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Kyoto news agency that the upcoming G7 meeting could result in a push for more laws on cryptocurrency worldwide from the seven largest democracies.
Officials in Kyoto have announced that a joint plan to improve transparency in cryptocurrencies, safeguard consumer rights, and manage potential worldwide financial risks will be established by the European Union, Canada, France, Germany, the United Kingdom, and the United States. The plan will be discussed at this year’s summit, which is set to take place in Hiroshima in May.
Japan is the only G7 member to regulate cryptocurrencies now, while the European Union’s Markets in Crypto-Assets (MiCA) law is scheduled to take effect in 2024. The United Kingdom is progressively strengthening its crypto framework with a recently approved tax form category for crypto assets and a digital pound proposal.
Canada treats digital assets as securities, whereas the United States now applies existing financial regulations to crypto, with some predicting a legislative framework for crypto in the coming months.
In February, during a meeting held in Bengaluru, India, the G20 nations (made up of the largest 20 economies globally) declared that the International Monetary Fund (IMF), the Financial Stability Board (FSB), and the Bank for International Settlements (BIS) were collaborating to establish guidelines for digital assets.
In July and September, it is anticipated that recommendations will be made regarding the regulation, supervision, and oversight of global stablecoins, crypto asset activities, and markets. However, it needs to be clarified what the tone of the proposals will be in general.
In February, for instance, the International Monetary Fund (IMF) announced an action plan on crypto assets, pushing nations to remove cryptocurrencies’ status as legal tender. It is common knowledge that the IMF opposes cryptocurrencies as legal tender, especially since El Salvador accepted Bitcoin as its official currency in September 2021. Yet, the fund has been campaigning for governments to implement stricter crypto regulations while simultaneously developing an interoperable infrastructure to connect several global CBDCs and facilitate cross-border transactions.
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