G7 Nations Seek To Enact Tougher Crypto Regulations Focused on Consumer Protection: Report

1 year ago 1019

Officials from the world’s seven largest economies are reportedly seeking to enact tougher regulations on the crypto sector.

According to Kyodo News, officials from Japan, the US, the UK, Canada, France, Germany and Italy will soon discuss new regulations to increase transparency with crypto companies and bolster consumer protections.

Japan is hosting the G7 summit in mid-May.

Kyodo News cites unnamed officials with knowledge of the group’s intentions and says their effort is meant to address concerns about the impact crypto could have on global financial systems.

The group intends to state its position in an official declaration from outside of the meeting, per 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 is hoping to take the lead in formulating global standards.”

The G7 is just one of several international entities analyzing crypto and considering regulatory recommendations.

Per the report, finance ministers and central bank governors from the Group of 20 major economies will discuss issues associated with crypto at its mid-April meeting in Washington.

The international monetary watchdog group, the Financial Stability Board (FSB), has also weighed in on digital assets, saying that they plan to hold crypto service providers “to the same standards as banks… if they provide the same service that banks provide.”

The FSB plans to announce its final version of a regulatory framework or crypto in July, according to Kyodo News.

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