The Group of Seven (G-7) is reportedly planning to toughen global crypto regulation, with a focus on increasing business transparency and consumer protection. Discussions on regulating crypto will speed up ahead of a meeting of financial ministers and central bankers in mid-May, and G-7 members will state their joint intentions for tougher crypto policies in a leaders' declaration. Regulators across the world have been working towards a global consensus on regulating crypto, and risks involved in crypto have recently been discussed by the Group of 20 (G-20) major economies. The move towards tougher regulation comes following the collapse of the cryptocurrency exchange FTX and the failures of several banks.

(By Lavender Au)