cryptonews.com
The finance ministers and central bankers of the Group of Seven (G7), which comprises the world’s most advanced economies, have once again called for the rapid introduction of comprehensive regulations of cryptoassets in the aftermath of the recent UST stablecoin crash.
“In light of the recent turmoil in the crypto-asset market, the G7 urges the FSB (Financial Stability Board) … to advance the swift development and implementation of consistent and comprehensive regulation,” the officials said in a draft document developed during their meeting in Bonn and Königswinter, Germany, between May 18 and 20, as reported by Reuters.
Each of the seven countries has strived to develop its own regulatory framework for crypto, potentially complicating reaching a group consensus.
Here are some of their recent moves.
Canada
The Bank of Canada has been working on a central bank digital currency (CBDC), but many industry observers perceive the government’s crypto freeze seen earlier this year as a move against the use of cryptoassets.
Germany
German cryptocurrency investors welcome a recent crypto tax interpretation by the German Ministry of Finance under which local taxpayers who sell their bitcoin (BTC) or ethereum (ETH) after a year of holding will be exempt from taxes. The ministry’s work on crypto taxation is to continue, and a supplementary letter on the cooperation and recording obligations is in the works.
France
Emmanuel Macron’s re-election as the country’s president last Month has fueled hope that Paris will oppose measures to hamper crypto innovation at the European Union level. Macron has declared that he was in favor of a “rapid progress” on the EU’s draft Markets in Crypto-assets (MiCA) Regulation that aims to provide a legal framework for cryptoasset markets for its 27 member states.
Italy
Italy is part of a Germany-led group of European Union member states who want the bloc’s planned anti-money laundering and terrorist financing watchdog to be assigned powers related to oversight over cryptoasset businesses. The EU is a 'non-enumerated member' of G7.
Japan
Japanese crypto investors found a reason for optimism after the country’s Prime Minister Fumio Kishida recently stated that Web3-related growth – including metaverse and non-fungible token (NFT)-related developments – will be part of the nation’s growth strategy going forward, and called on British business leaders to back this project.
UK
The country hosts one of the highest numbers of active cryptoasset exchanges in the world, and senior representatives of its regulatory body Financial Conduct Authority (FCA) have called on international regulators to increase their cooperation on a regulatory framework for cryptoassets – but not over-regulate the industry and kill innovation.
US
President Joe Biden is expected to sign a new crypto- and central bank digital currency-related executive order in the near future. Meanwhile, a recent decision by the US regulator Securities and Exchange Commission (SEC) to double its crypto-focused staff has triggered further concern among crypto investors over a potential forthcoming regulatory clampdown.
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Learn more:
- No Crypto in G7 Wrap-up, but Traders, Miners Will Still Want to Take Note
- The G7 Taxman Is Coming for Your Crypto Profits
- G7 Going to War Over Control of Money, Says 'Bitcoin Failed'
- South Korean Government, Prosecution Turn up the Heat on Do Kwon and Terraform