According to Cointelegraph, Mário Centeno, Governor of the Bank of Portugal, delivered a speech at the Financial Stability Conference of the Bank of Portugal on October 2, 2023, calling for international cooperation to establish a "strong framework" to avoid the possibility of "regulatory arbitrage". He said that it is short-sighted to regulate and supervise these global risks and international participants only at the national level. Speaking of crypto assets and decentralized finance (DeFi), Centeno mentioned the "undeniable risk" that they will not survive in the long run. He expressed doubts about the democratization potential of digital assets and even doubted whether they can ultimately survive. Centeno praised the EU's first comprehensive crypto framework, the Market for Crypto Assets (MiCA), but insisted on further strengthening international regulatory efforts under the principle of "equal risks, equal regulation."