G7 to collaborate on tighter crypto regulation: Report

Share This Post

Leaders from Japan, the United States, the United Kingdom, Canada, France, Germany, and the European Union are expected to outline a global cooperative strategy for digital assets in May.

The next G7 meeting might bring a push from the seven biggest democracies for tougher regulations on cryptocurrencies around the world, Kyoto news agency reports on March 25.

Together, leaders from Japan, the United States, the United Kingdom, Canada, France, Germany, and the European Union will outline a cooperative strategy to increase crypto transparency and enhance consumer protections, as well as address potential risks to the global financial system, officials told Kyoto. This year’s summit is set to happen in Hiroshima, in May.

Among G7 members, Japan already regulates cryptocurrencies, while the European Union’s Markets in Crypto-Assets (MiCA) regulation is set to go into effect in 2024. The United Kingdom is gradually developing its crypto framework, with a special category for crypto assets on tax forms recently introduced, as well as plans for a digital pound.

Related: The limitations of the EU’s new cryptocurrency regulations

Canada treats digital assets as securities and the United States currently applies existing financial regulations, with some anticipating a crypto regulatory framework from lawmakers in the coming months.

Parallel efforts towards standards for digital assets are being made by the Financial Stability Board (FSB), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS), the group of the 20 biggest economies of the world — collectively known as G20 — announced in February during a meeting in Bengaluru, India.

India’s finance minister, Nirmala Sitharaman, during FMCBG meeting in Bengaluru. Source: Ministry of Finance

Recommendations on the regulation, supervision and oversight of global stablecoins, crypto assets activities and markets are scheduled to be delivered by July and September. It is unclear, however, what the overall tone of the recommendations will be.

For instance, in February the IMF released an action plan on crypto assets, urging countries to abolish legal tender status for cryptocurrencies. The IMF opposition to crypto as legal tender is well known, especially since El Salvador adopted Bitcoin as its official currency in September 2021. The fund, however, has been advocating for countries to adopt greater crypto regulation, while it’s working on an interoperable central bank digital currency platform to connect multiple global CBDCs and enable cross-border transactions.

Magazine: Best and worst countries for crypto taxes — plus crypto tax tips

Read Entire Article
spot_img

Related Posts

Coinbase Launches Interlocutory Appeal In SEC Case – Details

Coinbase is seeking an interlocutory appeal in its ongoing court case with the US Securities and Exchange Commission (SEC) This petition marks the latest development in a highly-monitored lawsuit

Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000

There’s no denying the launch of Spot Bitcoin ETFs has done wonders for the price of Bitcoin and other cryptocurrencies in general These ETFs have now unlocked institutional demand into the

USDE and FDUSD Experience Brief Depegs Amid Saturday’s Crypto Market Shake-Up

The fifth-largest stablecoin in the crypto economy by market capitalization, Ethena’s USDE, temporarily detached from its peg on Saturday amid market declines Data reveals that the token,

Crypto Advocates Weigh in on Bitcoin’s Sudden Drop Amid Middle East Tensions

On April 13, Iran initiated a drone strike on Israel followed by reports that unmanned aerial vehicles (UAVs) were intercepted by Israeli, US, and other Western allied forces Concurrently, bitcoin

Hong Kong ETFs: Issuers Claim Mainland China Funds Cannot Invest In Crypto Products

Bitcoin and Ether spot exchange-traded funds (ETFs) are set to receive the final approvals in Hong Kong as early as Monday next week According to a recent Matrixport report, these investment products

“Smart Bouncers” and selective transparency: A preventative compromise to brash FinCEN proposal

To reveal or not to reveal That is starting to become the question when it comes to data on the blockchain Transparency and immutability might disable the control of data by large power structures,
- Advertisement -spot_img