stability risks from digital asset activities are currently low but bear close monitoring. as the digital asset ecosystem grows, it will be natural for linkages between the traditional banking system and digital assets to grow. there is risk of contagion to financial markets through exposures of financial institutions to digital assets. mas is working closely with other regulators to design a prudential framework for banks ’ exposures to digital assets. this framework will provide banks with clarity on how to measure the risks of their digital asset exposures, and maintain adequate capital to address these risks. this will reduce risks of spillovers into the traditional banking system. innovation and regulation hand - in - hand singapore wants to be a hub for innovative and responsible digital asset activities that enhance efficiency and create economic value. the development strategy and regulatory approach for digital assets that i have described go hand - in - hand towards achieving this. innovation and regulation are not incapable of co - existing. we do not split the difference by being less stringent in our regulation or being less facilitative of innovation. mas ’ development strategy makes singapore one of the most conducive and facilitative jurisdictions for digital assets. at the same time, mas ’ evolving regulatory approach makes singapore one of the most comprehensive in managing the risks of digital assets, and among the strictest in areas like discouraging retail investments in cryptocurrencies. i hope this presentation has made clear that mas ’ facilitative posture on digital asset activities and restrictive stance on cryptocurrency speculation are not contradictory. it is in fact a synergistic and holistic approach to develop singapore as an innovative and responsible global digital asset hub.

bridging data gaps. mas agrees with the recommended approach, which is to first identify the stakeholders and 2 / 3 bis central bankers'speeches use cases, and then define the metrics and data requirements. in the absence of a use case driven approach, technology will remain a solution looking for a problem to solve. in singapore, mas is working with our financial institutions, solutions and data partners to pilot some use cases so that we can collectively learn, adapt, and grow in our ability to define the right metrics for esg measurement. mas has launched, together with the industry, project greenprint – a technology platform to support the green finance ecosystem. the project will identify use cases where technology can help to mobilise capital for green projects, monitor commitments to emissions reductions, and quantify the impact of abatement efforts. we look forward to collaborating with more international financial institutions and solution providers in this effort. third, we need to develop methodologies to translate raw data into quantifiable assessments of climate - related risks. as the data to be collected and metrics that are relevant for each sector can differ greatly, there will be a need to take a sectoral approach to this. for example, an asset manager looking to invest in the agriculture sector will not find raw data such as temperature and rainfall levels, proximity of the farmland to conservation areas, or the education levels of the farm owners meaningful. these must be converted into an accurate assessment of the environmental and credit risks of the agricultural assets so that the asset manager can adjust its investment decisions accordingly. the financial sector has an important role to play in determining these frameworks, to ensure that capital is channelled effectively towards sustainable business practices. mas is keen to work with the industry, academia and international organisations to develop these sector - specific frameworks, for example, for maritime, agriculture, logistics, and others. as an international financial centre, singapore is committed to channelling financial flows towards sustainability and transition efforts in asia and globally. we are developing green finance solutions and markets that can support a sustainable economy. we are strengthening the financial sector ’ s resilience to environmental risks through providing guidelines on environmental risk management and stepping up disclosure expectations. we are working closely with the private sector to develop a taxonomy prioritising transition activities. we are actively exploring how technology and innovation can be leveraged to drive the financial sector ’ s sustainability agenda. we must harness technology and data to drive effective climate action. the transition to a