G7 countries call for stricter control over individuals’ crypto transactions

At the G7 summit in Japan, regulators will discuss possible risks and control measures

11.05.2023 - 11:20

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What’s new? G7 finance ministers intend to call on the Financial Action Task Force (FATF) to strengthen oversight of cryptocurrency transactions between individuals. The main goal of the initiative is to comply with anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements, the Nikkei news agency reports.

News on the Nikkei website

What else is known? The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The initiative will be discussed on May 11 at the meeting of G7 finance ministers and central bank governors. After the request is transmitted to the FATF, it will be proposed to study possible problems and measures to strengthen supervision.

The next G7 summit will be held in Hiroshima from May 19 to 21. According to Kyodo’s sources, the countries will issue a joint declaration on the potential risks posed by cryptocurrencies to the global financial system. Additionally, the parties will discuss the regulation of transactions between individuals and measures to increase transparency and ensure consumer protection in the crypto industry.

Global crypto regulation. How governments around the world see digital assets

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On April 20, the European Parliament approved the Markets in Crypto Assets (MiCA) bill, regulating the operation of companies issuing secured cryptocurrencies across the EU. Its regulations will be fully implemented by 2025.

According to last year’s FATF study, only 29 of 98 countries have adopted crypto transaction information exchange laws, and only 11 of them have begun to oversee compliance with the rules introduced. Back then, FATF stressed that digital assets include risks related to terrorist financing and fraud.

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