The Strategist

Kyodo: G7 plans to tighten crypto-assets regulation

03/27/2023 - 03:32

The G7 intends to create a legal framework to safeguard cryptocurrency owners and tighten regulation of digital assets, reports Kyodo news service.
The agency notes that the proposed changes to the legal system are made against the backdrop of the global financial system's crisis. 

The problem will be discussed at the G7 summit, which will take place in Hiroshima in May, according to Kyodo. 

Silicon Valley Bank, the 16th-largest bank in the US, was declared insolvent on March 11. Due to systemic threats, Signature Bank closed on March 12. Following that, US cryptocurrency firms started looking for new Swiss banking partners. Due to persistent financial issues, the Swiss National Bank stated on March 19 that the two largest banks in the nation, UBS and Credit Suisse, would merge.