European Union countries are close to reaching a deal in the Markets in Crypto-Assets (MiCA) regulatory framework, Bloomberg reports.
Negotiators still have to iron out certain issues before reaching a consensus.
The regulation of non-fungible tokens (NFTs) and stablecoins is a hot-button issue at the center of ongoing debates.
Regulators are mulling over limiting the size of transactions made with dollar-backed cryptocurrencies.
Member states are also considering creating a slew of anti-money laundering rules that have to be included in the regulatory framework.
In March, EU lawmakers also approved a crackdown on anonymous cryptocurrency transfers. The draft bill is still undergoing trialogue negotiations.
France, which is currently at the helm of the council of the European Union, is presiding over the ongoing discussions.