Members of the G7 would meet to discuss crypto regulations in the middle of May
This meeting will occur a few days before the intended G7 summit
The meeting was necessitated after the recent crypto controversies
The members of the G7 — U.S., U.K., France, Germany, Japan, Italy, and Canada — intend to meet about crypto regulation in mid-May. This meeting is scheduled to occur before the general G7 summit, led by the Japanese prime minister, Fumio Kishida, to hold in Hiroshima, Japan.
The International Group of Seven (G7), an intergovernmental forum, plans to facilitate more stringent crypto regulations to the market. This is in a bid to improve financial transparency and consumer security. To that end, they would meet up and discuss collectively.
As a world-leading body, they plan to set the pace as regards global principles for digital assets. They aim to quicken the ongoing conversations about crypto regulation for it to reach a beneficial end.
Unsurprisingly, crypto-related activities would also be an essential contending topic when the G20 meeting occurs in April.
Amongst the G7 members, Japan leads the way with crypto regulations.
However, they have been reduced, i.e., domestic investors can now trade certain stablecoins on local platforms. Canada and the U.S. also apply some financial rules. For many countries, the crypto laws fluctuate.
What influenced this need?
Recently, the crypto space has been plagued by so many debacles.
The collapse of the crypto exchange, FTX, and the controversy that ensued with the CEO, Sam Bankman-Fried, was a global trending issue. Next, the prolonged court case between the SEC and Ripple labs, of which other firms have tasted the SEC's wrath.
In addition, there was the unfortunate collapse of crypto institutions; Silicon Valley Bank, Silvergate Bank, and Signature Bank.
Although Silicon Valley Bank (SVB) got bailed out by the U.S. Treasury, Federal Reserve, and Federal Deposit Insurance Corporation (FDIC), irreparable damage had already been done. As a result, many investors lost faith in crypto, further hampering its chances of gaining more global adoption.
Hence, the intended G7 meeting.
The G7 reportedly plans to set policies to guide crypto exchanges and traders. This would go a long way in directing the industry toward a more progressive trajectory.
The group has also been advised on this by Kazushige Kamiyama, who heads the payment department at the Bank of Japan (BOJ), who suggested they set a common crypto regulation. However, this came a while back when Russia invaded Ukraine.
Consequently, the result of the meeting is keenly anticipated as it could play a fundamental role in where crypto heads next.
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