Officials of seven of the world’s leading economies cryptocurrency It is preparing to take action for tougher regulations and moves towards the sector.
According to a news shared by Kyodo News; Officials from Japan, the US, the UK, Canada, France, Germany, and Italy will soon be discussing regulations to increase transparency and protect consumers regarding crypto companies.
G7 meeting It will be held in Japan in mid-May.
Kyodo News, citing anonymous officials familiar with the G7’s intentions, stated that its current efforts are aimed at addressing concerns about crypto’s impact on global financial systems.
According to the news, the group plans to announce its position in an official statement in addition to the meeting.
At the heart of the discussion will be the collapse of crypto exchange FTX in November and the recent US banking problems. Kyodo News stated that “the group hopes to lead the way in formulating global standards.”
It should be noted that the G7 is just one of several international organizations that analyze crypto and evaluate regulatory proposals.
According to the report, finance ministers and central bank governors in a group of 20 major economies will discuss crypto-related issues at a meeting in Washington in mid-April.
The international monetary watchdog group, the Financial Stability Board (FSB), also announced that it plans to hold crypto service providers “to the same standards as banks… if they provide the service banks provide,” with an emphasis on digital assets.
According to Kyodo News, the FSB plans to announce the final version of a regulatory framework, or crypto, in July.
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