The G7 countries plan to tighten regulation of the cryptocurrency sector. The objectives of the authorities are to increase market transparency and protect the owners of digital assets.
According to Kyodo, citing people familiar with the matter, the G7 countries intend to speed up the pace of relevant discussions ahead of the meeting of finance ministers and central bankers, which will take place a few days before the May summit in hiroshima.
The reason for the authorities’ concern was the collapse of the FTX cryptocurrency exchange, as well as the emerging crisis in the global banking system associated with the bankruptcy of Silicon Valley Bank and the closure of Signature Bank, which served cryptocurrency clients.
In this context, the G7 hopes to take a leading role in developing an international legal framework aimed at protecting crypto asset owners.
Japan is chairing the G7 this year and will host a summit in Hiroshima from May 18-22. As Kyodo emphasizes, the Asian state is so far the only member of the G7 that has cryptocurrency regulation rules.
Author:
Ahmed Sadulayev
Source: RB
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