The upcoming G7 meeting could bring a push from the seven largest democracies for stricter regulations on cryptocurrencies around the world, Kyoto news agency reported. reports on March 25.
Together, the leaders of Japan, the United States, the United Kingdom, Canada, France, Germany, and the European Union will outline a cooperative strategy to increase the transparency of cryptocurrencies and improve consumer protection, as well as address potential risks to the financial system. world. officials told Kyoto. This year's summit will take place in Hiroshima in May.
Among the G7 members, Japan already regulates cryptocurrencies, while the European Union's Markets for Crypto Assets (MiCA) regulation will come into force in 2024. The UK 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 new EU cryptocurrency regulations
Canada treats digital assets as securities and the United States currently apply existing financial regulations, with some anticipating a crypto regulatory framework of legislators 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 world's 20 largest economies, collectively known as the G20, announced in February during a meeting in Bangalore . , India.
Recommendations on the regulation, supervision, and supervision of global stablecoins, crypto-asset markets and activities are scheduled to be delivered in July and September. However, it is not clear what the general tone of the recommendations will be.
For example, in February, the IMF published an action plan on crypto assets, urging countries to abolish Legal tender status for cryptocurrencies. The IMF's opposition to cryptocurrencies as legal tender is well known, especially since El Salvador adopted Bitcoin as its official currency in September 2021. However, the fund has been advocating that countries adopt greater crypto regulationwhile it is labor into a central bank interoperable digital currency platform to connect multiple global CBDCs and enable cross-border transactions.
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