Prior to the May meeting of finance ministers and central bankers, discussions on a global framework will intensify. Kyodo News reported, citing officials with knowledge of the plan, that the Group of Seven (G-7) plans to tighten global crypto regulation.

In mid-May, the G-7 will meet to discuss regulating crypto ahead of a meeting of financial ministers and central bankers.

G-7 members will state their joint intentions for tougher crypto policies in a leaders’ declaration at this year’s summit hosted by Japan’s Prime Minister Fumio Kishida.

With FTX Japan customers some of the first to get their money back after the collapsed crypto exchange, Japan already has one of the tightest crypto regulatory regimes in the world.

A global consensus on crypto regulation is being sought by regulators across the world. In October, the Financial Stability Board made recommendations towards global crypto regulations.

Last month, the Group of 20 (G-20) major economies discussed crypto risks. A synthesis paper describing global crypto rules will be submitted during India’s G-20 presidency, which ends in September.

In the wake of the collapse of the cryptocurrency exchange FTX last year, and the failures of Silicon Valley Bank (SVB), Signature Bank (SBNY) and Silvergate Bank, cryptocurrency has become more scrutinized by regulators.