What are crypto-assets?
An asset on the screen, issued by no country.
Digital assets that are not issued by any country or central bank. Their prices swing widely and their protections are limited. How they look through the eyes of central banks and regulators.
In 30 seconds
- Crypto-assets are digital assets created by protocols or companies, not by countries or central banks.
- Europe’s three supervisory authorities warn that most crypto-assets are volatile and highly risky, and that compensation schemes do not apply.
- In 2025, crypto-related losses of about $11.4 billion were reported to the US FBI.
A mesh with no centre.
Crypto-assets are not issued by any country or central bank.
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Who issues them
Unlike money issued by countries and central banks, crypto-assets are digital assets created by protocols or companies. Depending on the type, their nature and the way they are regulated differ.[1]
Wild swings, thin protection.
Most crypto-assets are volatile, and their protections are limited.
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Europe’s warning
Europe’s three supervisory authorities (EBA, EIOPA and ESMA) warn that most crypto-assets remain volatile and highly risky, and may not be suitable for all consumers as a form of investment, payment or exchange.[1]
The same warning notes that, even under the EU’s new rules, you will not benefit from compensation schemes.[1]
Three conditions of money.
The Bank for International Settlements finds that stablecoins do not meet the conditions of money.
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Three conditions
The Bank for International Settlements (BIS) sets out three conditions of money — acceptance at par, flexible supply when needed, and protection against financial crime — and finds that stablecoins meet none of them.[2]
$11.4 billion, from reports alone.
Losses from crypto-related fraud are large.
Crypto-related losses reported to the US FBI (2025)
The total of reports, not all losses.
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Reports in the United States
According to the FBI’s 2025 report, 181,565 complaints involving crypto-assets reported losses totalling about $11.37 billion.[3]
A common script shows gains on a fake investment screen, then blocks you when you try to withdraw. Read it alongside “Look at the exit before the entrance.”
A scale for reading the screen.
A scale for reading crypto-assets.
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Who issues it
Who creates it, and by what mechanism.[1]
The reach of protection
Whether there is compensation or a complaints route, and whether the provider is authorised.[1]
Withdrawal conditions
What you are asked for when you take it out.[3]
This is not advice
This edition explains how crypto-assets work and their risks. It does not recommend or compare any crypto-asset or trading venue.
Next question
NEXT QUESTIONThe day cash becomes data.NEXT QUESTIONLook at the exit before the entrance.See the Field Notes shelf →What this edition cannot tell you
- Price movements and numbers by type of crypto-asset.
- National rules on crypto-assets.