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Crypto assets should be held to the same standards as the rest of the financial system, the grouping of finance ministers from the world's seven largest developed economies said.

A statement released by the G7 called for tougher rules to counter money laundering and disclose reserves, after the collapse of stablecoin terraUSD (UST) last week.

"The G7 remains committed to high regulatory standards for global stablecoins, following the principle of same activity, same risk, same regulation," it said. The statement confirmed reports that the Financial Stability Board (FSB) has been asked to speed up work in the wake of the market shock.

The missive also called for implementation of the Financial Action Task Force (FATF) travel rule, a controversial anti-money laundering provision that jurisdictions, such as the European Union, are currently legislating for, and for "stronger disclosure and regulatory reporting, for instance, as regards reserve assets backing stablecoins."

Read more: G-7 Finance Ministers Call to Accelerate Global Crypto Regulations Following UST Collapse