Leaders of the Group of Seven (G7) industrialized countries are preparing to deliberate on regulations to increase transparency and consumer security in the crypto sector, according to a Kyodo News report. The global regulators seek to set international standards for the emerging digital asset industry ahead of the G7 meeting in Japan in May.
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Important Information
- Members of the G7, which include Japan, the U.S., U.K., Canada, France, Germany and Italy, in addition to the European Union, are expected to include cryptocurrency regulation in the leaders’ declaration that typically follows the summit, Kyodo News reported citing unnamed sources.
- A G20 meeting of financial ministers and central bank governors is also scheduled to take place in Washington D.C. this April, which will discuss the crypto regulations, according to Kyodo.
- Japan recently declared relaxed restrictions on the crypto sphere, allowing domestic investors to purchase certain overseas stablecoins on local platforms.
- Hong Kong and South Korea have also unveiled new measures to promote the potential benefits of the digital asset class, as well as metaverse initiatives.
- The U.S. is taking a different approach, as financial regulators have imposed fines and threatened legal action against crypto staking services, alleging they violate the country’s securities laws.
- Texas is introducing legislation to protect crypto investment, showing the difference in opinion on how to manage the disruptive industry.
- The International Monetary Fund (IMF) has released an action plan warning countries not to grant cryptocurrencies official currency or legal tender status, citing risks to monetary stability.
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