G7 financial officials call on Financial Stability Board to step up crypto regulation

G7 financial officials call on Financial Stability Board to step up crypto regulation—report

Cryptocurrency May 19, 2022 07:20PM ET

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G7 financial officials call on Financial Stability Board to step up crypto regulation—report

The top financial officials from the Group of Seven (G7) largest advanced industrial economies has called on the Financial Stability Board to speed up crypto-asset regulation, Reuters reported Thursday, citing a copy of a communique it had obtained. The officials from Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States were meeting in Koenigswinter, Germany, following a G7 foreign ministers’ meeting earlier in the week.

The turmoil referred to was the de-pegging of the TerraUSD (UST) stablecoin that began May 8 and sent shockwaves throughout the crypto sphere. There were warning signs that the G7 ministers would be addressing the problem at their meeting.

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G7 financial officials call on Financial Stability Board to step up crypto regulation—report

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