Share this article
G-7 Finance Ministers Discuss Crypto Regulation Ahead of Japan Summit Next Week
Representatives for the seven advanced economies signaled a commitment to following norms set by standard-setters FSB and IMF on crypto and central bank digital currencies.
By Amitoj Singh
Updated May 15, 2023, 12:41 p.m. Published May 15, 2023, 10:45 a.m.
The Group of Seven (G-7) intergovernmental political forum has signaled its commitment to implementing the Financial Stability Board's (FSB) forthcoming norms for regulating crypto assets and the International Monetary Fund's (IMF) recommendations on central bank digital currencies.
The group's finance ministers and central bank governors announced they had discussed crypto asset supervision at a Saturday meeting in Niigata, Japan ahead of the G-7 summit next week. Japanese Prime Minister Fumio Kishida, the summit's host this year, has said G-7 leaders are set to state their joint support for tougher crypto rules.
STORY CONTINUES BELOW
India, as the president of the G-20, has been pushing for globally coordinated crypto rules. In February, the group said forthcoming global crypto norms will be based on a new synthesis paper jointly produced by the IMF and the FSB. The G-7 has indicated it will follow the standards set by the FSB.
"We look forward to the FSB’s finalization of its high-level recommendations by July 2023," the announcement said. "We commit to implementing effective regulatory and supervisory frameworks for crypto-asset activities and markets as well as stablecoin arrangements, which are consistent with the FSB’s recommendations and standards and guidance established by SSBs (Standard setting-bodies)."
The G-7 also supports the Financial Action Task Force's (FATF) efforts to accelerate the global implementation of its travel rule, which mandates the sharing of information on fund transfers between financial institutions, the finance ministers said. The global money-laundering watchdog is due to publish a progress report on travel rule implementation – something the G-7 is looking forward to "in light of the growing threats from illicit activities."
The G-7, which has previously said it will help developing nations issue CBDCs, will look to the IMF's recommendations on CBDCs, set to be published later this year.
The U.S., U.K., Canada, France, Germany, Italy and Japan make up the G-7, with representatives from the European Union, Australia, India and several other jurisdictions invited this year.
Read More: G-7 Will Push for Tighter Global Crypto Regulations: Kyodo
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Key U.S. Senator on Crypto Bill, Lummis, Negotiating Dicey Points With White House
The Republican lawmaker who is among the core negotiators on the U.S. market structure bill said the White House has rejected some ethics language.
What to know:
- Sen. Cynthia Lummis (R-Wyo.) said she is negotiating with the White House on behalf of Senate Democrats trying to insert ethics provisions into Congress' market structure legislation.
- Lawmakers should reveal a new draft market structure bill by the end of the week and hold a markup hearing next week, she said.
Top Stories
