G7 countries demand to adjust digital assets to banking standards

The G7 countries want to significantly increase control over cryptocurrency assets in the international arena and approve more regulatory requirements. This should eliminate financial stability risks. At the same time, the representatives recalled that they are still dealing with problems in the Terra system, and also that it is necessary to quickly create regulation for issuers.

Countries that are members of the G7 alliance additionally propose to create more stringent standards for reporting. This includes the audit of stablecoins.

“We are talking again about the fact that no big startup with stablecoins can carry out their activities until they receive the appropriate legal prerequisites. Will not fit all standards and requirements.

Additionally, representatives of countries talk about the need to bind the digital coin market to banking legislation. This is due to the fact that the risks are the same, so the control should be identical.

Previously, the alliance made statements that it is necessary to strictly control activities in the field of cryptocurrency assets. At the end of 2020, regulators started talking about the introduction of special mechanisms.
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