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Why did European Union states give a final nod to cryptocurrencies?

Image Credit: Shutterstock European Union states on Tuesday gave the final nod to the world's first comprehensive set of rules to regulate cryptoassets on Tuesday, piling pressure on countries such as Britain and the United States to play catch up.

Will European countries play catch up with cryptocurrencies?

May 16 (Reuters) - European Union states on Tuesday gave the final nod to the world's first comprehensive set of rules to regulate cryptoassets on Tuesday, piling pressure on countries such as Britain and the United States to play catch up.

What are the new crypto rules?

The rules require firms that want to issue, trade and safeguard cryptoassets, tokenised assets and stablecoins in the 27 country bloc to obtain a licence. Ministers took steps to combat tax evasion and the use of cryptoasset transfers for money laundering by making transactions easier to trace.

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