- G-7 unites to embrace upcoming crypto asset regulations set by the FSB.
- G-7 reaffirms support for IMF’s guidelines on central bank digital currencies.
- Finance ministers and central bank governors discuss crypto asset supervision at the G-7 meeting in Niigata, Japan.
In a resounding display of unity, the Group of Seven (G-7) intergovernmental political forum has voiced its unwavering dedication to embracing the upcoming regulations for overseeing crypto assets set forth by the Financial Stability Board (FSB).
Additionally, the G-7 has reaffirmed its support for the International Monetary Fund’s (IMF) guidelines on central bank digital currencies, cementing its determination to stay at the forefront of the evolving financial landscape.
During a meeting in Niigata, Japan, finance ministers, and central bank governors from the G-7 countries discussed the supervision of crypto assets. Moreover, the meeting took place on Saturday, preceding the upcoming G-7 summit. Prime Minister Fumio Kishida of Japan, who is hosting the summit this year, has revealed that G-7 leaders intend to express their collective endorsement of more stringent cryptocurrency regulations.
As the current president of the G-20, India has been actively advocating for internationally synchronized regulations concerning cryptocurrencies. In February, the G-20 announced that upcoming global norms for cryptocurrencies would be formulated based on a collaborative synthesis paper prepared by IMF and the FSB.
Holding the presidency of the G-20, India has been actively advocating for implementing globally coordinated regulations about cryptocurrencies. In a significant development, the G-20 announced in February that future global standards for cryptocurrencies would be founded upon a newly crafted synthesis paper created through a collaborative effort between the IMF and the FSB.
G7 Commits to Harmonized Crypto Regulations
Notably, the G-7 has signaled its intent to adopt the guidelines established by the FSB. Thereby aligning its approach with the broader framework based on the G-20. Additionally, this coordinated effort aims to ensure consistent and harmonized rules governing the crypto sphere across nations.
In their statement, the participants anticipated that the FSB would conclude its high-level recommendations by July 2023. However, they pledged their dedication to implementing robust regulatory and supervisory frameworks concerning crypto-asset activities, markets, and stablecoin arrangements.
Hence, these frameworks would align with the FSB’s recommendations and the guidance provided by standard-setting bodies (SSBs) provided. By adhering to these guidelines, they aim to establish a coherent and effective system of regulations for the crypto sector.
Furthermore, the participants emphasized the importance of consistency with international standards to ensure the stability and integrity of crypto markets.
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