Japan Proposes G7 Ban on North Korean Crypto Theft – Coincu

Japan’s Prime Minister Shigeru Ishiba is set to propose a crackdown on North Korean cryptocurrency theft at the G7 summit in Canada from June 15 to 17.

This proposal intends to sever North Korea’s funds from cyberattacks, potentially impacting digital asset markets.

Japan Drives G7 to Act on North Korean Cyber Crimes

Japanese Prime Minister Shigeru Ishiba plans to address North Korean cyber-theft of cryptocurrencies at the upcoming G7 summit in Canada. The strategy aims to enhance multinational regulation, preventing siphoning of funds for weapon development. This agenda, a first for the G7, focuses on strengthening cooperative frameworks among member nations.

Regulatory enhancements may target major cryptocurrencies impacted by North Korean cyber activities, namely Bitcoin and Ethereum. Heightened scrutiny could lead to improved compliance standards across digital asset exchanges and DeFi platforms. The effort aligns with Japan’s broader commitment to regional security and counter-proliferation.

Shigeru Ishiba, Prime Minister of Japan, remarked, “Our aim is to establish a collective framework to cut off North Korea’s access to cryptocurrency, which fuels their illegal activities” emphasizing the need for multilateral regulation.

G7 Summit Spotlights Crypto Security in Global Policy

Did you know? This G7 summit marks the first time North Korean crypto theft issues are on the agenda, reflecting an escalation in global security concerns around cyber-financial crimes. Such discussions could significantly influence future international policymaking on digital currencies.

As per CoinMarketCap, Bitcoin (BTC) trades at $107,752.53, with a market cap of $2.14 trillion and a dominance of 63.16%. Recent trends show a 24-hour price drop of 1.87%, but a gain of 31.35% over the past 90 days. The BTC circulating supply nears its 21 million maximum supply, with trading volumes adjusting to $50.89 billion.

The Coincu research team suggests that G7 regulatory alignments could nudge exchanges towards tighter transaction scrutiny, impacting liquidity and compliance costs. Technological innovations in blockchain security may further be incentivized, addressing vulnerabilities in digital asset transfers.