Page 166 - ITU-T Focus Group Digital Financial Services – Technology, innovation and competition

ITU-T Focus Group Digital Financial Services
Technology, Innovation and Competition

9 Recommendations

• Regulators who may be impacted by the emergence of DLTs should undertake capacity-building
exercises with other regulators, government departments, academia, and the FinTech industry to build
understanding of DLTs.

• Any changes to laws and regulations should use a functional approach to ensure that there are no
technology-specific constraints to implementation of new technologies.

• As it may not always be possible to use existing financial laws and regulations for DLT, changes to laws
or regulations, no-action relief, or interpretive guidance from regulators may be necessary.

• DLTs should be tested though regulatory sandboxes, in similar form to that of the ‘test and learn’ regulatory
philosophy used for the first DFS implementations.

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