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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, Japan ahead of the G-7 summit next week. Japanese Prime Minister Fumio Kishida, the summit's host this year, has said G-7 leaders are set to state their joint support for tougher crypto rules.
"We commit to implementing effective regulatory and supervisory frameworks for crypto-asset activities and markets as well as stablecoin arrangements, which are consistent with the FSB’s recommendations and standards and guidance established by SSBs (Standard setting-bodies)."
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