Kyoto News Agency reports On March 25th.
The leaders of Japan, the United States, the United Kingdom, Canada, France, Germany and the European Union will outline a collaborative strategy to increase cryptocurrency transparency and enhance consumer protection, as well as address potential risks to the global financial system, Kyoto officials said. This year’s summit is scheduled to be held in Hiroshima in May.
Among the G7 members, Japan already regulates cryptocurrencies, while the EU Markets in Crypto Assets (MiCA) regulation is set to come into force in 2024. The UK is gradually developing its own crypto framework, with a special category for crypto assets. The recently introduced taxable models, as well as digital pound plans.
Related: The limitations of the new EU cryptocurrency regulations
Canada treats digital assets as securities and the United States is currently implementing existing financial regulations, with some expecting a regulatory framework for cryptocurrencies from lawmakers in the coming months.
Parallel efforts toward digital asset standards by the Financial Stability Board (FSB), International Monetary Fund (IMF), and Bank for International Settlements (BIS), a grouping of the world’s 20 largest economies – known collectively as the G20 – announced in February during a meeting in Bengaluru, India.
Recommendations for the regulation, oversight, and oversight of global stablecoins, crypto-asset activities, and markets are scheduled to be delivered by July and September. However, it is not clear what the general tone of the recommendations is.
For example, in February, the International Monetary Fund released an action plan on crypto assets, urging countries to revoke legal tender status for cryptocurrencies. The International Monetary Fund’s opposition to cryptocurrency as legal tender is well known, especially since El Salvador adopted bitcoin as its official currency in September 2021. However, the fund has called on countries to adopt greater regulation of cryptocurrencies, while it a job On a central bank interoperable digital currency platform to connect multiple central bank digital currencies and enable cross-border transactions.
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