G-7 finance ministers reportedly held discussions on the regulation of cryptocurrencies prior to the upcoming Japan summit. The representatives expressed their commitment to adhering to the standards established by the Financial Stability Board (FSB) and the International Monetary Fund (IMF) regarding crypto assets and central bank digital currencies (CBDCs).
FSB will be providing final recommendations by July 2023 and pledged to implement effective regulatory frameworks for crypto assets and stablecoin arrangements in accordance with the appropriate guidance and standards established by standard-setting bodies (SSBs).
Many also expressed their support for the Financial Action Task Force (FATF) and its efforts to expedite the global implementation of the travel rule, which mandates the exchange of information on fund transfers between financial institutions both domestically and internationally.
Everyone involved is eagerly awaiting the progress report by the FATF on the travel rule implementation due to the increasing threats posed by illicit activities like money laundering and terrorist financing, among others.
Furthermore, the IMF will be providing its own recommendations on CBDCs, to be published later this year and discussed during the upcoming summit. The G-7 consists of the United States, United Kingdom, Canada, France, Germany, Italy, and Japan, with additional representatives from the European Union, Australia, India, and other jurisdictions invited to participate in the event.
Crypto Regulations Discussed Ahead Of Upcoming G-7 Summit
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
December 22,2024
Bitcoin Slumps After Hitting ATH As Altcoins Try To Stabilize
December 22,2024
Avery Ching To Become New Aptos Labs CEO As Mo Shaikh Steps Down
December 21,2024
Chainlink And Shiba Inu Will Work Together To Enhance Interoperability
December 21,2024
Worldcoin Ordered By German Regulator To Delete User Data
December 20,2024
These 3 AI Agents Are Still Going Strong Despite Market Pullback
December 20,2024
Market Braces For Impact As U.S. SEC Faces Possible Shutdown
December 20,2024
Ramaswamy Confirms Twitter Hack As USUAL Partnership Turns Out To Be Fake
December 20,2024
Nexus Attracts Over 1.5M Nodes During Successful Testnet
December 19,2024
Kraken Launches Ink Ahead Of Schedule Due To Overwhelming Community Support
December 19,2024
SUI Continues Strong Momentum After Surging 500% In 4 Months
December 19,2024
Crypto Community Celebrates As Caroline Crenshaw Loses Renomination Bid
December 19,2024