The Council of the European Union, which is composed of 27 countries, has just unanimously approved the draft law to regulate the crypto assets market (MiCA).
In addition, EU member states have also approved new measures aimed at combating money laundering.
The bill on the comprehensive regulation of the crypto sector, which was passed on April 20, requires companies to obtain a license to operate in a block of countries and stablecoin issuers to have a backup.
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Elisabeth Svantesson, head of Sweden's Ministry of Finance, has said:
"Today we are delivering on our promise to start regulating the crypto-assets sector. Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism."
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In addition to MiCA, the EU Council has agreed on a draft law on tax reporting for cryptocurrency companies.
The document obliges companies to provide state authorities with information about their clients' balances. The initiative has not yet become an official law, as this requires the approval of the European Parliament.