A Belgium-based think tank is arguing that the EU should create a single standard for cryptocurrency rules in a report sent to finance ministers within the economic bloc.

Bruegel, based in Brussels, the Belgian capitol, believes that the EU needs "common rules" on cryptocurrencies, as well as how tokens are distributed and traded, Reuters reported Wednesday. It's report comes in advance of an "informal meeting of economic and financial affairs ministers" later this week. The report is not yet publicly available.

The report says the EU should enforce common regulations on crypto exchanges and initial coin offerings (ICOs) as well, according to Reuters. That being said, the report notes that bitcoin's decentralized nature makes regulating the cryptocurrency itself "impossible."

As such, it emphasized that any regulations would have to apply to exchanges or other related companies. It also referenced China's crackdown on cryptominers, noting that mining farms can be banned as well.

The news comes a day after lawmakers in the European Parliament met to discuss standardizing ICO rules under crowdfunding regulations.

Ashley Fox, a Member of the European Parliament (MEP), has submitted a draft proposal for creating a common standard for ICO regulations within the EU and select other nations. If adopted, the rules would allow for startups to raise funds and operate in each of the member nations, rather than just the specific country they are based out of.

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