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ARTICLE · 14 FEBRUARY 2022

OECD Publishes Report On Implications And Policy Considerations Of Decentralised Finance (DeFi)

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On January 19, 2022, the Organisation for Economic Co-operation and Development (the "OECD"), an intergovernmental organization founded to stimulate economic progress and world trade...

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On January 19, 2022, the Organisation for Economic Co-operation and Development (the "OECD"), an intergovernmental organization founded to stimulate economic progress and world trade, published "Why Decentralised Finance (Defi) Matters and the Policy Implications" (the "Report"), a report on the growing application of decentralised finance ("DeFi"), and its increasing interconnectedness with traditional financial markets. The Report outlines some potential benefits of DeFi and describes why, in the OECD's view, DeFi presents an "urgent challenge for policy makers".1

Evolution and Current State of DeFi

The Report defines DeFi as a development in the crypto-asset space seeking to replicate the traditional financial system in an "open, decentralised, permissionless and autonomous way" based on the use of blockchains, typically built on the Ethereum blockchain network. The key defining features of DeFi projects include:

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