This status report reflects the progress made in taking forward the IMF-FSB crypto-asset policy implementation roadmap.
Jurisdictions have made progress in implementing the policy and regulatory responses developed by the IMF, FSB, and standard-setting bodies (SSBs). Nearly all FSB member jurisdictions have plans in place to develop new or revise their existing regulatory frameworks for crypto-assets and stablecoins, or they already have those frameworks in place. To raise awareness of their policy frameworks and support implementation beyond the G20, the IMF, FSB, SSBs and the Financial Action Task Force have organised workshops, outreach sessions, knowledge sharing events, and capacity building programmes.
Nevertheless, despite the progress, challenges remain. Inconsistent implementation of the FSB Framework may hinder its effectiveness and lead to regulatory arbitrage. Cross-border crypto-asset activities that originate from offshore jurisdictions present elevated regulatory and supervisory challenges for authorities. The prevalence of non-compliance with applicable laws and regulations significantly undermines efforts to implement the FSB Framework and other international standards on crypto-assets. Stablecoins should be subject to specific regulatory requirements due to their vulnerability to a sudden loss in confidence and to potential runs on the issuer or underlying reserve assets.
The IMF and FSB, together with the SSBs and other international organisations, will continue to support and promote a globally coordinated and comprehensive policy and regulatory approach to crypto-asset markets. The FSB will conduct a review of the status of implementation of the FSB Framework by end-2025.