Several countries have already gone down this route, including China in 2013 and Russia in 2017. A third option, and the one that has so far been the preferred  response in Europe and France to innovations with the potential to change the payment services market, is to establish appropriate regulations that make it possible to reconcile two key imperatives: 3/5  BIS central bankers' speeches  First, address the risks that I mentioned, notably with a view to ensuring an adequate level of protection for participants, whether they be investors or consumers. Second, preserve the potential for technological innovation offered by crypto-assets. These two imperatives are mutually beneficial. Adopting a framework that protects  participants in the real economy will help to increase their confidence in the mechanisms associated with crypto-assets, thereby promoting growth in the new assets. 1. If we opt for creating a regulatory framework, what should go into it? That is precisely the topic of a number of debates currently being conducted around France’s new PACTE Bill. The proposed legislation includes an approach to crypto-assets based on two pillars. The first specifically addresses the question of ICOs, proposing an optional labelling system. Under this system, a company planning an ICO would be able to ask the AMF to label the offering. This optional label would give the offering greater credibility and reassure potential token buyers about the serious nature of the project and the associated financing arrangements. The second pillar concerns providers of crypto-asset services.
Uncertainty over the future of crypto-assets in the world of payments does not relieve us of the need to regulate their development, given the attendant risks. Adopting a framework that  protects participants in the real economy will help to increase their confidence in the mechanisms associated with crypto-assets, thereby promoting growth in the new assets. The intrinsically digital and global nature of crypto-assets means however that a coordinated international approach must be taken to avoid creating an opportunity effect, because experience tells us that participants can easily relocate to another territory offering more flexible laws. Several international organisations have set up working groups to explore this question, under the leadership of the G20. While some of the discussions are still in their infancy, the aim in the medium term is to come up with a framework and an international code of conduct to preserve security for everyone and promote financial stability, which is a common good that we all share. Thank you for your attention. 5/5  BIS central bankers' speeches