G7 Will Cooperate on a Stricter Crypto Regulation

At the upcoming G7 meeting in Hiroshima in May, the world’s seven biggest democracies are anticipated to discuss a collective strategy to control cryptocurrencies, as per Kyoto news agency’s report on March 25.

Japan, the United States, the United Kingdom, Canada, France, Germany, and the European Union are likely to advocate for enhanced transparency of crypto assets, improved consumer security, and measures to avert potential threats to the global financial system.

Japan has already issued regulations for digital assets, while the European Union is scheduled to implement its Markets in Crypto-Assets (MiCA) regulation in 2024. The United Kingdom is in the process of constructing a framework for cryptos, with a particular classification for them on tax forms and ideas for a digital pound.

Canada regards digital assets as securities and the United States is presently employing existing financial regulations for crypto, with some expecting a regulatory structure from legislators in the near future.