G7 to Work Together on Stricter Crypto Regulations ByNemo KimaniPRO INVESTOR Updated: 27 March 2023 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Leaders from the Group of Seven (G7) countries are reportedly planning to announce a joint strategy for regulating digital assets in May. The plan is expected to promote international cooperation and implement stricter cryptocurrency regulations. During the upcoming G7 meeting on March 25, the leaders of the seven largest democratic countries in the world are expected to collaborate on implementing stricter global regulations for cryptocurrencies. The goal is to: Promote transparency in the crypto industry Enhance consumer protections Address potential threats to the international financial system The initiative is set to be officially announced at the G7 summit, scheduled for May in Hiroshima. #G7 nations plan to promote tougher regulations of the #Crypto Japan has already put in place regulations for cryptocurrency. Similarly, the European Union’s Markets in Crypto-Assets (MiCA) regulation is slated to become effective in 2024. The United Kingdom is developing its cryptocurrency framework. It includes creating a specific category for crypto assets in tax forms and plans for a digital version of the pound. Canada treats digital assets as securities. In the United States, existing financial regulations are currently applied to cryptocurrencies, and lawmakers may introduce a regulatory framework for crypto soon. IMF Advocates for More Extensive Crypto Regulation and Interoperable CBDC Platform The Financial Stability Board (FSB), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS) are working towards creating standards for digital assets. In February, the G20, comprised of the world’s 20 largest economies, announced they collaborated towards this goal. By July and September, recommendations are expected to be made on regulating and supervising global stablecoins and the crypto asset markets. However, it is unclear what the overall approach to these recommendations will be. The IMF has released an action plan on crypto assets, which recommends that countries remove the legal tender status of cryptocurrencies. This recommendation from the IMF is unsurprising, as it has previously expressed concerns about using crypto as an official currency, mainly after El Salvador adopted Bitcoin as a legal tender in 2021. Increased usage of crypto assets Despite this, the IMF calls for more comprehensive regulation of crypto assets. Additionally, the IMF is working on a platform that can connect different central bank digital currencies (CBDCs) to facilitate cross-border transactions. U.K. Treasury Announces Crypto Assets Category in Tax Return Forms from 2024-25 The U.K. government is working on establishing a comprehensive framework for crypto assets, and they have introduced a separate category for these assets in tax return forms. Starting from the tax year of 2024-2025, British citizens must declare their crypto assets on the amended self-assessment forms. The Chartered Institute of Taxation (CIOT) welcomed this move. Still, it stressed the need for additional measures to address the lack of understanding among low-income crypto investors regarding tax payment and reporting requirements. The Financial Conduct Authority (FCA) has informed the Treasury that it is undergoing a reset as the Financial Services and Markets Bill passes through Parliament, giving the FCA new regulatory powers over the cryptocurrency industry if passed. More News: The Sandbox Teams Up With Ledger Enterprise To Secure Brands In The Metaverse German Dwpbank To Offer Crypto Training To Affiliates Binance Staff Allegedly Assisting Chinese Customers Evade KYC Requirements Wall Street Memes - Next Big Crypto Rating Early Access Presale Live Now Established Community of Stocks & Crypto Traders Featured on BeInCrypto, Bitcoinist, Yahoo Finance Rated Best Crypto to Buy Now In Meme Coin Sector Team Behind OpenSea NFT Collection - Wall St Bulls Tweets Replied to by Elon Musk Learn More Join Our Telegram channel to stay up to date on breaking news coverage