G-7 Will Push for Tighter Global Crypto Regulations: Kyodo

Discussions on a global framework will speed up ahead of a May meeting of finance ministers and central bankers from the Group of 7 countries.

AccessTimeIconMar 27, 2023 at 11:13 a.m. UTC
Updated Mar 27, 2023 at 5:16 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Group of Seven industrialized nations will make global crypto regulations tougher, with a focus on increasing business transparency and consumer protection, Kyodo News reported Sunday, citing officials with knowledge of the plan.

G-7 discussions on regulating crypto will accelerate ahead of a meeting of financial ministers and central bankers from the countries in mid-May.

Japanese 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 toward a global consensus on regulating crypto. The Financial Stability Board, a standard setter for the global financial system, put forward recommendations for global crypto rules last October.

The risks involved with crypto were a topic of discussion at a meeting of the Group of 20 major economies last month in India. The group plans to submit a document on crypto rules at the meeting of the leaders of the G-20 nations in September in India.

Crypto has come under more scrutiny from regulators following the collapse of the cryptocurrency exchange FTX last year and the recent failures of Silicon Valley Bank, Signature Bank and Silvergate Bank, three banks that were either focused on crypto or had ties to it.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Lavender Au

Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.