This report examines the limitations of DeFi and crypto-asset activity at the current stage of market development for the promotion of financial inclusion. It provides examples from ASEAN economies and beyond and provides policy recommendations.

The report has been drafted by Iota Kaousar Nassr and Seohyun Kim under the supervision of Fatos Koc and with oversight from Serdar Çelik from the Division of Capital Markets and Financial Institutions Division of the OECD Directorate for Financial and Enterprise Affairs. Eva Abbott and Meral Gedik provided editorial and communication support.

The report supports the work of the OECD Committee on Financial Markets, chaired by Aerdt Houben and was discussed by the Committee in October 2023. The report was approved and declassified by the OECD Committee on Financial Markets on 2 February 2023.

The authors gratefully acknowledge valuable input and feedback provided by the following individuals and organisations: Béranger Butruille, Banque de France; Adam Głogowski and Paweł Gąsiorowski , National Bank of Poland; Sooa Kim, Korean Financial Services Commission; Hyunyeol Kim, Korea Institute of Finance; Eleftheria Kostika, Bank of Greece; Borut Poljšak, Bank of Slovenia; Paull Randt, US Treasury; Tatu Rasanen, Bank of Finland; Mai Santamaria, Jefferson Vieira and Mark Curran, Department of Finance, Ireland; Andreas Schrimpf, Bank for International Settlements; as well as Philip Gant, Harvard Asia Center and Flore-Anne Messy and Max Bulakovskiy from the OECD.

The report was supported through funding by the Government of Korea.


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