The G20 group of the world's 20 largest economies announced that the FSB, the IMF, and the BIS are all working to establish standards for digital assets
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According to a report from the Kyoto news agency on March 25, the upcoming G7 meeting is expected to see the leaders of the United States, Japan, the United Kingdom, Canada, France, Germany, and the European Union call for stricter regulations on crypto worldwide.
The leaders are expected to collaborate and devise a strategy to improve transparency and safeguard consumers in the crypto space. They will also address potential risks that crypto assets pose to the global financial system. The G7 summit is planned to take place in Hiroshima in May.
Japan and the European Union already have regulations in place for crypto. Japan has existing rules, while the EU's Markets in Crypto-Assets (MiCA) regulation will be implemented in 2024.
In the UK, a special category for crypto assets has been added to tax forms, and there are plans for the creation of a digital pound. Canada treats digital assets as securities, while the United States currently applies existing financial regulations to crypto.
Some expect that lawmakers in the US will create a regulatory framework for crypto assets in the near future.