Global regulators will shortly propose the first set of international rules for cryptoassets, including how existing norms could apply to the sector, a top regulator said on Tuesday.

Cryptoasset companies are calling for a globally-coordinated approach to give certainty to the sector as they face a “fire hose” of differing approaches.

The European Union on Tuesday approved a first set of comprehensive rules, a step firms said would attract them to set up shop in the bloc.

“Once finalised the recommendations will deliver a first globally coordinated set of rules for crypto-assets,” Jean-Paul Servais, chair of global securities regulatory body IOSCO told an event held by the Managed Funds Association in Paris.