- asset activities perform functions and, hence, carry risks, that strongly resemble those of traditional financial activities. think, for example, of the similarities between staking and deposit - taking, or between crypto - lending and securities financing transactions. and so, we believe they should be regulated as such. a number of our recommendations have to do with the vulnerabilities of centralized crypto - asset intermediaries. and i stress'centralized'because, however'de - centralized'the crypto - asset ecosystem claims to be, economic reality tells a different story. in fact, some of these intermediaries already seem to play a systemic role within the cryptoecosystem. that is why we recommend that authorities require a number of things from these entities. for instance to have in place robust governance frameworks and to set up risk management practices. of course, i know that implementation takes time. but i also know it's high time – as i have often heard my british colleagues say – to'crack on '. so, let's prioritise the full and consistent implementation of our high - level recommendations. because in the meantime, people investing in crypto - assets continue to run serious risks. in the meantime, linkages between the crypto - ecosystem and traditional finance may very well continue to grow. so, in the meantime, risks to financial stability can still escalate. 2 / 4 bis - central bankers'speeches there are several ways through which we can prevent crypto - asset volatility from spilling over to the traditional financial system. one important way to do this, is with the full and consistent implementation of the bcbs prudential framework for the treatment of banks'crypto - asset exposures. putting this global framework into practice limits the chance that crypto - volatility reaches banks and hence becomes a threat to financial stability. to keep a close eye on the progress made, the fsb will start monitoring implementation. our first review should be finalized by the end of 2025. and the fsb will not only monitor progress. if we are serious about regulating what is essentially a cross - border phenomenon, we also need to be serious about cross - border cooperation. about information sharing. about working together. this also means that we need to venture outside of the fsb jurisdictions. because several jurisdictions with material crypto - asset activities are not members of the fsb. nevertheless, global financial stability ties all of us together

to raise awareness around the use of pronouns. on its own, it may seem like a small change, but it sends a loud message that part of respecting one another is using the correct pronouns. this effort has been well received, and a big part of that is because it ’ s created spaces for conversations that just weren ’ t happening before. but policies can only go so far. in fact, we can have world - class policies, but if we don ’ t have a culture where people feel comfortable bringing their whole selves to work, rules alone won ’ t get us to where we need to be. this is true of every element of diversity and inclusion. in a culture where taking extended leave damages your career prospects, a generous parental leave policy won ’ t make up for that. in a culture where people don ’ t feel that their voices are welcome, few will speak up. in a culture that fails to embrace differences, we won ’ t reap the benefits of diversity. 1 / 3 bis central bankers'speeches the data are clear. nearly half of lgbt people are closeted at work, and the top reason lgbt workers don ’ t report negative comments they hear about lgbt employees is they don ’ t believe that anything will be done about it. 3 this gets to the heart of why the “ inclusion ” piece of diversity and inclusion is essential, and a personal priority. obviously, there ’ s a moral imperative for diversity, and numerous studies have shown the benefits to both productivity and the bottom line. 4 but for me, it ’ s my experiences as both an academic and a policymaker that have made inclusion so important. economics is a profession that has a glaring diversity issue. as economists, we have not done enough to create a diverse profession or an inclusive culture. when i ’ m sitting in a room and see a bunch of people who look and sound the same, i know it ’ s a problem. when everyone has an identical view, it ’ s easy to assume it ’ s because that view is the right one. but for me it raises questions : who isn ’ t in the room? who ’ s missing, and why aren ’ t they here? i ’ m always on the hunt for different perspectives on how to interpret the data, new takes on old problems, and innovative approaches to tackle the challenges that lie ahead. if i have a bunch of cookie - cutter theories and explanations that look like my own, i know it ’ s highly probable we