raise the standards on education in financial services. less than a month ago the faa – finance accreditation agency, an entity responsible for reviewing the quality of the learning programs that serve the industry was launched. this agency complements the initiatives by the international centre for leadership in finance ( iclif ) to produce capable and competence leaders. taken together, these efforts reflect our motivation in ensuring comprehensive talent development solutions for financial sector professionals throughout their career progression from entry - level up to leadership positions. equal emphasis is also given in the area of islamic finance. talent development has been identified as a key thrust to support industry growth and development, both domestically and globally. the role of several talent development institutions dedicated to serving the industry has been instrumental in contributing towards achieving this goal – the international centre for education in islamic finance ( inceif ) which is as a global university offering academic and professional qualifications in islamic finance, the international shari ’ ah research academy for islamic finance ( isra ) which is a centre for applied research in shariah and islamic finance, as well as ibfim or the islamic finance and banking institute malaysia – an industry - owned training entity for islamic finance professionals. despite being relatively new in existence, these institutions have now become increasingly recognised as leading providers of expertise in islamic finance, providing the islamic finance global community a reference centre for knowledge and talent development. bis central bankers ’ speeches i am most inspired by the optimism set by theme of this year ’ s conference – “ waves of change, oceans of opportunities ”. the theme very aptly sums up the business conditions we face today. rapid change is the new normal in today ’ s dynamic world. the rise and interconnectivity of asia as well as its demographic changes, the impact of regulatory changes and new technologies are all combining to transform the financial landscape of the region. survival and success in today ’ s challenging environment will depend on being able to exploit new growth opportunities that come with change. but this journey will not happen without determined action to lay the foundation for future success of the industry. in closing, i wish you an insightful and productive deliberation and trust that your discussion will be useful and will leave you with additional insights to tackle the challenges that you face. to our overseas guests, i hope you will leave kl with pleasant memories of your brief stay here. bis central bankers ’ speeches

rut presently, crypto - asset market structures continue to develop at a rapid pace. and at the same time, we see a growing involvement of traditional finance with the crypto - ecosystem – which means that the financial interlinkages between these two worlds are growing as well. so we cannot exclude that, sooner rather than later, vulnerabilities in crypto - asset markets become big enough to form an actual, transmissible risk to global financial stability. and this risk looms larger if we don't implement comprehensive regulation. 1 / 4 bis - central bankers'speeches all over the world, national regulators have not been waiting on me to say this. a lot of decisive action has been taken already. the fsb welcomes these initiatives because they show much - needed willingness to act. but at the same time, we see a challenge due to crypto's inherent global reach. and that is : how do we ensure consistency between all these regulations? and how do we deal with crypto parties that choose to operate exactly from those jurisdictions that don't really prioritise the effective regulation and supervision of crypto - asset activities? to overcome these challenges, the fsb developed a global regulatory framework. this framework, published last july, aims to promote the consistency of regulatory and supervisory practices to address the financial stability risks of crypto - asset activities ( more information ). developing this framework on the basis of consensus among the fsb member authorities has required a careful threading of the needle. and so, i think it is fitting that we find ourselves on threadneedle street, today. the perfect place to discuss the fsb's finalized policy work on broader crypto - asset markets and global stablecoin arrangements. the latter is a specific type of crypto - asset – one that aims to maintain a stable value relative to a pool of assets, usually fiat money. one that carries heightened risks to global financial stability because of its potential systemic relevance in multiple jurisdictions. and so, one that requires special attention. because the fsb recommendations are high - level, national authorities can apply these recommendations flexibly, whilst also ensuring a baseline – a baseline that provides for a consistent application of comprehensive regulation across the globe. a baseline that embraces both already existing rules in some countries, and to be drafted regulations in others. a baseline with a clear thread of gold – and that is the principle of " same activity, same risk, same regulation ". many crypto