T. Raja Kumar, chairman of the Financial Action Task Force (FATF), said before the G7 summit that G7 countries should lead by example and regulate the encryption industry, including the implementation of the Travel Rule, so that there is no safe haven for illegal encryption transactions. FATF will launch an initiative to help countries take appropriate action. This year's G7 leaders' summit will be held in Hiroshima, Japan from May 19 to 21. Foresight News previously reported that in February, the second plenary meeting of the Financial Action Task Force agreed to strengthen the roadmap for implementing FATF standards on virtual assets and virtual asset service providers.