Page 57 - ITU-T Focus Group Digital Financial Services – Recommendations
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ITU-T Focus Group Digital Financial Services
Recommendations
Title of recommendation Provision of no-action relief, or interpretive guidance for Distributed Ledger
Technologies implementations
Working Group Technology, Innovation and Competition
Workstream Distributed Ledger Technology
Audience for recommendation Regulators in the DFS ecosystem
As it may not always be possible to use existing financial laws and regulations for Distributed Ledger Technol-
ogies (DLTs), changes to laws or regulations, no-action relief, or interpretive guidance from regulators may be
necessary.
As DLTs implementations spread across the globe, regulators, policy marker and legislators may find that it is
not always be possible to fit the use of DLT into existing financial laws and regulations.
To encourage innovation, no-action relief or interpretive guidance from regulators who have remit over
implementations of DLTs may thus be necessary.
This approach may be accompanied by the use of regulatory sandboxes that allow DLTs to be tested in markets
in a familiar form to that of the ‘test and learn’ regulatory philosophy of forbearance that bootstrapped the
emergence and global success of DFS transactional platforms.
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