The G7 believes that cryptocurrency should follow the same rules as traditional finance

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The gathering of finance ministers from the world's seven major industrialized economies argued that crypto assets should be held to the same rules as the rest of the financial system.

Following the collapse of stablecoin terraUSD (UST) last week, the G7 issued a statement calling for stricter laws to combat money laundering and reveal reserves.

"The G7 remains committed to high regulatory standards for global stablecoins, based on the concept of same activity, same risk, same regulation," according to the statement. In the wake of the market shock, the Financial Stability Board (FSB) was ordered to speed its efforts, according to the statement.

The missive also called for the FATF travel rule to be implemented, a contentious anti-money laundering provision that jurisdictions like the European Union are currently legislating for, as well as "stronger disclosure and regulatory reporting, for example, as regards reserve assets backing stablecoins."

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