G-7 Urged to Lead Efforts in Curbing 'Lawless' Crypto Environment, Emphasizes FATF Chief

To help protect investors, Dubai has issued crypto marketing regulations

For Crypto Speculation's Sake

According to Reuters, top financial officials from the Group of Seven (G7) major advanced industrial nations have urged the Financial Stability Board to speed up crypto-asset regulation, citing a copy of a communique acquired by the news agency. Following a G7 foreign ministers' conference earlier in the week, officials from Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States met in Koenigswinter, Germany.

"In view of recent volatility in the crypto-asset market, the G7 urges the FSB (Financial Stability Board) to accelerate the creation and implementation of uniform and comprehensive regulation," the statement reads.

The de-pegging of the TerraUSD (UST) stablecoin, which occurred on May 8 and sent shockwaves throughout the cryptosphere, was the source of the turbulence mentioned. There were indicators that the G7 ministers will discuss the issue during their meeting.

"Crypto assets might disrupt the international financial system if they are not regulated, monitored, and interoperable in a uniform and suitable manner across countries," warned Bank of France Governor François Villeroy de Galhau at the Emerging Market Forum in Paris on Tuesday. "We will almost certainly [...] debate these concerns, among many others, during the G7 conference in Germany this week," he continued.

The Financial Stability Board is a Bank of International Settlements-affiliated advisory organization. Its members come from 24 nations and a variety of international organizations. It does not have any enforcement authority.

The Terra algorithmic stablecoin's demise has had ramifications in legislators all around the world. In a Senate Banking Committee hearing on May 10, US Treasury Secretary Janet Yellen reiterated her previous calls for a "consistent federal framework" on stablecoins, saying the situation "simply illustrates that this is a rapidly growing product with risks to financial stability, and we need a framework that is appropriate."

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