%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment The European Union (EU) has officially approved the world's first comprehensive set of %Cryptocurrency regulations. The new regulations were given final approval during a meeting of European Union finance ministers held in Brussels, Belgium. The rules were developed and previously approved in the European Parliament in April of this year. Pressure has been mounting on governments to regulate the cryptocurrency sector following the $8 billion U.S. collapse last November of crypto exchange FTX. Going forward, any firms that want to issue, trade or hold cryptocurrency assets, tokenized assets, or %Stablecoins in the 27-nation European Union will need to obtain a license. The European Union says its regulators are now focused on developing rules for cross-border cryptocurrency activities with their counterparts in the U.S. and United Kingdom, as well as Asian territories. The United Kingdom has outlined a phased approach to crypto regulation, starting with stablecoins and broadening out to other unsecured crypto assets. However, British regulators have given no firm timetable for the new crypto rules to come into effect. American regulators have focused on using existing securities rules for enforcement actions in the crypto sector while they decide on whether to introduce entirely new regulations similar to the European Union. The U.S. Securities and Exchange Commission (SEC), and other U.S. regulatory bodies, have said they are trying to figure out what oversight role they will ultimately play in the crypto space.