DFSO Publications

A stylized ‘crypto-asset’ regulatory framework (‘Framework’) is presented and described below. It is designed to capture the regulatory permutations and implications of the most prevalent and evolving forms of tradable value created through the use of evolving cryptographically-based (‘crypto’) schemes, as well as their stylized position in a financial ecosystem. The most prevalent of these value-based schemes are based on what is now known as distributed ledger technologies (DLTs), with the main type of DLT in use known as ‘blockchain’ technology.

Digital Financial Services (DFS) is a relatively recent mobile-centric financial inclusion innovation in developing. Using ubiquitous mobile phones as the means of service access (primarily through 2G narrowband services, with broadband 3G and 4G potentially available), DFS provides the unbanked and underserved - many of whom live in rural areas - with access to basic financial services provided by banks and nonbanks such as mobile network operators and third party DFS providers (DFSPs). 

This focus note describes the state of DFS use in humanitarian crises responses, available DFS solutions, and strategies to achieve both humanitarian and financial inclusion goals and common barriers to address for successful deployment.

This brief primer on DFS expands on these issues and demonstrates how technological, regulatory and commercial components interact to form the DFS ecosystem.

The purpose of this study is to provide a fresh perspective specifically on the role of regulators who have competition-related competencies over some or all of the components of DFS, for example the financial and telecommunications components.