Crypto assets should be held to the same standards as the rest of the financial system, the grouping of finance ministers from the world's seven largest developed economies said.
"The G7 remains committed to high regulatory standards for global stablecoins, following the principle of same activity, same risk, same regulation," it said. The statement confirmed reports that the Financial Stability Board (FSB) has been asked to speed up work in the wake of the market shock.
The missive also called for implementation of the Financial Action Task Force (FATF) travel rule, a controversial anti-money laundering provision that jurisdictions, such as the European Union, are currently legislating for, and for "stronger disclosure and regulatory reporting, for instance, as regards reserve assets backing stablecoins."
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.