G7 Keeps Pushing for Crypto Regulation, Here's What's Already Happening
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.
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.
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.
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
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