The G7 countries determine a date for the introduction of global crypto control according to the latest banking crisis (report)

The G7 countries determine a date for the introduction of global crypto control according to the latest banking crisis (report)

The intercontinental political forum, consisting of the seven largest economies in the world (better known as the G7), is reportedly ready to introduce strict rules for the cryptocurrency industry after the numerous negative events that have occurred recently.

The final version of the framework should be ready by July this year, while the nations will discuss the key elements in Washington next month.

Protection of investors in the event of another crash

as reveals According to a Japanese media company, the authorities of Canada, Germany, Japan, Great British and the USA People to bundle and design relevant global rules for the crypto sector. Consumer protection and the increase in corporate transparency will be the focus of the upcoming legislation.

The G7 countries believe that industry has to act overshadered, and make the poor government and the lack of strict surveillance as the main reasons for it ftx error last November. Remember that the former crypto giant has passed a value of over $ 30 billion to an bankruptcy application in a system known by many as a fraudulent system. Fraud or not, the decline caused investors losses in billions.

The officials have also expressed their concern about the youngest banking collapse in the USA. The Silicon Valley Bank (SVB) and the Signature Bank, which used several crypto customers, revealed liquidity difficulties and were closed by the supervisory authorities.

even applied for insolvency protection and admitted some time to restructure his company and find a way in the middle of the chaos. As cryptopotato reported first Citizens Bancshares Inc agreed to take over SVB and acquired $ 72 billion of its assets with an offset of $ 16.5 billion US dollar.

Against this background, the G7 will discuss the details of future legislation in mid-May at a meeting of finance ministers and central bankers. The authorities will also comment on this policy at another meeting that will be held in Washington the following month and will take part in the representatives of the 20 largest economies.

The full version of the draft law is expected to see the light of the world in July this year.

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The informal block also made its voice on the subject of crypto a few days after the notorious downfall of Terraforms Native Token-Luna-and its algorithmic stable coin.

François Villeroy de Galhau-Governor of the Bank of France- argues Preserver-spaces = "True"> last May and the subsequent market crash should serve as a "wake -up call" for the implementation of appropriate rules in the industry.

Mark Branson-President of the German Financial Market Authority Bafin-and Narendra Modi-India's Prime Minister-later proposed span Data Preserver-Spaces = "True"> Working together and such rules for the digital asset industry should enforce that could ensure maximum investor protection.

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