India, as the president of the G-20, has been pushing for globally coordinated crypto rules. In February, the group said forthcoming global crypto norms will be based on ajointly produced by the IMF and the FSB. The G-7 has indicated it will follow the standards set by the FSB.
"We look forward to the FSB’s finalization of its high-level recommendations by July 2023," the announcement said."We commit to implementing effective regulatory and supervisory frameworks for crypto-asset activities and markets as well as stablecoin arrangements, which are consistent with the FSB’s recommendations and standards and guidance established by SSBs .
The U.S., U.K., Canada, France, Germany, Italy and Japan make up the G-7, with representatives from the European Union, Australia, India and several other jurisdictions invited this year.
Source: News Formal (newsformal.com)
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