G7 countries put crypto regulations on the radar

G7 countries put crypto regulations on the radar

Authorities said in a statement on Sunday, G7 democracy group, aiming to increase trade transparency and consumer protections cryptocurrency He said he would encourage tougher regulations in the industry.

According to officials, the G7 countries will step up for relevant talks at a meeting in mid-May, where finance ministers and officials from the central bank will come together.

Concerns about the potential risks posed by crypto assets on the global financial system continue to be discussed. For this, Japan and other member states will underline the joint efforts with a leaders’ statement to be published.

Meanwhile, the G7 countries include Germany, the United States, the United Kingdom, Italy, France, Japan and Canada. At the same time, this joint declaration of the European Union is also mentioned.

Authorities announced that in November, the cryptocurrency exchange FTXHe drew attention to the mismanagement of the industry following the collapse of . The shock waves created by the great collapse in the financial markets were also highlighted.

Officials speaking on behalf of the G7 also highlighted the period when investors were shaken by two major bank failures in the United States this month (Silicon Valley Bank and Signature Bank).

Crypto regulations in G7 countries

Japan, one of the G-7 members, already has cryptocurrency regulations. Canada and the United States are currently implementing existing financial regulations. While the legal status and rules for virtual assets vary from country to country, the G7 countries hope to take the lead in formulating global standards.

Internationally, the Financial Stability Board (FSB), headquartered in Switzerland, issued a set of recommendations for establishing a regulatory framework in October last year, where it said that crypto assets should also be subject to regulations for commercial bank activities.

While the FSB plans to announce the final version of the framework in July this year, the International Monetary Fund (IMF) released a policy paper in February outlining key elements that should be considered by each country in developing comprehensive and coordinated rules following the spread of cryptocurrencies.

IMF executives agreed, among other guidelines, that cryptoassets in general should not be given official currency or legal tender status.

According to the officials, who spoke on anonymity, issues related to cryptoassets are also likely to be on the agenda of the meeting of finance ministers and central bank governors of the 20 major economic groups, which will be held in Washington in mid-April.

Soruce : https://tr.cointelegraph.com/news/g7-countries-push-for-tighter-crypto-regulations

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