Regulators take the recent market volatility as a warning and the finance ministers of the G7 will be discussing how to approach the crypto legal framework. They are scheduled to meet on May 18th in Germany.
Central bank governors and finance ministers from the Group of Seven, or G7, are reportedly planning to discuss the regulation of cryptocurrencies.said
representatives from the United States, Canada, Japan, Germany, France, Italy, and the United Kingdom will likely speak on issues related to a regulatory framework for cryptocurrencies at a meeting in Germany's cities of Bonn and Königswinter starting on Wednesday. Villeroy reportedly said that the recent crypto market volatility — likely referring to some stablecoinsand prices of major tokens dropping — had been a “wake-up call” for global regulators.
“Europe paved the way with MiCA,” said Villeroy at an emerging markets conference in Paris, referring to the European parliament’s legislation aimed at forming a regulatory framework on crypto. “We will probably [...] discuss these issues among many others at the G7 meeting in Germany this week.”“Crypto assets could disrupt the International Financial System if they are not regulated, overseen and interoperable in a consistent and appropriate manner across jurisdictions.
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