After the collapse of the Korean cryptocurrencies Luna and Terra USD (UST), there is a consensus around the world that authorities in each country should regulate virtual currencies.

According to Reuters on the 19th, finance ministers and central bank governors from the seven major countries (G7) have included in a draft communique (joint statement) calling for rapid and comprehensive regulation of cryptocurrencies.

In the draft, they said, "Given the recent turmoil in the cryptocurrency market, the G7 urges the Financial Stability Board (FSB) to rapidly develop and implement consistent and comprehensive regulations."

Portugal, which is known as a 'virtual currency friendly' country, is also pursuing a plan to tax cryptocurrency.

According to Bloomberg, Portugal's Finance Minister Fernando Mezina said: "It is the government's intention to legislate this issue."

Portugal has emerged as a preferred country for cryptocurrencies due to its low cost of living, mild climate, and lack of regulations related to cryptocurrencies.

But the legislation also suggests a change in policy in Portugal, Bloomberg said.