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You can send and receive money within seconds.
You can get a mortgage or make an investment without ever setting foot in a bank branch.
And behind the scenes, Artificial Intelligence is revolutionising the way financial companies work.
There are many benefits to these new ways of doing business.
But we do need to make sure that these changes happen in the right way.
We need infrastructure to be resilient and secure.
And we need to keep consumers safe, and build trust and maintain that trust.
At a broader level, we need to make sure our economy stays competitive.
And that can be done by supporting innovation and using technological developments to enhance financial services.
So with that in mind, we have set out an ambitious legislative agenda for digital finance and payments.
So I'm going to talk to you today about what we've done already, and what's coming next – including the digital euro and open finance.
Our policy over the past few years has been about making sure we can trust the financial system as it undergoes big changes.
That means making sure infrastructures and IT systems are stable and secure.
Customers need to know they will be protected against theft and fraud.
And innovative financial firms need to be able to trust that they can operate and scale up in a clear, predictable legal environment.
To help build up trust, we have the Digital Operational Resilience Act.
Banks and other financial companies will be required to put measures in place to withstand cyber-attacks and other digital threats.
Critical ICT providers for services like cloud computing will be subject to oversight.
The European Supervisory Authorities are working on technical standards to give full effect to DORA.
And the law should apply from 2025.
Trust is also important in the world of crypto, which can come with big risks, and we've seen that recently with the collapses of projects such as FTX, Terra Luna, Celsius and Voyager.
Some regulators think we should avoid regulating crypto because, by doing so, we legitimise it.
But ignoring crypto is not the answer.
Because a lot of people have invested in crypto over the past decade.
If we look at FTX, the insolvency filings show 5 to 7 percent of investors were EU clients – invested directly or through offshore funds.
Second point, while the Financial Stability Board's assessment is that the crypto market is still too small to trigger systemic risks – we also know that there are increasing links between crypto markets and traditional regulated financial service providers.
So this could be a financial stability concern in the future....
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