Bolivia Pledges Crypto Asset Oversight Framework in IMF Agreement

Bolivia has pledged to establish a virtual asset regulatory and supervisory framework in a memorandum of economic and financial policies submitted to the IMF. According to Odaily, the memorandum says the move is intended to reduce the risk of funds leaving through the crypto asset market in an improper manner. The memorandum does not set an implementation timeline, name a supervising authority, or specify whether the framework will be introduced through a law, decree, or administrative regulation. The pledge is part of Bolivia's 36-month Extended Fund Facility arrangement with the IMF for 1.369 billion special drawing rights, or about $1.9 billion, pending approval by Bolivia's Congress and the IMF Executive Board.