The International Monetary Fund (IMF) has published a working paper entitled "Assessing Macrofinancial Risks from Crypto Assets". In this paper, authors Burcu Hacibedel and Hector Perez-Saiz propose a country-level Cryptocurrency Risk Assessment Matrix (C-RAM) to help countries identify potential risks in the cryptocurrency sector and understand how regulators can respond to these risks.

The C-RAM is designed to summarize key vulnerabilities, useful indicators, potential triggers, and possible policy responses related to the cryptocurrency sector. The authors also discuss how experts and officials can integrate specific vulnerabilities arising from cryptoasset activity into their assessment of systemic risk, and how they can provide policy advice and take action to help contain systemic risks where necessary.

This proposal comes at a time when failures in the crypto space have prompted calls to strengthen countries' policy frameworks for cryptoassets, including greater regulation and oversight. C-RAM could be a valuable tool for regulators around the world as they navigate the complex and rapidly changing cryptoasset landscape.