- IMF Managing Director Kristalina Georgieva said crypto assets need stricter rules to avoid risks, while blockchain technology offers promise if harnessed properly.

- Speaking at a digital money conference in Seoul, Georgieva likened the unregulated early days of crypto to the "Wild West" in America.

- She highlighted recent criminal cases, like the fraud conviction of FTX's founder, as examples of crypto's checkered past.

- But Georgieva stressed that crypto is here to stay, noting trading volume remains high despite crashes. Data shows adoption in emerging markets like India, Nigeria and Brazil.

- Widespread use of crypto as a currency could undermine monetary policy, circumvent capital controls and complicate taxation, she warned. Hence the need for regulation.

- The IMF and Financial Stability Board have provided guidance, including not making crypto legal tender, applying anti-money laundering standards, establishing clear tax rules, and coordinating regulations globally.

- Georgieva praised South Korea's leadership in this area, including new crypto asset legislation. The IMF is helping countries implement the guidance via training, enforcement, etc.

- But the rules aren't meant to stifle innovation, she said. Private sector players are already exploring uses for blockchain to potentially cut costs and improve speed and access for asset trading.

- Banks are piloting trading infrastructure using blockchain tech advanced by the crypto boom. This could significantly streamline settlement by establishing assets as digital "tokens".

- But hurdles remain before such pilots reach production, like establishing legal frameworks. This is where the public sector comes in, to ensure alignment with policy goals.

- Any new financial blockchains need to be inexpensive, stable and trusted. Interoperability between assets and contracts, as is integration with central bank digital currencies, is also crucial.

Georgieva said compliance with anti-money laundering rules and other global standards remains paramount. Consistency with national policy priorities like capital flow management is also key.

- She reiterated that these "rules and infrastructure may well be the consonants and vowels of tomorrow’s international monetary system."

- Georgieva concluded by urging continued efforts, citing a Korean philosopher who said that achieving efficiency requires full strength and commitment.