News sources in 2020 reported that the ‘Group of Seven’ (G7) countries have decided to accelerate the authorisation of the cryptocurrency market. This was the conclusion reached by the heads of financial authorities. At the next G7 meeting, they will discuss how to regulate the blockchain industry.
The US, the UK, Germany, Italy, France, Japan, the European Union and Canada plan to increase oversight of the cryptosphere. ‘Group of Seven’ is going to start creating a global regulatory framework to oversee digital currencies. It will be used as a reference point for countries trying to legalise the sector in their markets. The focus will be on reducing risks to the global financial system and protecting customers, as well as ensuring transparency in the movement of cryptocurrency capital. The summit is scheduled to take place in Hiroshima in May 2023.
Regulatory standards for the cryptosphere are actively supported by organisations such as the Financial Stability Board (FSB), the International Monetary Fund and the Bank for International Settlements. Japan has already implemented regulations in the cryptocurrency sector, and the EU will soon follow suit in 2024 with its Digital Asset Control Act (MICA). The UK, Canada and the US are currently exploring potential ways to legalise the blockchain sector.
India, which holds the G20 presidency, favours full oversight of the cryptocurrency market.
