Cryptoassets should be subject to the same standards as the rest of the financial system, according to the group of finance ministers from the world's seven largest industrialized countries.
Read this article in Spanish.
Following the collapse of the TerraUSD (UST) stablecoin last week, the G7 nations issued a statement calling for stricter anti-money laundering and reserve disclosure rules.
"The G7 remains committed to high regulatory standards for global stablecoins, following the principle of equal activity, equal risk, equal regulation," it said. The communiqué confirmed that the Financial Stability Board (FSB) has been asked to accelerate its work in the wake of the market shock.
The letter also calls for the implementation of the Financial Action Task Force's (FATF) travel rule, a controversial anti-money laundering rule that some countries, such as the European Union, are currently implementing, as well as "greater disclosure and prudential reporting, for example in relation to foreign reserves that safeguard stable currencies."
This article was translated by Marina Lammertyn.