##lining possible avenues for regulation. this document is open for consultation on the acpr website and we encourage industry stakeholders to provide their input. 2 ) the challenge of international coordination for an effective and global regulatory framework that being said, these regulatory issues are global, which means that we need to ensure that national regimes are consistent with each other in order to avoid any risk of regulatory arbitrage. to this end, we need to speed up international work under the aegis of the fsb. highest priority should be given to the finalisation of the fsb recommendations on stablecoins and other crypto - assets, in cooperation with other international standard - setting bodies ( cpmi, bcbs, fatf ). the second priority should be to regulate the interconnection between the traditional financial system and the crypto - asset market in a secure way. the timely and faithful implementation of the basel standards on the prudential treatment of banks'crypto - asset exposures, published in december 2022, will be key from that perspective. the development of crypto - asset based services in banks must take place within a prudent framework that limits the risks for financial stability. consequently, the enforcement of prudential standards should strictly take into account the developments of interconnections between crypto - assets and regulated entities, such as banks. lastly, two new issues will require a global regulatory response. defi is the first one : its use of public blockchains and its global reach make it difficult to allocate 3 / 4 bis - central bankers'speeches responsibilities and impose strong regulatory requirements such as in mica. but the fsb is working on it : it has already published a report on defi's vulnerabilities and policy work is in progress. second, we need to address challenges raised by worldwide crypto conglomerates. the fsb has also initiated work on this type of crypto - asset service providers to identify and monitor the risks associated with the concentration of their activities. to conclude, let me just stress that it is not clear to me what is going to be the future of the crypto ecosystem and the shape that the financial landscape will eventually take as a result. market forces will decide. but what is clear to me is that, for the crypto ecosystem to overcome the confidence crisis it is currently facing, and to develop on a sustainable basis, a confidence prone regulatory and supervisory framework is needed. central banks have an important role

denis beau : after the crypto - winter, the spring of crypto - assets regulation and supervision keynote speech by mr denis beau, first deputy governor of the bank of france, at the world bank global payments week 2023 " the future of payments ", marrakesh, 18 may 2023. * * * dear colleagues from the world bank, ladies and gentlemen, according to some commentators, in a context of cascading bankruptcies ( i. e. terra / luna, celsius, three arrows, genesis, blockfi, ftx ), the crypto ecosystem may have entered a so - called " crypto - winter ". i don't know if this winter is going to last but i believe that it should be seen as " spring time " by regulators and supervisors, whose initiatives should be burgeoning. recently, many countries have indeed sped up their regulatory work within their jurisdiction. however, we have also seen variances in combining three regulatory approaches : banning crypto - asset activities ; containing and isolating them from traditional finance and the real economy, which implies banning certain specific aspects and practices ( e. g. advertising ) ; regulating the crypto - asset market, either by assimilating crypto - assets to traditional financial assets and applying the corresponding existing regulatory regime, or by adopting a dedicated regulation ( e. g. on stablecoins ). with the exception of china, the world's major economies and currency zones have developed or are in the process of adopting a combination of the last two approaches, based on the principle of " same activities, same risks, same rules ". as a blunt banning of crypto - asset activities is not seen as an option for most, for a number of reasons, starting for instance with the belief in france that it would most likely lead to regulatory arbitrages between jurisdictions, most of the attention at national and international level has been put on " what? " ( what activities and what risks ) and " how? " ( by which means ) to regulate. in my short introductory remarks today, i would like to share with you my perspective, as the organisers of this global payments week conference have kindly suggested, speaking from the standpoint of a central bank in charge of ensuring financial stability, on the types of risks associated with crypto - activities that particularly need to be considered for regulation and supervision, and the importance of a convergent and coordinated regulatory approach on crypto - assets at