IMF: Some crypto assets will be included in the National Economic Accounts System (SNA) and classified as "non-produced non-financial assets"

PANews reported on August 1st that the International Monetary Fund (IMF) official blog announced that the updated System of National Accounts (SNA), the global standard for measuring economic activity, will more comprehensively incorporate emerging technologies, digital services, and intangible assets. A key driver of the SNA update is the growing importance of crypto-assets. Despite their relatively small share of global assets, crypto-assets could have significant implications for future financial stability, tax policy, and regulatory oversight. Statisticians have now found a way to classify certain crypto-assets as "non-produced, non-financial assets," which would be reflected in national wealth. Ensuring that the new SNA provides guidance on how countries report on cryptocurrencies is one way to develop future-proof standards. Furthermore, to better reflect the digital economy, the SNA recommends that countries develop a set of indicators covering areas such as artificial intelligence, cloud computing, digital intermediary platforms, and e-commerce. However, because crypto-assets do not involve the creation of goods or services in the traditional sense, they are not included in gross domestic product (GDP). The revised standards are expected to be rolled out globally between 2029 and 2030.