IMF cryptoassets framework: is a global approach possible?

Charlotte Hill and Mila Pencheva consider a recent International Monetary Fund paper on effective policies for cryptoassets, as well as key regulatory developments in the United Kingdom already taking some of the IMF's recommended elements forward.

Charlotte Hillis a partner and head of the Financial Services Regulatory group at Taylor Wessing in London, whereMila Penchevais a senior associate. Contact them onc.hill@taylorwessing.com andm.pencheva@taylorwessing.com.

On 23 February 2023, the International Monetary Fund published a policy paper (Paper) [1] setting out a framework for effective policies to regulate cryptoassets, in support of economic and financial stability across the IMF membership (Framework). The Paper aims to provide guidance to IMF member countries on key elements of an appropriate policy response to cryptoassets that would allow policymakers to mitigate the risks posed by cryptoassets effectively while harnessing the potential benefits.