The Group of Seven intergovernmental political forum (G-7) has expressed its commitment to implementing Financial Stability Board (FSB), which will soon release new norms on crypto assets, and International Monetary Fund (IMF) recommendations regarding central bank digital currency.

The G-7 finance ministers and governors have announced that they discussed crypto asset oversight at their Saturday meeting in Niigata ahead of next week’s G-7 summit. The Japanese Prime Minister Fumio Kishida , who is hosting the G-7 summit this year, has stated that G-7 leaders will be stating their support for stricter crypto rules.

India has been pushing to have global crypto regulations coordinated. The group announced in February that future global crypto standards will be based upon a synthesis paper produced jointly by the IMF & FSB. The G-7 has stated that it will adhere to the standards set forth by the FSB.

The announcement stated that “we look forward to the FSB finalizing its high-level recommendation by July 2023.” We commit to implementing regulatory and supervisory structures for crypto-asset markets and activities, as well as stablecoins that are in line with SSBs’ standards and guidelines and the FSB recommendations.

Finance ministers also said that the G-7 supports the Financial Action Task Force (FATF) in its efforts to speed up global implementation of the travel rule. This rule mandates sharing information about fund transfers between financial institution. The G-7 looks forward to the publication of a report by the global money laundering watchdog on the implementation of its travel rule.

The G-7 will be looking at the IMF recommendations for CBDCs that will be released later this year. has previously stated it would help developing nations to issue CBDCs.

G-7 is made up of the U.S.A., U.K. Canada, France Germany Italy, Japan, and the U.K. This year, representatives from Australia, India, the European Union and other countries were invited.

Sandali Handagama is the editor.