T. Raja Kumar, President of the international financial crimes watchdog, called upon G-7 leaders to 'effectively' enforce FATF's anti-money laundering regulations for cryptocurrencies ahead of their upcoming weekend summit.
The G7 finance ministers and central bank governors have called for crypto assets to be regulated quickly and comprehensively. The G7 decision came in the wake of recent crypto market volatility, which saw the cryptocurrencies LUNA and UST crash.
Finance ministers, citing recent market instability, want to see financial stability and money-laundering regulations implemented as quickly as possible.
The chaos on the crypto market following the Terra crash heightened the ministers' feeling of urgency to finish the regulating process.