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oai:figshare.com:article/32640354 2026-10-01T16:31:55Z portal_1172 item_type_8 month_year_10_2026

A qualitative review of the international financial institutions’ regulation of decentralised finance Emelie Pepito (24169212) PUREID: 616800081 decentralised finance regulation international financial institutions DeFi bitcoin Lawrence Lessig cryptocurrency DeFi regulation emerging markets developing economies financial inclusion crypto market growth stablecoins remittances crypto governance blockchain code as law crypto use global crypto markets MiCAR This dissertation examines the regulatory frameworks of International Financial Institutions (IFIs) concerning Decentralised Finance (DeFi), a technology transforming global finance by enabling blockchain-based financial transactions. The focus is on Emerging Markets and Developing Economies (EMDEs), where the author critically analyses IFIs' approaches to DeFi regulation and its potential impacts on regions that often have limited representation in global financial policymaking bodies. The study draws on Lawrence Lessig's theory of regulation, which asserts that code can act as a regulatory force shaping behaviour in digital spaces, much like laws do in the physical world.<br><br>Analysing documents from major IFIs such as the IMF, BIS, and the World Bank reveals a regulatory framework that may not fully consider the unique challenges and opportunities that DeFi presents for financial inclusion and economic development in EMDEs. Instead, analysis shows that IFIs emphasise financial stability and anti-money laundering (AML) concerns while neglecting the developmental potential of DeFi in less economically stable regions. This narrow focus overlooks how DeFi can reduce transaction costs and provide financial services in areas with limited banking infrastructure.<br><br>The dissertation critiques the prioritisation of traditional financial structures by IFIs and their influence on global DeFi regulation, which may hinder economic progress in EMDEs. Using a qualitative document analysis methodology, the study interprets the values embedded in IFI policies and calls for more inclusive regulatory approaches that address the diverse needs of these emerging economies. Ultimately, the research advocates for a regulatory balance that aligns with the developmental goals of EMDEs while addressing global security concerns in the evolving DeFi landscape.<br><br> 2026-10-01T16:31:55Z Text Thesis 10.17034/32640354.v1 https://figshare.com/articles/thesis/A_qualitative_review_of_the_international_financial_institutions_regulation_of_decentralised_finance/32640354 All Rights Reserved