European Union (EU) member states have given their final approval to the world's first comprehensive set of rules aimed at regulating cryptoassets. The decision puts

pressure on other countries, such as the United Kingdom and the United States, to follow suit and establish their own regulations.

During a meeting in Brussels, EU finance ministers endorsed the rules, which were previously negotiated with the European Parliament and received its approval in April.

The collapse of the crypto exchange FTX has underscored the need for regulators to address the regulation of cryptocurrencies. The approved rules aim to protect European investors in cryptoassets and prevent the misuse of the crypto industry for money laundering and terrorist financing, according to Elisabeth Svantesson, Sweden's finance minister, who currently holds the EU presidency.

Under the new regulations, companies that wish to issue, trade, and safeguard cryptoassets, tokenized assets, and stablecoins within the EU's 27 member countries will be required to obtain a license.

Crypto firms have expressed the need for regulatory certainty, urging other countries to follow the EU's lead and calling on regulators to establish global standards for cross-border crypto activities.

While the United Kingdom has outlined a phased approach, starting with stablecoins and later expanding to unbacked cryptoassets, no firm timetable has been set. The United States, on the other hand, has focused on utilizing existing securities regulations for enforcement actions in the crypto sector, while deciding whether to introduce specialized new rules and determining the appropriate regulatory authority.

Hester Peirce, a commissioner at the U.S. Commodity Futures Trading Commission (CFTC), stated last week that various federal and state authorities are currently exploring their oversight roles in the crypto sector.

"We are still in a somewhat uncertain position," Peirce remarked at a conference, highlighting the ongoing efforts to establish regulatory clarity in the industry.