G7 Nations May Tighten Crypto Regulation

G7 Nations May Tighten Crypto Regulation

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According to reports, the G7 countries are looking to introduce tougher crypto regulations in the coming summit.

As per a news agency, citing sources with knowledge of the matter, the summit, which is the 49th edition, will focus on promoting transparency and protecting consumers and will be held in Hiroshima in Japan in May, and in the summit, the seven major industrialized countries may introduce stricter regulations on the operations of cryptocurrencies in their various countries.

“The G-7 will accelerate the pace of related discussions toward a meeting of finance ministers and central bankers in mid-May, just days before Japanese Prime Minister Fumio Kishida hosts this year’s summit in Hiroshima, according to the officials,” the report stated.

This came in the midst of intense scrutiny of crypto-related firms by the financial watchdog of the US. It also came after the world experienced one of the biggest bank failures in history.

G7 nations include Japan, Britain, Canada, France, Germany, Italy and the United States, and by extension, the European Union, each of the countries has existing regulations guiding cryptocurrencies in their countries.

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