EU leads the way with world's first comprehensive crypto regulation, while US falls behind.

EU states have approved the world's first comprehensive set of rules to regulate crypto assets, requiring firms that want to issue, trade and safeguard crypto assets, tokenized assets and stablecoins in the 27-country bloc to obtain a license. The move puts pressure on countries such as Britain and the United States to follow suit and come up with global norms for cross-border activity. Regulating crypto has become more urgent for regulators after the collapse of crypto exchange FTX.