The International Monetary Fund updates global standards, officially incorporating Crypto Assets into the international balance of payments system.

On March 20, the International Monetary Fund (IMF) released the seventh edition of the Balance of Payments Manual (BPM7), which for the first time incorporates Crypto Assets into global economic statistical standards to address the rising impact of digital assets on the economy.

The core standard of this framework is that debt-free tokens like Bitcoin (BTC) are classified as non-financial capital assets, while those stablecoins backed by liabilities are regarded as financial instruments. Bitcoin is regarded as a non-financial capital asset. The IMF’s new manual also categorizes digital assets into fungible tokens (such as Bitcoin) and non-fungible tokens (such as NFTs), further distinguishing them based on whether they have corresponding liabilities. For example, cryptocurrencies like Bitcoin, which are debt-free, are classified as non-financial capital assets, while other tokens supported by debt (such as Ethereum or Solana) are considered equity assets. In simple terms, debt-free crypto assets, such as Bitcoin, are only recorded in the capital account as a medium of exchange, as part of non-productive financial assets. If the owners of tokens with protocols or platforms (such as Ethereum or Solana) reside in different countries than the initiators, these tokens may be classified as equity-like assets under financial accounts.

For example, if a UK investor holds Solana tokens issued by the United States, this position will be recorded as “equity crypto assets,” similar to traditional foreign equity investments. Standard framework for staking rewards and verification services The IMF also mentioned that considering the complexity of staking and yield crypto activities, the staking rewards obtained from holding these tokens may be similar to stock dividends and should be recorded under current account income, depending on the scale and purpose of the holdings. This means that transactions involving the verification of crypto asset transfers (such as mining or staking) will be considered as service production and will be added to the export and import of computer services. The “BPM7” manual has been developed after consultations with more than 160 countries worldwide and is expected to guide official statistics in the coming years. Although the implementation varies across different jurisdictions, this initiative by the IMF also provides a unified framework for the global statistics of digital assets. Conclusion: The latest measures by the IMF provide clear guidance on the role of Crypto Assets in the global economy, which not only signifies the formal recognition of the importance of Crypto Assets by the global economic system but also establishes a unified framework for the statistics of digital assets worldwide. Although the implementation methods may vary in different countries and regions, as the digital economy continues to develop, we have reason to believe that Crypto Assets will play an increasingly important role in the future international financial system. #国际货币基金组织 #Crypto Assets #Global Standard