approach. the acpr, the banque de france and the amf are committed partners in this respect. i would like to illustrate this by talking about two areas that are “ at the frontier ” : crypto - assets and climate risk. 1. tokenised finance, crypto - assets and the defi ecosystem the first “ frontier ”, and probably the most obvious one for our fintechs, is tokenised finance. blockchain technology, v which has emerged from the cryptoassets ecosystem, could bring undeniable benefits to financial markets in terms of transparency and transaction rapidity. we are therefore supporting private sector players in implementing the pilot regime, vi not just as competent authorities, but also by working at the banque de france on a wholesale central bank digital currency ( cbdc ). vii we are also doing everything we can to push and prepare for a future mica 2 regulation, following on from the adoption of mica, the pioneering european regulation. we have to address at least two issues. first, the “ crypto conglomerates ” – groups with large numbers of subsidiaries, operating in a diverse range of activities and geographical locations – which should be subject to transparency rules, especially the obligation to publish consolidated financial statements. experience has shown that information - sharing between jurisdictions is essential to understanding these groups ’ global structures, the interlinkages between entities and the associated risks. second, defi, or “ disintermediated finance ”, which seems to me to be a much more appropriate term than “ decentralised finance ” ( due to the absence of intermediaries and to the high level of centralisation actually observed ). under mica, a report is due to be published by the end of 2024 on these new services, page 4 sur 6 which have already attracted 2 million users. viii in terms of value, defi is estimated to account for less than 5 % of the crypto market : ix the value of defi assets has dropped from some usd 180 billion at the end of 2021 to around usd 40 billion today following the collapse of a number of crypto players. it is therefore limited in size. it also has limited use cases at present. why should it interest us? for at least two reasons : defi poses numerous risks, especially for individuals ( for instance, according to some estimates, it accounts for 80 % of crypto - asset thefts x ) ; above all, it could foreshadow some

conducted project mariana in conjunction with the bank for international settlements, the swiss national bank and the monetary authority of singapore. the project successfully tested defi technologies, specifically automated market makers or amm ). see bis and central banks of france, singapore and switzerland successfully test cross - border wholesale cbdcs, press release, 28 september 2023. xii defi : the acpr draws conclusions from its public consultation and outlines concrete avenues for regulation, acpr press release, 12 october 2023. xiii it protocols that execute predefined clauses, some of which may be conditional on events likely to occur. xiv see notably villeroy de galhau, f., the role of central bank in the greening of the economy, speech, 11 february 2021, or the role of central banks in the “ macroeconomics of climate change ”, speech, 24 april 2023 i ii