requirements for good governance of the information system, institutions will have to carry out regular operational resilience tests and report major incidents. 1 / 4 bis - central bankers'speeches despite many new elements, dora reinforces a principle that is as old as it is fundamental : financial institutions remain responsible for their risks. they therefore need to remain in control of the entire subcontracting chain, regularly audit their it service providers, and establish exit strategies. the adaptation period for dora is short, so we need to work together to prepare ourselves. for institutions, this means reviewing all existing service contracts, renegotiating some of them, and undertaking as quickly as possible the work required to produce the new reports, in order to finalise compliance with dora before january 2025. for its part, the acpr will continue to interact with the financial community in order to identify any operational difficulties that may arise. in this respect, i would encourage you to take part in the new public consultation on the dora implementing texts, which is due to be held before the end of the year. 2 / as regards digital assets, the gradual entry into force between december 2023 and december 2024 of the markets in crypto - assets regulation ( mica ) will naturally steer the necessary consolidation work. my main message here is that we need to anticipate the entry into force of mica. for players planning to issue stablecoins, anticipating means contacting the acpr, and i invite them to do so now. you can apply for electronic money institution ( emi ) status, which will allow you to start issuing digital assets as soon as mica comes into force, within a secure framework. this is especially important as there will be no transitional phase here : as of 30 june 2024, the provisions of the regulation relating to token issuance will apply immediately. second, to current crypto - asset service providers ( casps ) and to those planning to provide such services in the future, i say that it is time to apply for authorisation. this would enable most of the mica provisions to be met in advance. above all, in a context recently affected by increased bankruptcies, this is the best way to restore consumer and investor confidence. 3 / also with regard to crypto - assets, we need to consolidate measures to combat money laundering and the financing of terrorism ( aml / cft ), particularly in view of the entry into force of the european transfer of funds regulation ( t

##cy of ftx was caused by lending out client funds to affiliated entities engaged in margin trading. 3 implications for the regulation of crypto - asset markets 3. 1 risks inherent in crypto - asset markets require preventive regulation. risks that are inherent in the traditional financial system are also inherent in crypto - asset markets. this requires appropriate regulation – regulation which does not unduly constrain innovation, but that ensures investor protection, financial market functioning, and financial stability. providers of services in crypto - asset markets need to comply with basic standards – above all accounting standards. additional rules apply to providers of financial services : rules on consumer protection, conduct rules, rules preventing money laundering and anti - terrorist financing rules, and microprudential regulation. ultimately, all these policies lay the foundation for a stable and resilient financial system. at the current juncture, the size of crypto - asset markets may not pose immediate risks to financial stability. having said that, financial regulation has an important preventive function. the oecd ’ s principles of financial regulation state : “ a pre - cautionary approach is warranted in financial regulation ; policy makers should pro - actively anticipate and address emerging risks and problems and not initiate reforms solely in response to the onset of a crisis ”. therefore, it is important to address potential systemic risks as early as possible through preventive regulation. economically similar activities and risks require similar regulation and supervision. 3. 2 preventive regulation requires monitoring risks in crypto - asset markets. preventive regulation requires, at a minimum, to carefully monitor crypto - asset markets. doing so requires significantly improved information. atlas, a project of the eurosystem centre of the bis innovation hub, will develop a data platform to provide reliable insights into the macroeconomic relevance of defi and crypto - asset markets. this open - source data platform will provide information on market capitalisation, economic activity and international flows of crypto - assets. competitive effects on the core financial system also need to be better understood. if new entrants facing weaker regulation provide better financial services, competitive pressure on incumbents increases. this can be welfare - enhancing – but it can also imply undue risks which become more difficult to contain once a market segment has grown. monitoring based on information that is provided voluntarily by the private sector does not suffice. there is no assurance that such information is regularly available and of sufficient quality. hence, we need minimum reporting standards