the international level. i. what risks to consider for regulation and supervision in the crypto ecosystem 1 ) traditional and new risks associated with the development of the crypto ecosystem the bankruptcy of ftx in november 2022, one of the largest crypto exchanges, and the resulting knock - on effects on its users and other market participants, have 1 / 4 bis - central bankers'speeches spectacularly shown the instability of the crypto - assets ecosystem. within the regulatory and supervisory community, a root cause of this instability is well recognised. at present, crypto - asset infrastructures and activities generate risks which are similar to those of mainstream finance services, and inherent to the provision of financial services, including credit, liquidity and market risks. however, they do not benefit from the same regulatory safeguards that aim to put a limit on those risks and to ensure that they are properly recognised, monitored and managed. moreover, crypto - asset infrastructures and activities, beyond expanding outside the regulatory perimeter, have done so by including products, services and practices that carry certain specificities. from a risk perspective, these specific features may either amplify traditional vulnerabilities or introduce new ones, and should fall within the scope of regulation and supervision. let me illustrate this point with two examples. the first concerns financial integrity risk. attention should be paid to this risk for two reasons : first, because, as shown by our supervisory experience at the acpr, amlcft controls by service providers appear to be difficult to grasp and master, and are sometimes not performed in the crypto ecosystem, and second, because investors have the possibility of using and holding crypto - assets pseudonymously. the second concerns cyber risk. it is currently the number one operational risk for financial players, and it has the ability to jeopardise the stability of the entire financial system. the exposure of the crypto ecosystem to this risk could be exacerbated by its technical specificities, including the recourse to blockchains, and the introduction of new points of vulnerability such as bridges between blockchains and so - called oracles that feed data into blockchains. in my opinion, the repeatedly successful cyberattacks aimed at crypto players are a warning signal that should capture the attention of regulators and supervisors. 2 ) the specific case of " stablecoins " in addition, within the crypto - asset market, stablecoins raise very specific risks. these include a false sense

christian noyer : new year ’ s wishes to the paris financial community mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, presents his new year ’ s wishes to the paris financial community, paris, 21 january 2013. * * * ladies and gentlemen, i would like to start by extending my warmest wishes to you, your colleagues and your institutions for 2013. admittedly, 2012 was a difficult year, but it was above all a fruitful year that marked a turning point in the euro area crisis. crucial decisions were taken, providing lasting solutions to enhance and safeguard the functioning of our monetary union : the implementation of the european stability mechanism ( esm ) ; the treaty on stability, coordination and governance ; the new agreement on greek debt ; and lastly, the banking union agreement, on which i will speak in greater depth. this progress was achieved through a collective effort : the ecb and the eurosystem played a decisive role in restoring confidence, thanks especially to a new and particularly powerful tool : outright monetary transactions ( omts ). today, there are no longer any doubts about the irreversibility of the euro. at the national level, countries have shown that they were capable of taking all possible measures to reduce their deficits and to put their public finances on a sustainable footing while undertaking the structural reforms necessary for a return to growth. i hope that 2013 will be the year in which this progress is consolidated and built upon. today, i would like to give my views on the challenges that lie ahead this year. i believe that the four main challenges are to : • adapt to an environment that is still changing rapidly ; • resolutely pursue efforts to strengthen the resilience of the financial system by preparing for and implementing new regulations ; • further improve the competitiveness of the paris financial centre ; • continue to support the economy by ensuring the best possible financing conditions. 1. a rapidly changing legislative and regulatory environment first, your working environment will continue to evolve rapidly, in terms of both international financial regulation and france ’ s legislative framework. 1. 1 a few words on the draft banking reform law in france the financial crisis highlighted some major shortcomings of international banking and financial sector regulation as well as the inadequacy of the tools at the supervisory authorities ’ disposal to reduce and address risks. the draft banking reform law reflects the commitment of the president of the french republic to separate activities that are