(Only in Italian)
IMF and FSB have developed this paper to synthesise the IMF’s and the FSB’s policy recommendations and standards. The collective recommendations provide comprehensive guidance to help authorities address the macroeconomic and financial stability risks posed by crypto-asset activities and markets, including those associated with stablecoins and those conducted through so-called decentralised finance (DeFi).
This paper describes how the policy and regulatory frameworks developed by the IMF and the FSB fit together and interact with each other, but it does not establish new policies, recommendations or expectations for relevant member authorities.
The paper looks at the key risks to macroeconomic stability, financial stability, and other areas (such as legal, financial integrity and market integrity related risks), posed by crypto-asset activities. It then presents policy responses to these risks in the areas of:
  • macro-financial policies;
  • financial stability regulation; and
  • other policies and regulation.
The paper concludes with an implementation roadmap. The roadmap includes planned and ongoing work related to the implementation of crypto-asset policy frameworks, which taken together seek to: build institutional capacity beyond G20 jurisdictions; enhance global coordination, cooperation, and information sharing; and address data gaps necessary to understand the rapidly changing crypto-asset ecosystem.
Against the backdrop of these risks and vulnerabilities, the Joint Committee of the ESAs advises national competent authorities, financial institutions and market participants to take the following policy actions:
  • financial institutions and supervisors should closely monitor the broader impact from strong increases in policy interest rates and sudden rises in risk premia and accounted for in risk management;
  • financial institutions and supervisors should remain prepared for a deterioration in asset quality in the financial sector. Supervisors should continue to closely monitor asset quality and loan loss provisioning;
  • financial institutions and supervisors should be aware of and closely monitor the impact of inflation risk. Inflation not only impacts financial institutions by its effects on asset quality and valuation, but also through rising expenditures and rising funding costs as a result of higher interest rates and other channels;
  • financial institutions should place high importance on effective risk management and governance arrangements, in particular in relation to liquidity risk and interest rate risk, as recent problems in the US and Switzerland highlight. Financial institutions need to remain resilient to the impact of future substantial interest rate changes.