In my post before I shared US/UK Trying to Bridle Crypto Through Banks?
where I shared that according to a report, crypto companies in UK are finding difficulties obtaining banking services in UK as many banks are limiting their interaction with the crypto sector, said by crypto advocates.
Now, reportedly G7 countries are planning for a tougher regulations on crypto sector during the 49th summit going to take place in Japan in coming May of this year.
Source: Investment Week
The goal of the plan is to look into transparency and consumer protections according to anonymous officials having knowledge of the plan.
The move is said to be coming in wake of the potential risks to the global financial system posed by crypto assets.
The collapse of one of the largest crypto exchange FTX in November is seen as exposing the poor governance of the industry and sending shockwaves through financial markets.
Countries have different rules about the legal status of crypto, G7 is reported to establish global standards for crypto.
Now, what would be G7's global standards for crypto, we will have to wait and see what they come up with and how the crypto community responds.
How far this can go, we have no idea. I guess we shouldn't have problems with regulations but that should be good regulations, not the regulations to press hard the crypto community and suppress them.
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