The G7 countries are planning to tighten the regulation of the cryptocurrency sector. The goals of the authorities are to increase market transparency and protect owners of digital assets, writes rb.ru.
According to Kyodo, citing people familiar with the matter, the G7 countries intend to accelerate the pace of relevant discussions ahead of the meeting of finance ministers and central bankers, which will take place a few days before the May summit in Hiroshima. The reason for the authorities’ concern was the collapse of the FTX crypto exchange, as well as problems associated with the bankruptcy of Silicon Valley Bank and the closure of Signature Bank, which served crypto clients.
Against this background, the G7 plans to discuss the development of an international legislative framework aimed at protecting the owners of crypto assets.
Japan is chairing the G7 this year and will host a summit in Hiroshima May 18-22. As Kyodo emphasizes, the Asian state is so far the only member of the G7 that has crypto-currency regulation rules.
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