The Group of Seven (G-7) will toughen global crypto regulation, with a focus on increasing business transparency and consumer protection, Kyodo News reported, citing officials with knowledge of the plan.
G-7 discussions on regulating crypto will speed up ahead of a meeting of financial ministers and central bankers in mid-May.
Japan’s Prime Minister Fumio Kishida will host this year’s G-7 summit in Hiroshima. G-7 members will state their joint intentions for tougher crypto policies in a leaders’ declaration, the report added.
Japan already has one of the tightest regulatory regimes for crypto, with FTX Japan customers being some of the first to get their money back from the collapsed crypto exchange.
Regulators across the world have been working towards a global consensus on regulating crypto. The Financial Stability Board put forward recommendations towards global crypto rules last October.
Risks involved in crypto also featured in discussions between the Group of 20 (G-20) major economies last month. A synthesis paper detailing global crypto rules will be submitted during India’s G-20 presidency, which is to end in September this year.
Crypto has come under more scrutiny from regulators following the collapse of the cryptocurrency exchange FTX last year, and the failures of Silicon Valley Bank (SVB), Signature Bank (SBNY) and Silvergate Bank.
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