IMF updates global standards to incorporate crypto into the balance of payments

The International Monetary Fund (IMF) is reforming the balance of payments standards to reflect the growing impact of crypto.

According to the "Balance of Payments Manual" seventh edition (BPM7) recently released, cryptocurrencies like Bitcoin are now classified as non-producing financial assets, while some tokens are regarded as equity shares.

This update was announced on March 20, marking the first time the IMF integrated detailed guidance on digital assets into its global statistical standards.

Crypto does not come with financial obligations

The new classification framework divides digital assets into two main groups: fungible tokens and non-fungible tokens, with further distinctions depending on whether they are associated with financial obligations or not.

Bitcoin and similar tokens that do not have financial obligations will be classified as capital assets, while stablecoins backed by financial obligations will be considered financial instruments.

According to the IMF:

"Crypto is not designed to function as a means of exchange (, for example: Bitcoin), is considered a non-financial asset that does not generate income and is recorded separately in the capital account."

In fact, this means that cross-border crypto flows related to assets such as Bitcoin will be recorded in the capital account as purchases or sales of non-produced assets.

Meanwhile, tokens with protocols or platforms — such as Ethereum or Solana (SOL) — can be classified as assets similar to stocks in a financial account if the owner resides in a country different from the issuing country.

For example, if an investor in the United Kingdom holds a Solana token issued from the United States, that position will be recorded as "crypto assets similar to equity", similar to traditional foreign equity investments.

The IMF notes that, despite the reliance on encryption, these assets are considered equivalent to traditional equity in terms of ownership.

Staking Rewards and Validation Services

Recognizing the complexity of staking activities and yield-generating crypto activities, the IMF also stated that staking rewards earned from holding these tokens could be similar to stock dividends and should be recorded as income in the current account, depending on the scale and purpose of the holdings.

Guidelines for introducing the concept transition for countries to compile macroeconomic statistics, aiming to improve the ability to perceive the economic impact of digital assets and related services.

Transactions related to the verification of crypto asset transfers — such as mining or staking — will be considered as the production of services, adding to the export and import of computer services.

The BPM7 guidelines were developed through global consultations with the participation of more than 160 countries and are expected to guide official statistics for many years to come.

Although the implementation will vary depending on the legal jurisdiction, the IMF's move marks an important step in recognizing the macroeconomic significance of digital assets in a standardized and globally comparable format.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do thorough research before making decisions. We are not responsible for your investment decisions.

• El Salvador has purchased over 13 BTC since March 1, despite pressure from the IMF.
• The IMF agreement prohibits the public sector in El Salvador from 'accumulating Bitcoin'
• Bitcoin ETF received $744 million after five consecutive weeks of outflows.

Minh Anh

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