G7 Seen Working Together On Stricter Cryptocurrency Regulation

March 27, 2023


The seven largest democracies may advocate stricter cryptocurrency rules at the upcoming G7 summit, according to a March 25 report from Kyoto News Agency. In May, leaders from the European Union, Canada, France, the United States, the United Kingdom, Japan, and other nations are anticipated to lay out a worldwide cooperation plan for digital assets.

These nations will jointly develop a plan to strengthen consumer protections and increase crypto transparency while addressing potential threats to the world financial system. The G7 meeting for this year is scheduled for May in Hiroshima.

The United States has already implemented financial rules for cryptocurrencies while Canada classifies digital assets as securities. Going forward lawmakers are rumored to be working on a legal framework for cryptocurrencies in the near future. Alongside, Japan already has cryptocurrency legislation in place, while the European Union plans to implement its Markets in Crypto-Assets (MiCA) law in 2024.  Precisely, the United Kingdom is planning to establish its crypto framework with the introduction of a dedicated category for cryptocurrency comprising holdings on tax forms and ongoing preparations for a digital pound.

In February 2023, the committee indicated that the three central regulations – Bank for International Settlements (BIS), Financial Stability Board (FSB), and the International Monetary Fund (IMF) are working on issuing standards for digital assets globally.

Furthermore, by July and September, the committee plans to issue recommendations on how to control, monitor, and oversee the markets for crypto assets, stablecoins, and related activities expected to be presented.

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