G7 financial officials call on Financial Stability Board to step up crypto regulation – Report - Aliens: AI Crypto News & Markets Updates
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G7 financial officials call on Financial Stability Board to step up crypto regulation – Report

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FX Street

Fri, May 20, 2022

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The top financial officials from the Group of Seven (G7) largest advanced industrial economies has called on the Financial Stability Board to speed up crypto-asset regulation, Reuters reported Thursday, citing a copy of a communique it had obtained.

In light of the recent turmoil in the crypto-asset market, the G7 urges the FSB (Financial Stability Board)...to advance the swift development and implementation of consistent and comprehensive regulation, The turmoil referred to was the de-pegging of the TerraUSD (UST) stablecoin that began May 8 and sent shockwaves throughout the crypto sphere.

Bank of France Governor François Villeroy de Galhau, speaking at the Emerging Market Forum in Paris on Tuesday, said, “Crypto assets could disrupt the international financial system if they are not regulated, overseen and interoperable in a consistent and appropriate manner across jurisdictions.” He added, “We will probably [...] discuss these issues among many others at the G7 meeting in Germany this week.” The Financial Stability Board is an advisory body associated with the Bank of International Settlements.

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