At the end of 2020, the media reported on the intention of the countries of “Big Seven” (G7) to accelerate the legalization of digital currencies market. A decision to this effect was taken at the level of heads of financial departments.
At the next meeting of the G7 countries will raise the issue of regulating the blockchain industry, according to Kyoto news agency.
Representatives of the U.S., Britain, Germany, Italy, France, the European Union, Japan and Canada plan to tighten control over the cryptosphere.
“The G7 will begin preparing a global regulatory framework to control digital currencies. It will be used as a guide by states that are engaged in legalizing the industry in the domestic market.
Particular attention will be paid to minimizing risks to the global financial system, protecting consumers and ensuring transparency of capital flows in cryptocurrency. The G7 summit will be held in Hiroshima in May.
Japan already regulates the cryptosphere; in the European Union, the Digital Asset Control Act (MiCA) will take effect in 2024. The U.K., U.S. and Canada are only considering options for legalizing the blockchain industry.
The Financial Stability Board (FSB), the International Monetary Fund and the Bank for International Settlements are also advocating for global crypto-regulation standards. The concept of total control of the digital currency market is promoted by India, the G20 presidency.