some emdes. these jurisdictions often have weaker domestic currencies or large underbanked populations. i do recognize that not all emdes are the same. as we can see right here in asia, there can be a wide variety of emdes in a single region, and advanced economies could also be in the mix. there is however one common risk for emdes : residents might come to primarily rely on off - shore providers of crypto - services. this dynamic may require us to place greater emphasis on effective cross - border regulatory cooperation. without such coordination and cooperation, crypto service - providers may find it easier to evade local requirements. in this context, the fsb is doing further work to practically address the cross - border regulatory challenges of stablecoins for emdes. also central in our framework is the principle of'same activity, same risk, same regulation '. this principle means that effective regulation should fit the financial stability risks that crypto - activities pose. flashy marketing terms might muddy the waters for regulators. this makes it all the more important to find the actual underlying economic functions and risks. 2 / 3 bis - central bankers'speeches publishing a framework is only part of the job. the most important next step is making sure that our recommendations are consistently implemented across the globe. because, without globally consistent implementation, certain crypto - service providers may continue to evade regulation. the fsb aims to deliver effective and consistent implementation of its regulatory framework by working closely with other standard - setting bodies, such as iosco, the imf, and fatf. because crypto - asset activities are inherently cross - border, specific attention will go to promoting implementation beyond the fsb's membership. we will do this through our own channels, including our regional consultative groups. but we will also closely work on this with the imf – given it's near global membership. as implementation is ongoing, we are committed to learning new lessons and to keep responding to new developments in the crypto - ecosystem. the sector is moving fast, so there is no room for complacency. before moving to a conclusion, i would like to touch upon one of these developments : tokenization. creating a digital representation of an asset and placing it on a distributed ledger could bring benefits to the financial system. this includes efficiency gains and potentially increased liquidity of certain assets. of course, there may also be risks for financial stability. for example, tokenization could increase the linkages

between the crypto - ecosystem and traditional finance. the fsb is assessing the financial stability implications of tokenization, although our work is still in the early stages. and we are not the only standard setter considering this topic. to conclude, the crypto ecosystem is at a major cross - roads. we cannot presume that this innovation, and potentially more decentralization, will bring significant benefits to the global financial system. what i do know is that the full benefits of digital innovation stemming from crypto - assets can only be realised if there is durable trust in the sector. for this, we need to keep working on a strong and consistent regulatory system, to safeguard financial stability. 3 / 3 bis - central bankers'speeches