G7 countries plan to toughen international crypto regulations, according to a recent report from Kyodo News that cited sources familiar with the issue.
The stricter rules will focus on boosting transparency and consumer protection.
Prior to a meeting of finance ministers and central bankers in mid-May, G7 negotiations on crypto regulation will pick up momentum.
- This year's G7 summit in Hiroshima will be hosted by Japanese Prime Minister Fumio Kishida.
- A leaders' proclamation from the G7 member states will outline the shared goals for stricter crypto rules in the summit.
- G7 consists of Canada, France, Germany, Italy, Japan, the U.K., and the U.S., along with the European Union (EU) as a non-enumerated member.
Last month, G20 countries also discussed risks related to crypto in a meeting.
- A synthesis document outlining global crypto rules is expected to be presented in September this year when India completes its G20 leadership.
