IMF Unveils New Guidelines For Classifying Crypto Assets, Including Bitcoin, Stablecoins, And Token-Based Platforms
In Brief
International Monetary Fund has recognized digital assets within its global economic reporting framework for the first time, acknowledging the importance of crypto and blockchain-based assets.
International Monetary Fund (IMF) has announced that it has officially recognized digital assets within its global economic reporting framework for the first time. This update to the balance of payments standards acknowledges the increasing importance of cryptocurrencies and blockchain-based assets in the global economy.
In the newly released seventh edition of the Balance of Payments and International Investment Position Manual (BPM7), the IMF has provided detailed guidelines on how to classify and record cryptocurrency assets, including Bitcoin, stablecoins, and token-based platforms such as Ethereum and Solana.
This updated manual, which was published on March 20, revises the global statistical standards that were last updated in 2009.
BPM7 Introduces New Categorization For Digital Assets, Provides Guidance On Staking And Crypto Yield Activities
Under the new framework, digital assets are categorized into fungible and non-fungible tokens, with further classification based on whether they involve associated liabilities.
Bitcoin and similar tokens that do not have backing liabilities are classified as non-produced nonfinancial assets, falling under the capital account. This means that cross-border transactions involving these tokens will now be recorded as acquisitions or disposals of non-produced assets.
On the other hand, stablecoins and other digital currencies that are backed by liabilities are considered financial instruments. Platform-based tokens like Ethereum and Solana may be classified as equity-like instruments when held across borders, reflecting ownership rights similar to traditional stocks.
The manual also provides guidance on staking and cryptocurrency yield activities, treating them as income sources similar to dividends, depending on the holder’s intent and the scale of their holdings. Furthermore, services related to cryptocurrency mining and staking are now recognized as exportable computer services, in line with broader developments in the digital economy.
The IMF plans to encourage widespread adoption of BPM7 and the updated national accounts system by 2029–2030, offering technical support and guidance to aid in its implementation.
The IMF acknowledges the growing importance of cryptocurrencies and digital assets in the global economy. However, the agency emphasizes the need for comprehensive regulatory frameworks to mitigate potential risks associated with these assets.
In December 2023, IMF Managing Director Kristalina Georgieva highlighted concerns that widespread adoption of cryptocurrency assets could pose risks to financial stability. She stressed the importance of establishing regulations to address these challenges.
The IMF has been against sovereign nations, like El Salvador, investing in Bitcoin. On March 3rd, it approved a $1.4 billion funding program for El Salvador, contingent upon the country scaling back its Bitcoin accumulation strategy. The memorandum of understanding outlined that there should be “no voluntary accumulation of BTC by the public sector in El Salvador.”
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
