G7 financial officials call on Financial Stability Board to step up crypto regulation—report

G7 financial officials call on Financial Stability Board to step up crypto regulation—report

According to Reuters, the top financial officials of the Group of Seven (G7) most advanced industrial economies have called for the Financial Stability Board’s speedy regulation of crypto-assets. Reuters cited a copy of a communique that it had obtained. Following a meeting of G7 foreign ministers earlier in the week, officials from Canada and France met in Koenigswinter (Germany).

“In light the recent turmoil on the crypto-asset markets, the G7 calls for the FSB (Financial Stability Board ) to accelerate the development and implementation consistent and comprehensive regulation.”

This was the turmoil referred too. It was the de-pegging the TerraUSD (UST stablecoin) that started May 8th and caused shockwaves across the crypto sphere. The G7 ministers were already indicating that they would address the issue at their meeting.

Francois Villeroy de Galhau from the Bank of France, spoke at the Emerging Market Forum in Paris Tuesday. He said that “crypto assets could disrupt international financial system if not regulated, monitored and interoperated in a consistent manner across jurisdictions.” He also stated, “We will […] talk about these issues along with many others at this week’s G7 meeting in Germany.”

The Financial Stability Board, an advisory body of the Bank of International Settlements, is part of the Bank of International Settlements. Its members include institutions from 24 countries as well as several international organisations. It has no enforcement authority.

Related: A global financial regulator needs more data to assess the risks associated with Bitcoin

Legislative bodies around the globe have been affected by the collapse of Terra’s algorithmic stablecoin. Janet Yellen, United States Treasury Secretary, reiterated her calls for a consistent federal framework on stablecoins at a Senate Banking Committee meeting on May 10. She stated that the situation “simply shows that this product is rapidly growing and that there are risk to financial stability and that we need a framework that’s suitable.”

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