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Stablecoins Need ‘Stronger Disclosure,’ G-7 Leaders Warn

May 20, 2022, 6:26 PM

Stablecoins, the backbone of cryptocurrency trading, require urgent regulatory attention, the officials from the Group of Seven industrialized countries said Friday in a strongly worded statement.

G-7 central bankers and finance ministers, meeting near Bonn, urged the Financial Stability Board and international standard-setters “to advance the swift development and implementation of consistent and comprehensive regulation of crypto-asset issuers and service providers, with a view to holding crypto-assets, including stablecoins, to the same standards as the rest of the financial system.”

  • They called for “rapid implementation of the Financial Action Task Force (FATF) ‘travel rule’ and stronger disclosure and ...