LONDON—The Financial Stability Board (FSB) has been asked by the G-7 to develop “consistent and comprehensive” cryptocurrency regulation.
The leaders cited the recent collapse of the Terra stablecoin and the ensuing chaos in the crypto world that followed, according to Reuters.
“In light of the recent turmoil in the crypto-asset market, the G7 urges the FSB ... to advance the swift development and implementation of consistent and comprehensive regulation,” the group stated in a draft communique quoted by Reuters.
Pymnts.com noted that French central bank head Francois Villeroy de Galhau said the crypto situation is a “wake-up call.” He also said Europe’s Markets in Crypto-Assets (MiCA) regulatory framework was one that could be built upon, and said the G-7 planned to discuss that and other issues.
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