cryptointelligence.co.uk
Group of Seven (G7) countries could see some of the world’s largest economies cracking down on cryptocurrency markets, a Kyoto News report found on Saturday.
The United States, United Kingdom, Japan, Canada, Germany, France, and the European Union are set to cooperate on boosting cooperation on transparency and consumer protection for crypto investors.
It also aims to tackle risks to global markets, the report added.
G-7 to push for tighter #cryptocurrency regulationshttps://t.co/HZDuyvqDKX#G7 #KyodoNewsPlus
— Kyodo News | Japan (@kyodo_english) March 26, 2023
The annual summit will take place in Hiroshima in May and will host the nations in a bid to create a coordinated framework for crypto regulations.
Several nations, including South Korea, the European Union, Japan, and the United Kingdom have begun outlining their crypto regulations. The latter has created a tentative framework amid a bill introduced in Parliament, which aims to increase powers of the Financial Conduct Authority (FCA).
The UK also aims to create a central bank digital currency (CBDC) to diversify monetary options for investors, small and medium enterprises (SMEs), and others.
The G20 also announced similar measures in February at its annual meeting in India this year. Efforts involved massive organisations such as the International Monetary Fund (IMF), the Financial Stability Board (FSB), and Bank for International Settlements (BIS).