Some of our key regulatory considerations include: (a) for authorisations, we need to strike the right balance between ensuring that firms seeking entry to the financial system meet our expectations, while at the same time being to open to innovation; (b) for regulated firms, we are vigilant about shifting business models and emerging risks – including ensuring that prudential and consumer protection requirements are appropriate for new business models; (c) our orderly resolution regimes are being adjusted to enable the financial system to absorb the failure of individual firms as others grow and prosper; and (d) we are strengthening international cooperation arrangements necessary to be able to effectively regulate in a digital environment that may have little regard for national borders or jurisdictional reach.
I would therefore encourage that our assessment of both the potential and the 3 Gough Neil, 1 February 2016, The New York Times 4 https://cointelegraph.com/news/japanese-cryptocurrency-exchange-hacked-59-million-in-losses-reported  Page 5 of 9  new risks be both honest and realistic. And while innovators put forth the benefits of their innovations, let’s engage in a truthful and sober reflection on the familiar and new threats being introduced.