G-7 Will Push for Tighter Global Crypto Regulations: Kyodo

The Group of Seven industrialized nations will make global crypto regulations tougher, with a focus on increasing business transparency and consumer protection, Kyodo News reported Sunday, citing officials with knowledge of the plan.

G-7 discussions on regulating crypto will accelerate ahead of a meeting of financial ministers and central bankers from the countries in mid-May.

Japanese Prime Minister Fumio Kishida will host this year's G-7 summit in Hiroshima. G-7 members will state their joint intentions for tougher crypto policies in a leaders' declaration, the report added.

Japan already has one of the tightest regulatory regimes for crypto, with FTX Japan customers being some of the first to get their money back from the collapsed crypto exchange.

Regulators across the world have been working toward a global consensus on regulating crypto. The Financial Stability Board, a standard setter for the global financial system, put forward recommendations for global crypto rules last October.

The risks involved with crypto were a topic of discussion at a meeting of the Group of 20 major economies last month in India. The group plans to submit a document on crypto rules at the meeting of the leaders of the G-20 nations in September in India.

Crypto has come under more scrutiny from regulators following the collapse of the cryptocurrency exchange FTX last year and the recent failures of Silicon Valley Bank, Signature Bank and Silvergate Bank, three banks that were either focused on crypto or had ties to it.

Read more: Global Crypto Rules to Be Based on Coming FSB and IMF Synthesis Paper, India Says After G-20 Meetings