G-7 Representatives signaled a commitment to set standards on crypto and central bank digital currencies
Representatives for the seven advanced economies signaled a commitment to following norms set by standard-setters FSB and IMF on crypto and central bank digital currencies
G-7 Representatives signaled a commitment to set standards on crypto and central bank digital currenciesThe 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.Earlier, last Saturday, the group finance ministers and central bank governors had a meeting in Niigata and announced they had discussed crypto asset supervision. Japanese Prime Minister Fumio Kishida, the G-7 Summit host this year, said G-7 leaders state their joint support for tougher crypto rules.“We look forward to the FSB’s finalization of its high-level recommendations by July 2023,” the announcement said. “We commit to implementing effective regulatory and supervisory frameworks for crypto-asset activities and markets as well as stable coin arrangements, which are consistent with the FSB’s recommendations and standards and guidelines established by SSBs (Standard setting-bodies).”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 G-7, which has previously said it will help developing nations issue CBDCs, will look to the IMF’s recommendations on CBDCs, set to be published later this year.The U.S., U.K., Canada, France, Germany, Italy, and Japan make up the G-7, with representatives from the European Union, Australia, India, and several other jurisdictions invited for this year’s summit.The president of the global financial crimes watchdog, President Raja Kumar said in a letter last Thursday that:“The Group of Seven (G-7) advanced economies must take the lead in implementing recommendations by the Financial Action Task Force (FATF) to combat illicit financial flows through crypto.”The FATF has urged countries to implement its controversial “travel rule” that requires crypto service providers to collect and share information on transactions above a certain threshold, designed to curb money laundering and the financing of terrorism through digital assets.President Kumar said Countries need to take urgent action to shut down lawless spaces, which allow criminals, terrorists, and rogue states to use crypto assets.President Kumar further said that countries around the world have made progress in implementing most of the standards; however, progress on implementing FATF’s updated requirements on crypto assets has been relatively poor with 73% of countries still “non-compliant or only partially compliant” with the watchdog’s standards.G-7 countries taking the lead in fully and effectively implementing FATF’s global standards is crucial to our collective success,” Kumar said.Recall that on 9 May 2023, US President, Joe Biden tweeted that they are voting against tax loopholes that generate $18 billion for wealthy crypto investors.The 3-day G-7 Summit started on Friday in Hiroshima, Japan to end today Sunday 21 May 2023. At the G7 Summit, leaders of the G7 meet to share fundamental values on freedom, democracy, and human rights, and exchange candid views on important challenges the international community is facing, such as the global economy, regional affairs, and various global issues.
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.
Earlier, last Saturday, the group finance ministers and central bank governors had a meeting in Niigata and announced they had discussed crypto asset supervision.
Japanese Prime Minister Fumio Kishida, the G-7 Summit host this year, said G-7 leaders state their joint support for tougher crypto rules.
“We look forward to the FSB’s finalization of its high-level recommendations by July 2023,” the announcement said. “We commit to implementing effective regulatory and supervisory frameworks for crypto-asset activities and markets as well as stable coin arrangements, which are consistent with the FSB’s recommendations and standards and guidelines established by SSBs (Standard setting-bodies).”
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 G-7, which has previously said it will help developing nations issue CBDCs, will look to the IMF’s recommendations on CBDCs, set to be published later this year.
The U.S., U.K., Canada, France, Germany, Italy, and Japan make up the G-7, with representatives from the European Union, Australia, India, and several other jurisdictions invited for this year’s summit.
The president of the global financial crimes watchdog, President Raja Kumar said in a letter last Thursday that:
“The Group of Seven (G-7) advanced economies must take the lead in implementing recommendations by the Financial Action Task Force (FATF) to combat illicit financial flows through crypto.”
The FATF has urged countries to implement its controversial “travel rule” that requires crypto service providers to collect and share information on transactions above a certain threshold, designed to curb money laundering and the financing of terrorism through digital assets.
President Kumar said Countries need to take urgent action to shut down lawless spaces, which allow criminals, terrorists, and rogue states to use crypto assets.
President Kumar further said that countries around the world have made progress in implementing most of the standards; however, progress on implementing FATF’s updated requirements on crypto assets has been relatively poor with 73% of countries still “non-compliant or only partially compliant” with the watchdog’s standards.
G-7 countries taking the lead in fully and effectively implementing FATF’s global standards is crucial to our collective success,” Kumar said.
Recall that on 9 May 2023, US President, Joe Biden tweeted that they are voting against tax loopholes that generate $18 billion for wealthy crypto investors.
The 3-day G-7 Summit started on Friday in Hiroshima, Japan to end today Sunday 21 May 2023.
At the G7 Summit, leaders of the G7 meet to share fundamental values on freedom, democracy, and human rights, and exchange candid views on important challenges the international community is facing, such as the global economy, regional affairs, and various global issues.
