global stablecoins ” ( i. e., those operating across multiple jurisdictions and in widespread use ). flexible and proportionate to the risks, this approach seeks to minimise the possibility of arbitration while adhering to the “ same business, same risk, same rules ” principle. the fsb recommends using the existing international rules and standards, albeit adapted in practice to the services provided and the features and risks of global stablecoins. it highlights the importance of ensuring suitable governance and proper transparency around these products for users and the market, including, in particular, whether or not users enjoy redemption rights against the issuer or the reserve assets. it also stresses that the authorities should not allow such arrangements to be launched before confirming that all of the relevant requirements have been met. c. conesa. ( 2019 ), “ bitcoin : a solution for payment systems or a solution in search of a problem? ”, occasional paper no 1901, banco de espana. chainalysis ( 2022 ), “ 2022 crypto crime report ”, april, available at : https : / / go. chainalysis. com / 2022 - crypto - crimereport. html. see, for example, statista ( 2021 ), “ number of identity - verified cryptoasset users from 2016 to 2021 ”, available at : https : / / www. statista. com / statistics / 1202503 / global - cryptocurrency - user - base /. https : / / www. fsb. org / 2020 / 10 / regulation - supervision - and - oversight - of - global - stablecoin - arrangements / currently, the fsb continues to work both on identifying and resolving possible regulatory gaps relating to global stablecoins and on regulatory approaches relating to unbacked crypto - assets, such as bitcoin. also at the global level, the basel committee on banking supervision has adopted a proactive and forward - looking approach when it comes to the prudential regulation of banks ’ exposures to crypto - assets. work is being guided by its mandate to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. in this regard, even though crypto assets represent only 1 % of total global financial assets and banks ’ direct exposures are relatively limited to date, we know that these markets have the potential to scale up rapidly and pose risks to individual banks and financial stability. the approach pursued

and the attendant business plans must be appropriately assessed. 10 / 15 we have seen a 30 % reduction in the number of institutions there were in 2009. more recently we have seen how, in the absence of a context of acute crisis, many of the corporate operations announced do not reach fruition. meantime, in some of the operations that are finalised, integration problems continue to be seen for years. our task in a setting such as the present one is to ensure that any merger process should lead to the creation of a new, more solvent institution, with a sound business model, enabling structural costs to be cut and, in short, value to be generated. we must of course assess these same aspects with a view to potential cross - border mergers in europe. the absence of such mergers may be seen as a sign that the banking union is not working as it should. true, several elements of the banking union are still not in place, including most notably the european deposit insurance scheme ( edis ). it is likewise true that the regulations affecting the sector are still too heterogeneous across the different member states. yet it seems that the very excess capacity of the banking sector is acting as an entry barrier to banks from other jurisdictions, given that the potential gain in costs and synergies arising from the elimination of duplicated networks and services occurs chiefly in national mergers. lastly, another means of improvement would stem from cost - cutting and the subsequent enhanced efficiency. admittedly, i did say our banks made notable efforts to shed the excess capacity in place pre - crisis ; but there still remains room for improvement. in any event, further gains in efficiency appear to be closely linked to technological transformation. technological change we are all aware that technological change is one of the main transformations banking must pursue. if we look at what has happened in recent years in other sectors, there is clearly a need for the banking business model to adapt. technological change is a complex matter, but one that is fundamental for tackling the future. it should be part and parcel of deeper reflections relating to the banking business model and its sustainability in the long term. naturally, technological adaptation calls in many cases for significant investment in systems to be made. however, such investment today will be key to future income. 11 / 15 clearly, the gains in efficiency will be very closely linked to technological change. most banking transactions in spain continue to be made through atms and bank windows. however, the proportion of online users is growing every