Finance ministers from the major industrialized nations of the Group of Seven (G7) will call for faster global regulation of cryptocurrencies following the collapse of the stablecoin terraUSD last week, according to Reuters.
"In light of the recent turmoil in the crypto-asset market, the G7 calls on the FSB (Financial Stability Board) to expedite the rapid development and implementation of consistent and comprehensive regulation," the ministers wrote in a draft communiqué obtained by Reuters.
The FSB should produce a document on stablecoins later this year, and its head, Klaas Knot, has already agreed to draft a crypto rulebook that could address financial stability and investor protection issues.