The International Monetary Fund (IMF) has overhauled its balance of payments standards to reflect the growing impact of digital assets.
According to the newly released Balance of Payments Manual, Seventh Edition (BPM7), cryptocurrencies like Bitcoin (BTC) are now classified as non-produced nonfinancial assets, while certain tokens are treated akin to equity holdings.
The updated manual, published on March 20, marks the first time the IMF has integrated detailed guidance for digital assets into its global statistical standards.
Crypto without liabilities
The framework divides digital assets into fungible and nonfungible tokens, with further distinctions based on whether they have a corresponding liability.
Bitcoin and similar tokens without liabilities are categorized as capital assets, while stablecoins, which are backed by liabilities, are treated as financial instruments.
According to the IMF:
“Crypto assets without a counterpart liability designed to act as a medium of exchange (e.g., Bitcoin) are treated as non-produced nonfinancial assets and recorded separately in the capital account.”
In practice, this means cross-border crypto flows involving assets like Bitcoin will be recorded in capital accounts as acquisitions or disposals of non-produced assets.
Meanwhile, tokens with a protocol or platform — such as Ethereum or Solana (SOL) — may be classified as equity-like holdings under the financial account if their owner resides in a different country from the originator.
For example, if a UK investor holds Solana tokens issued from the US, the position would be recorded as “equity crypto assets,” paralleling traditional foreign equity investments.
The IMF notes that such assets, despite the reliance on cryptography, are considered comparable to standard equity in terms of ownership rights.
Staking rewards and validation services
In a nod to the complexity of staking and yield-bearing crypto activities, the IMF also stated that staking rewards earned from holding these tokens may resemble equity dividends and should be recorded under current account income, depending on the holding’s size and purpose.
The manual introduces a conceptual shift for countries compiling macroeconomic statistics, aiming to improve visibility into the economic impact of digital assets and related services.
Transactions involving the validation of crypto asset transfers — such as mining or staking — are to be treated as the production of services, adding them to computer services exports and imports.
The BPM7 manual was developed through global consultation involving over 160 countries and is expected to guide official statistics for years to come.
While implementation will vary by jurisdiction, the IMF’s move marks a significant step toward recognizing the macroeconomic relevance of digital assets in a standardized and globally comparable format.
