G7 Finance Ministers Discuss Crypto Asset Regulations ── Expressed to Follow FSB and IMF Norms | coindesk JAPAN | Coindesk Japan

The G7 (major seven countries) has adopted the soon-to-be-issued norms of the Financial Stability Board (FSB) to regulate crypto-assets (virtual currencies) and the recommendations of the International Monetary Fund (IMF) on Central Bank Digital Currencies (CBDC). promised to implement.

G7 finance ministers and central bank governors announced that they discussed crypto-asset regulation at a May 13 meeting in Niigata ahead of next week’s G7 summit. Japanese Prime Minister Fumio Kishida, the organizer of this year’s summit, has said G7 leaders will show support for the tougher rules.

As the chair of the G20, India has pushed for the establishment of globally coordinated cryptocurrency rules. In February, the G20 announced that future global crypto regulation would be based on a new consolidated document jointly prepared by the IMF and FSB. The G7 has said it will follow the standards set by the FSB.

“We expect the FSB to finalize its high-level recommendations by July 2023,” the statement said. “We are committed to putting in place an effective regulatory and supervisory framework for cryptocurrency activities, markets and stablecoins, consistent with the recommendations of the FSB and the standards and guidance provided by the SSBs[standard setting bodies]. ”.

He also said the G7 supports the efforts of the Financial Action Task Force (FATF) to accelerate the global implementation of rules mandating the sharing of information on funds transfers between financial institutions. The FATF, the global money laundering watchdog, will release a progress report on the implementation of migration rules, which the G7 is looking forward to “given the growing threat from illegal activity”, the report said. .

The G7 has previously pledged to support developing countries in issuing CBDCs, but it will likely refer to the IMF’s CBDC recommendations, which are due to be published later this year.

The United States, United Kingdom, Canada, France, Germany, Italy and Japan make up the G7, with representatives from the European Union (EU), Australia, India and several other countries/regions invited to this year’s meeting.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
| Image: CoinDesk
｜Original: G-7 Finance Ministers Discuss Crypto Regulation Ahead of Japan Summit Next Week