This success shows that regulation of crypto players and  Page 3 sur 5 crypto assets and more broadly of payments is one course of action where a “pragmatic” or “focused” multilateralism can, and must, still deliver. To avoid further payments fragmentation, there are two imperatives: (i) let us keep coordinated. I am sometimes impressed by the growing number of international bodies which play in the “crypto-regulations” orchestra; we need a strong, single conductor, and that should be the FSB (ii) let us implement in all jurisdictions. The current moment calls less for further global reflection or ever refining of taxonomies of financial tokens, and more for decisions and the monitoring of basic, consistent and robust national regulations. II. Central banks have their own driver’s seat in innovation Digital technologies are profoundly transforming finance: from artificial intelligence, API and mobile apps for the development of open banking and of the “banking-as-a-service”, to distributed ledger technology and smart contracts. We are certain to see a significant development of tokenised and decentralised finance. In such a context, our stance at the Banque de France is both to support regulatory reforms and to play an active innovative role. The Banque de France has been using blockchain for several years now. In 2017, we were the very first central bank worldwide to implement a blockchain solution to manage, together with commercial banks, a repository of creditors.
Bodies such as AAOIFI, 3 IDB’s Islamic Research & Training Institute, and Malaysia’s International Shariah Research Academy (ISRA) have made significant efforts to narrow the differences in acceptability of Shariah compliance. The Islamic Financial Services Board (IFSB), in conjunction with international standards setting bodies such as the Bank of International Settlements (BIS), IOSCO 4 and IAIS5 and various regulators from Islamic and conventional jurisdictions, are also formulating international standards and best practices for the industry. Islamic finance is also seeing increasing interest in Asia. We are seeing financial institutions leveraging on the strengths and expertise that have been developed in both Islamic and conventional financial markets. This is expanding the range of Shariah-compliant products and allowing the Islamic finance industry to tap on broad and deep investor pools globally and in Asia. •  Malaysia is widely recognised as a leader in Islamic finance, in particular for the issuance of sukuks. •  Islamic finance is also seeing growing interest in other Asian financial centres such as Singapore, Hong Kong and Tokyo. •  Just recently in mid-November 2012, institutional and private investors in Singapore and HK were the largest investors in the $ billion global sukuk issued by the Abu Dhabi Islamic Bank (ADIB).