G7 Countries are preparing to tighten crypto regulation

At the end of 2020, the media reported on the intention of the G7 countries to accelerate the legalization of digital currency market. The corresponding decision was made at the level of heads of financial departments.

At the next meeting of the G7 countries, the issue of regulating the blockchain industry will be raised.

Representatives of the United States, Great Britain, Germany, Italy, France, the European Union, Japan and Canada plan to strengthen control over the cryptosphere.

The “Big Seven” will begin to prepare a global regulatory framework for the control of digital currencies. It will be used by the states that are engaged in the legalization of 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 the movement of capital in cryptocurrency. The G7 summit will be held in Hiroshima in May.

Japan already regulates the cryptosphere, and the European Union’s Digital Asset Control Act (MiCA) will come into force in 2024. The UK, USA 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 also advocate the development of global standards for crypto regulation.

The concept of total control over the digital currency market is promoted by India, which chairs the G20.