The rules were described as a "world first” by the European Commission's Mairead McGuinness, and also an “end of the Wild West era for crypto assets," according to Green Party lawmaker Ernest Urtasun. The laws, which will be enforced at the state-level, still need to be officially approved by the supra-governmental body called the EU Council, are just about cleared to take effect next year. (The Council’s approval is more of a formality at this point, considering it already approved the text of the law last year.)