G7 countries to bring tight & collaborative crypto regulation: Report
7 countries are planning to hold a meeting to discuss collaborative crypto regulation systems.
The international Group of Seven (G7) is a group of 7 countries, which are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The EU is also one of its non-enumerated members. This group was initially formed in 1973. The main aim of this group is to discuss the issues of political & economic challenges.
On 25 March 2023, the Kyoto news agency reported that G7 countries are planning to hold a meeting in May of this year to bring a tighter form of the crypto regulation framework to prohibit the risks associated with this innovative sector & ensure the safety of the investors.
The report noted that the majority of these countries are already regulating the Crypto sector under their native regulation system.
Since Q4 2022, the Japanese government has proposed multiple rules & regulation systems to allow retail trading in the country with a better level of safety.
In the EU, the Markets in Crypto Assets (MiCA) already developed its crypto-dedicated regulation framework and that framework will come into effect by 2024.
In Canada, all the crypto assets fall under the category of securities and also the Canadian government agencies regulate this sector under the existing securities law but with some strict standards to fight against the decentralised nature of crypto assets.
In the United States (US), the United States Securities and Exchange Commission (SEC) is the dominant crypto regulatory body and this agency is trying to regulate the crypto industry under the country’s existing traditional financial laws. The SEC chairman Gary Gensler many times stated that all the Crypto assets have properties similar to traditional financial assets and also said that changing back-end technology behind any asset will not change the class or category of that asset.
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