G-7 Finance Ministers Discuss Crypto Regulation Ahead of Japan Summit Next Week
The Group of Seven (G-7) intergovernmental political forum has signaled its commitment to implementing the Financial Stability Board's (FSB) forthcoming norms for regulating crypto assets and the International Monetary Fund's (IMF) recommendations on central bank digital currencies. The group's finance ministers and central bank governors announced they had discussed crypto asset supervision at a Saturday meeting in Niigata.
India, as the president of the G-20, has been pushing for globally coordinated crypto rules. In February, the group said forthcoming global crypto norms will be based on a new synthesis paper jointly produced by the IMF and the FSB. The G-7 has indicated it will follow the standards set by the FSB. The G-7 also supports the Financial Action Task Force's (FATF) efforts to accelerate the global implementation of its travel rule, which mandates the sharing of information on fund transfers between financial institutions, the finance ministers said. The global money-laundering watchdog is due to publish a progress report on travel rule implementation.
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