The U.S. Treasury Department released a report on Thursday that directs President Joe Biden to take a more global approach to digital asset regulation, including cryptocurrencies.

Namely, the report calls on cooperation and engagement with the Group of Seven (G7), G20, Financial Stability Board (FSB), International Monetary Fund (IMF), Organization for Economic Cooperation and Development (OECD), World Bank, and more to address international crypto regulation.

The report outlines a framework to develop a set of global standards for online currencies and digital payments that will protect consumers and businesses while achieving financial stability.

"International cooperation among public authorities, the private sector, and other stakeholders" is critical "to maintaining high regulatory standards and a level playing field, expanding access to safe and affordable financial services, and reducing the cost of domestic and cross-border payments, including through the continued modernization of public payment systems," the report reads.

The report also calls on the U.S., in partnership with international allies, to focus on arbitrage, money laundering, terrorist financing, and sanction evasion in crypto spaces. Taking steps with international allies will help tackle any illegal activity done using these digital currencies according to the Treasury.

In the report, the Treasury Department also outlines the need to reduce payment inefficiencies and the development of new technologies. The report also calls for the development of new technologies that will help regulate crypto and potentially develop U.S. dominance in the crypto sphere.

Specifically, it calls on the U.S. to work with the G7 to tackle these international problems.

It also calls on the U.S. to work with the OECD, IMF, and G20 to make international payments easy and safe for consumers and businesses. The Treasury hopes that taking these steps will help the U.S. maintain global financial leadership, according to Yahoo! Finance.

The report is in line with an executive order signed by the president in March, Ensuring Responsible Development of Digital Assets. This executive order outlined how the U.S. should regulate crypto, specifically central bank digital currencies.

Cryptocurrency lending has run into trouble amid falling values and risky bets
Cryptocurrency lending has run into trouble amid falling values and risky bets GETTY IMAGES NORTH AMERICA via AFP / JOE RAEDLE