his proactive engagement for making this mas - acpr - bdf cooperation flourish. francois was the right man in the right place to take up the challenge of launching and leading our rep office here, building notably on his former experience as head rep for the americas. your achievements francois are all the more remarkable when considering that you took office exactly when in person, face to face, interactions, were hampered for a long while by lockdown measures. i also want to give a very warm welcome to stephane latouche. building on his wide raging 1 / 4 bis - central bankers'speeches experience within and outside the bank, he will i am sure contribute to develop further the activities of our rep office with all of you, and notably deepen our bilateral ties with the mas, notably for future innovation partnerships. as a matter of fact, innovation never stops, innovation is above all change. financial innovation illustrates this time of rapid change, with a wave of new players, new digital assets in the form of crypto - assets, as well as new exchange and settlement infrastructures. among those digitalisation trends, so - called " decentralised finance ", defi, is emerging. defi is a set of applications offering financial services based on crypto - assets, operating on public blockchains and using smart contracts. we need as supervisors and providers of settlement services in central bank money to stay alert, explore its opportunities and address challenges it raises. ii. impact on bdf activities and stability mandate to that end we have been developing our actions along two axes that should serve as an additional basis for the dialogue and cooperation we have been developing from here in singapour. 1. the first axis is to move beyond the first generation of crypto - asset regulation indeed, the first generation of crypto - asset regulations does not fully address the challenges posed by defi. for example, in europe, fully " decentralised " services are excluded from the scope of the mica regulation. to go beyond this first step, we need to build a regulatory framework adapted to the specificities of defi. in my view, when designing this framework we should not try to replicate existing financial regulations at all costs. on the contrary, it could be advantageous to draw inspiration from regulations in other sectors. for example, one could imagine setting rules on " products " even when their " producer " or " issuer " is not clearly identified. in addition, we have to recognise the technical

denis beau : moving beyond the first generation of innovation and regulation for tokenized finance - the case of defi address by mr denis beau, first deputy governor of the bank of france, at the occasion of the change of bank of france head of the asia - pacific representative office, singapore, 31 march 2023. * * * i am glad to be here with you today for this handover reception. it gives me the opportunity and the pleasure to thank francois haas and to welcome stephane latouche as our outgoing and incoming chief representative in asia and head of the bank of france office in singapour. it also gives me the opportunity to underline our very good and multifaceted cooperation with the mas, in particular on financial innovation. in my remarks today, i would like to illustrate this cooperation, notably with our work on the development of tokenised finance, and the so - called decentralised finance, and how we, at the banque de france and the acpr, are working to respond to this change of paradigm, in line with our financial stability mandate. i. a strengthening of bilateral ties between the acpr, bdf and mas, a very close and sustainable partnership between singapore and france let me start with what the acpr, bdf, and mas have achieved together. cooperation between the bdf and mas has strengthened significantly, particularly since the opening in 2020 of the asia - pacific representative office, here in singapore, which is one of the most innovative financial centres ( with a strong fintech sector ), and a highly important region in today's world. mas, bdf and acpr have deepened and diversified their linkages across key and cutting - edge areas, such as ( i ) cybersecurity, with an international cyber crisis management exercise conducted jointly in june 2022, ( ii ) fintech, with a mou between mas and acpr, ( iii ) post - quantum cryptography, where ongoing work is joining bdf and mas, ( iv ) green finance, with a milestone achieved together with the francesingapore conference on sustainable finance in may 2022, and finally ( v ) tokenisation of finance, with central bank digital currency experiments involving cross - border payments. my warmest thanks go to ravi menon and mas staff, and also to the colleagues of the bdf's office in singapour, who have helped the strengthening our bilateral ties. i wish to also express my sincere and special thanks to francois haas for