who would apply them, the United States has focused on using existing securities rules for enforcement action in the sector.

Hester Peirce, one of the CFTC's commissioners, stated last week that a variety of federal and state authorities are attempting to determine what oversight role they can play in the crypto sector.

“We are wandering the in the desert a bit,” Peirce told a conference.

By fLEXI tEAM