G7: Crypto assets should be subject to the same standards as traditional financial assets

The G7 said crypto assets should be held to the same standards as other assets in the financial system, CoinDesk reported. Following the Stablecoin UST collapse last week, the G7 issued a statement calling for stricter rules on disclosure of reserves and the fight against money laundering. "The G7 remains committed to a high standard of regulation of stablecoins worldwide, consistent with the principle of same activity, same risk, same regulation," the statement said. The statement confirmed reports that the Financial Stability Board (FSB) had been asked to speed up its work in the wake of market turmoil. The G7 also called for the implementation of the Financial Action Task Force on Money Laundering (FATF) travel rules, a controversial anti-money laundering rule that jurisdictions such as the European Union are currently legislating for, and for "enhanced disclosure and regulatory reporting, for example in support of Stablecoin reserve assets."