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EU Sets First Rules to Regulate Cryptocurrencies

European Union officials agreed on rules that would regulate the crypto market in the bloc, forcing platforms to seek authorization to operate and providing safeguards to users.

The agreement still needs to go through Brussels’ complex legal process and might not kick in until 2024. However, officials say it will make the EU the first broad region with common crypto-asset regulation in the world. Some countries have national legislation governing digital assets, but these would mark the first EU-wide rules.