The cryptocurrency market should comply with high regulatory standards made for traditional financial institutions if it wants to co-exist with the real economy. At least that's what the G7 tried to say in the latest public statement.
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In a joint communiqué, the G7 says rapid implementation of the Financial Action Task Force (FATF) 'travel rule' is needed so that cryptocurrencies could meet the same standards as the rest of the financial system.
"We reaffirm that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory and oversight requirements through appropriate design and by adhering to applicable standards."
The G7 also urged the Financial Stability Board (FSB) to advance the swift development and implementation of consistent and comprehensive regulation of crypto issuers and service providers, with a view to holding cryptocurrencies, including stablecoins, to the same standards as the rest of the financial system.
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