The 7-member G7 group met in Japan to discuss the travel rule for cryptoassets.
The G7 committee met in Japan to discuss the implementation of the “travel rule” for cryptoassets and the regulation of cryptocurrencies. The committee began consultations for the implementation of the rule.
G7 Countries to Speak Travel Rule for Cryptocurrencies
The G7 committee recently met in Niigata, Japan, to discuss, among other issues, the global financial implications of central bank digital currencies (CBDCs) and laws governing the transfer of crypto assets.
In a statement summarizing the discussions, the committee reiterated its support for the development of CBDCs, warning that more research is needed to ensure they are based on transparency, the rule of law, sound economic governance, cybersecurity and data protection.
Committee members also discussed the controversial “travel rule” that requires any financial institution that processes over $3,000 in crypto transactions to disclose the sender’s name, address, and account information. The statement clarified the committee’s stance, stating that they support the Financial Action Task Force’s efforts to accelerate global implementation of the FATF Standards on virtual assets, including the “travel rule”, as well as its work on emerging risks such as DeFi regulations and peer-to-peer transactions.
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