Digital Development Global Research Report: The Regulatory Significance of the IMF’s New Crypto Regulations

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Global Research Report on Digital Development, Volume 3, Issue 12 (2025/3/17-2025/3/23)

This issue summarizes the new IMF regulations on crypto assets for reference.

1. IMF's new rules on crypto assets

TechFlow news, on March 23, according to CrowFund Insider, the International Monetary Fund (IMF) released the seventh edition of the Balance of Payments Manual (BPM7) on March 20, which for the first time included digital assets such as cryptocurrencies into the global economic reporting framework. This is the first update of the manual since 2009. According to the new framework, digital assets are divided into fungible tokens and non-fungible tokens, and are further classified according to whether they carry related liabilities:

• Unbacked assets such as Bitcoin are classified as non-productive non-financial assets and classified as capital accounts;

• Liability-backed digital currencies such as stablecoins are regarded as financial instruments;

• Platform tokens such as ETH and SOL may be classified as equity-like instruments if held across borders;

• Staking and cryptocurrency income activities are regarded as sources of dividend income;

• Mining and staking related services are identified as exportable computer services;

• Cryptocurrency trading is classified as a form of derivatives ... left;">IMF plans to promote the widespread adoption of BPM7 and the latest national accounts system by 2029-2030.

Fungible tokens (FT) refer to digital tokens that are interchangeable and can replace each other. Each fungible token is the same as other similar tokens in value and function, and there is no essential difference, just like legal tender in reality, such as 1 RMB and other 1 RMB are completely equivalent and interchangeable. For example, Bitcoin and other similar cryptocurrencies are fungible tokens, which can be divided, combined, and exchanged in different transactions. Their value mainly depends on market supply and demand and investors' expectations.

Non-fungible tokens (NFT) are unique and unique digital assets. Each NFT has its own unique identity and attributes and cannot be replaced by other tokens. Just like artworks and collectibles in the real world, each NFT has a unique value, which is usually based on its unique design, content, or association with specific events or people. For example, some digital artworks, virtual land, game props, etc. based on blockchain technology exist in the form of NFTs. Their ownership and value are recorded and verified through smart contracts on the blockchain, which are tamper-proof and traceable.

Second, regulatory impact

The IMF has included cryptocurrencies in economic statistics standards for the first time, which may have an impact on cryptocurrency regulation.

(I)Clear regulatory scope and objectives

The IMF classifies cryptocurrencies according to their nature in actual scenarios, into fungible tokens and non-fungible tokens, and further subdivides them according to whether there are corresponding liabilities, such as Bitcoin, which is regarded as non-productive and non-financial assets, stablecoins are classified as financial instruments, and platform tokens are "quasi-equity holdings". This provides important guidance for regulators to clarify the nature of different cryptocurrencies, and helps regulators to formulate regulatory policies in a targeted manner and determine the focus and methods of supervision.

The inclusion of cryptocurrencies in the statistical standards shows that regardless of whether laws and regulations in various regions around the world recognize them, or to what extent they are recognized, cryptocurrencies already have potential impacts on macroeconomics and financial stability. Regulators need to pay attention to the transmission of cryptocurrency market fluctuations to the traditional financial system, with the focus on preventing them from causing systemic risks, such as strengthening the supervision of crypto assets such as stablecoins that may affect monetary and fiscal policies, avoiding the replacement of sovereign currencies, and maintaining the stable operation of the financial system.

(II)Enhance the effectiveness and pertinence of supervision

Incorporate cryptocurrencies into economic statistics standards, with a focus on requiring the establishment of a more complete data collection, storage and reporting system. Global regulators can use this to timely and accurately grasp information such as the size and transaction flow of the cryptocurrency market, such as tracking cross-border cryptocurrency transactions and understanding capital flows, so as to better implement supervision and prevent illegal activities such as money laundering and terrorist financing.

Based on the IMF's classification, regulators can implement differentiated supervision on different types of cryptocurrencies according to their different scenarios, different natures, and different risk characteristics. For cryptocurrencies with higher risks, such as algorithmic stablecoins, capital adequacy ratios and liquidity management requirements can be strengthened; for platform tokens, certain principles of securities supervision can be referred to to regulate their issuance and trading and protect the rights and interests of investors.

(III) Promote international regulatory coordination and cooperation

IMF's standards provide a unified statistical framework for the world, which helps countries reach a consensus on cryptocurrency regulation and reduce regulatory differences and arbitrage space. On this basis, countries can jointly formulate and follow similar regulatory rules, such as unifying standards in anti-money laundering, taxation, etc., to prevent cryptocurrency transactions from being concentrated in areas with loose regulation and reduce the difficulty of regulation.

Cryptocurrency has a prominent cross-border transaction feature, which requires regulatory agencies of various countries to strengthen cooperation. We should jointly deal with transnational cryptocurrency crimes and financial risks through information sharing and joint law enforcement, such as cooperating in tracking cross-border flows of crypto assets and combating cross-border money laundering, so as to maintain the international financial order.

(IV)Improve market transparency and investor protection

After crypto assets are included in economic statistics standards, relevant entities may need to follow stricter information disclosure requirements. This includes basic information, financial status, risk factors, etc. of the project, so that investors can have a more comprehensive understanding of the investment object, make rational decisions, and reduce investment risks caused by information asymmetry.

Regulators can take advantage of the opportunity of including cryptocurrencies in statistical standards to strengthen investor education and improve their awareness of cryptocurrency risks, such as launching publicity activities to introduce the characteristics, risks and legal investment channels of cryptocurrencies, and enhance investors' self-protection capabilities.

III. Other international organizations

In addition to the IMF, the following international organizations are also paying attention to crypto assets.

Bank for International Settlements (BIS): The President of the Bank for International Settlements once made a speech, suggesting that countries strengthen control to prevent the "aggressive expansion" of cryptocurrencies and protect the rights and interests of investors and consumers. It affirmed the application prospects of new technologies in the field of currency, but believed that Bitcoin had many problems, such as becoming a "collection of bubbles, Ponzi schemes and environmental disasters", and advocated that central banks of various countries should strictly regulate cryptocurrencies, crack down on money laundering in cryptocurrencies, follow the principle of "equal risk and equal regulation", and prevent virtual currencies from endangering the stability of the financial system. In addition, the Bank for International Settlements has formulated a blueprint for a global unified ledger to support central bank digital currencies (CBDCs) and tokenized assets, and explored various application cases for incorporating "smart contract" innovations into the unified ledger design.

Financial Stability Board (FSB): In July 2023, the FSB issued an international regulatory framework for crypto assets, proposing high-level regulatory recommendations for crypto assets and "global stablecoins", aiming to enhance the global consistency of regulatory methods in the crypto asset industry, reduce regulatory loopholes, prevent regulatory arbitrage, and effectively prevent financial risks. It proposes the three principles of "same business, same risk, same regulation", "flexibility" and "technological neutrality", requiring regulatory authorities to have appropriate regulatory powers, tools and sufficient resources to regulate crypto assets, and puts forward requirements for crypto asset issuers and service providers in terms of governance framework, risk management, data management and other aspects.

United Nations (UN): In 2016, the United Nations established the World Digital Cryptocurrency Commission (WADCC) and issued a report entitled "The Role of Cryptocurrency and Blockchain Technology in Building a Stable Financial System", proposing the use of blockchain technology to build a more stable financial system, indicating the United Nations' attention to the application of cryptocurrency and its underlying blockchain technology in the financial field, and the importance it may bring about changes in the financial system.