The G7 finance chiefs have called for a swift and comprehensive regulation of crypto assets. cryptocurrency bitcoin $BTC
The G7 decision followed the recent crypto market turmoil, including the collapse of cryptocurrencies LUNA and UST.The finance ministers and central bank governors from the Group of Seven industrialized nations convened in Bonn and Königswinter, Germany, on May 18–20.
“The G7 supports work by the Financial Stability Board to monitor and address financial stability risks arising from all forms of crypto-assets, and welcomes increasing global cooperation to address regulatory issues associated with the use of crypto-assets, including in cross-border payments,” according to the communique summarizing the finance leaders’ key decisions, published Friday.
“In particular, the G7 calls for rapid implementation of the Financial Action Task Force ‘travel rule’ and stronger disclosure and regulatory reporting, for instance, as regards reserve assets backing stablecoins,” the finance leaders continued, adding: “The G7 remains committed to high regulatory standards for global stablecoins, following the principle of same activity, same risk, same regulation,” the communique concludes.
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