G7 to push for tougher global crypto regulation

At the upcoming G7 leaders’ meeting, there will be talks on tightening the regulation of digital assets worldwide, Kyodo News reports.

According to the publication’s sources, G7 representatives will consider a cooperative strategy to bolster transparency in the crypto industry, strengthen consumer protections, and mitigate risks to the global financial system.

The next G7 summit will be held in Hiroshima, Japan, in May 2023.

Earlier, IMF managing director Kristalina Georgieva said that the organization would prefer to regulate cryptocurrencies, but does not rule out banning them if higher risks to financial stability arise.

Earlier this year, the European Parliament postponed the final vote on the comprehensive regulation of crypto-asset markets to April.

The bill includes rules that apply to issuers of unbacked crypto assets, stablecoins, and trading and custodial platforms.