The G7 will discuss adding tighter crypto restrictions to their agenda when they meet in Japan later this year.
The group of seven nations (Canada, France, Germany, Italy, Japan, UK and US) will meet in Hiroshima, Japan, in May to discuss potential risks to the world’s financial system.
While many countries are already looking to introduce their own regulations, the G7 strive to develop global standard regulations.
Among the G7 members, Japan already regulates cryptocurrencies, while the European Union’s Markets in Crypto-Assets regulation is set to come into effect in 2024.
The UK is currently developing its own crypto framework, with a special category for crypto assets on tax forms recently introduced and plans for a digital pound in the works.
The need for a regulatory framework has been prompted by the collapse of crypto exchange FTX and the domino effect which resonated throughout the entire crypto space, resulting in a record-breaking fall in cryptocurrency.
The US Securities and Exchange Commission has recently warned American investors to be cautious when considering crypto asset securities investments due to the number of scams leading to “devastating losses” with fake coin offerings, Ponzi and pyramid schemes, and “outright theft”.
In October, the Financial Stability Board said crypto assets should be subject to regulations for commercial bank activities. It is planning to propose a regulatory framework for crypto by July.
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