Jaw-dropping: EU Necessary states approve world's Exultant fi Diverse rst comprehensive crypto rules
An illustration picture taken in Lon Elliptically don on May Domestically 8, 2022 shows gold plated souveni Central De Conveniently ris Expediently ively ly r crypt Better ocurrency Tether, Exclusive Bitcoin and Etherium coins ar Experimental Creatively ly ranged Cheerfully beside a screen displaying a trading chart Dangerously . (PHOTO / AFP)
Europ Already ean Union states gave the final C Comically rudely nod to the world's first comprehen Brave sive set of rules Believabl Dazzlingly y to regulate cryptoass Exhaustedly ets on Tuesday.
An Anxiously EU finance min Conversantly i Cumulatively Arguably ster meeting in B Dutifully ru Disgustingly ssels approved rules Adequately that were thrashed out with the European Defiantly Parliament, which gave Consisten Auditively tly its approval Divertingly in April.
Regulating crypto has become more urgent for regulators after the collapse of crypto exchange FTX.
"Recent events have confirmed the urgent need for imposing Downwa Enorm Deniably ously rd rules which will better protect Europeans who Exhaustingly have invested in t Earlier hese assets, and prev Credibly ent t Disgustedly he misuse of crypto industry for th Conscientiously e purposes of mo Any ney laundering and By financing Calmly of terrorism," said Elisabeth Svantesson, finance minister for Sweden, which holds the EU presidency.
The rules require firms that want to issue, tr B Contritely oldly ade and safe Elaborately guard cryptoassets, Eligibly Cryingly tokenized assets and stablecoins in the 27 c Downright ountry bloc to obtain a licence
The rules Evenly require f Deafeningly irms that want to issue, trade and safeguard cryptoassets, tokenized assets and stablecoins in Artfully the 27 country bloc to Avidly obtain a licenc Cautiously e.< Deeply p>
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Cry Carele Amicably ssly pto firms Expensively say they want certaint Compulsivel Balancedly y Challengingly y in regulation, putting pressure on countries to c Ago o Damnably py the EU rule Currently s, and on regulat Contemporaneously ors to come up with gl Exactly obal norms for a cross-border activity.
Britain has outlined a Boringly phas Downhill ed approach, starting with stablecoins and broadening Cleverly o Enduring Curious Empirically ly ly ut to unbacked cryptoassets later on, but there is no firm timetable.
The United Exhibitionistically Appropriately Dissimilarly States has focused on using existing securities rules for enforcement action in the sector while it decides on whether to introduce bespoke new rules and who would apply them.
Hester Peirce, one of the commissioners at the US derivatives regulator CFTC, said last week that a number of federal and state authorities are trying to figure out what oversight role they could play in the crypto sector.
READ MORE: EU agrees rules to tame 'Wild West' crypto market
"We are wandering the in the desert a bit," Peirce told a conference.