The G7 countries believe that against the backdrop of the fall of the stablecoin, stricter standards for working with cryptocurrencies should be set.
The finance ministers of the G7 countries called on the Financial Stability Board (FSB) for a faster pace of introduction of global regulation of cryptocurrencies. This is due to the collapse of the stablecoin and a number of cryptocurrencies.
“In light of the recent turmoil in the cryptoasset market, the G7 calls on the FSB, in close collaboration with international standards makers, to expedite the development and implementation of regulation of cryptoasset issuers and service providers with the goal of keeping cryptoassets, including stablecoins, stable to the same standards as the rest of the financial system. In particular, the G7 is calling for stricter disclosures and regulatory reporting, such as for reserve assets backing stablecoins. We reaffirm that no global stablecoin project should commence operations until it properly meets relevant legal, regulatory and oversight requirements through proper design and compliance with applicable standards,” the G7 said in a statement.
The message calls for the early implementation of the Crypto Travel Rule (rules for international cryptocurrency transactions) by the Financial Action Task Force (FATF).