Finance ministers from the Group of Seven (G7) large developed economies are set to call for faster global crypto regulations in the wake of the collapse of the terraUSD stablecoin last week, according to Reuters.

"In light of the recent turmoil in the crypto-asset market, the G7 urges the FSB (Financial Stability Board)...to advance the swift development and implementation of consistent and comprehensive regulation," the ministers wrote in a draft communique seen by Reuters

The FSB was scheduled to produce a document on stablecoins later this year, and its leader Klaas Knot has already volunteered to write a crypto rulebook that could cover financial stability and investor protection issues.

Read more: Global Financial Stability Watchdog FSB Says It Could Write Crypto Rulebook