Crypto-assets are rapidly becoming a mainstream phenomenon in the global financial system. This is owing to developments in technology, an increase in token issuances and the existence of tens of thousands of old and emerging crypto-asset projects around the world. There is consensus that the financial sector stands to gain from crypto-assets, for example in terms of cost reductions, increased effectiveness and openness. The rapid expansion of cryptocurrencies' ecosystem has intensified the attention of regulatory communities. Regulators are increasingly being challenged to respond fast and appropriately to protect customers, investors and populations from crypto-related risks, address the risks themselves and still promote technological advancement in this area. Currently, there are notable crypto regulatory loopholes in many jurisdictions of the world, not the least of which are those in the European Union. These gaps have helped to add to legislative ambiguity and weak protection of investor and property rights as regards to cryptocurrencies. Several European countries have made proactive attempts to develop domestic regulatory frameworks for crypto-assets. Many national, regional and international supervisory and regulatory institutions have participated in the crypto discourse which is demonstrated by issuance of various reports, analyses and policy statements highlighting risks and providing regulatory proposals. Following thorough consultation and review of the cryptocurrency ecosystem, the European Commission has recently asserted its authority over these very dynamic virtual assets and launched a framework for a regulation on Markets in Crypto-assets to address the risks germane to the crypto-asset markets within the context of the European Union. This research paper evaluates the European Union's present regulatory approach to cryptocurrencies. Particularly, the paper focuses on the issues, challenges and consideration of these approaches. The paper synthesizes extant research findings, expert opinions and institutional reports of the major regulatory, supervisory, oversight and advisory bodies, as well as those of relevant national and international agencies within the European Union.

加密资产正迅速成为全球金融体系的主流现象。这是由于技术的发展、代币发行量的增加以及全球数以万计的旧有和新兴加密资产项目的存在。人们一致认为，金融部门将从加密资产中获益，例如在降低成本、提高效率和开放性方面。加密货币生态系统的快速扩张加剧了监管机构的关注。监管机构面临越来越多的挑战，要求他们做出快速和适当的反应，以保护客户、投资者和民众免受与加密货币相关的风险，自行解决风险，并继续推动该领域的技术进步。现在，世界上许多司法管辖区都存在明显的加密货币监管漏洞，其中最重要的是欧盟的司法管辖区。这些差距有助于增加立法的模糊性和对加密货币投资者和财产权的薄弱保护。一些欧洲国家已积极尝试制定国内加密资产监管框架。许多国家、地区和国际监督和监管机构都参与了加密货币的讨论，通过发布各种强调风险的报告、分析和政策声明以及提供监管建议来证明这一点。在对加密货币生态系统进行全面咨询和审查之后，欧盟委员会最近宣称其对这些非常活跃的虚拟资产拥有权威，并启动了一个加密资产市场监管框架，以解决欧盟范围内与加密资产市场密切相关的风险。本研究论文评估了欧盟目前对加密货币的监管方法。特别是，本文侧重于这些方法的问题、挑战和考虑。该文件综合了主要监管、监管、监督和咨询机构以及欧盟内相关国家和国际机构的现有研究结果、专家意见和机构报告。