The new regulations are expected to be influential outside the EU by setting a trend akin to the standards the bloc has set on data privacy. However, NFTs will not be included in the legislation.
In a separate regulatory development on Wednesday, the EU agreed on new rules subjecting cryptocurrency transfers to the same money-laundering rules as traditional banking transfers.
When a crypto asset changes hands, information on both the source and the beneficiary would have to be stored on both sides of the transfer, according to the new rules. Crypto companies would have to hand this information over to authorities investigating criminal activity such as money laundering or terrorist financing.
