G7 nations seek to adopt tougher crypto regulations with focus on consumer protection: Report
Officials from the world’s seven largest economies are reportedly seeking to introduce stricter rules for the crypto sector.
According to Kyodo News, officials from Japan, the United States, the United Kingdom, Canada, France, Germany and Italy will soon discuss new rules to increase transparency with crypto companies and strengthen consumer protection.
Japan is hosting the G7 summit in mid-May.
Citing unnamed officials with knowledge of the group’s intentions, Kyodo News says its efforts are meant to address concerns about the impact crypto could have on global financial systems.
The group intends to state its position in an official statement from outside the meeting, according to the report.
The impetus for the discussion includes November’s implosion of crypto exchange FTX and the recent US banking troubles.
Kyodo News reports that “the group hopes to take the lead in formulating global standards.”
The G7 is just one of several international entities that analyze crypto and consider regulatory recommendations.
According to the report, finance ministers and central bank governors from the Group of 20 major economies will discuss issues related to crypto at their mid-April meeting in Washington.
The international monetary watchdog group, the Financial Stability Board (FSB), has also weighed in on digital assets, saying it plans to hold crypto service providers “to the same standards as banks … if they offer the same service that banks offer.”
The FSB plans to announce its final version of a regulatory framework or crypto in July, according to Kyodo News.
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