This paper begins by exploring the unique regulatory challenges posed by digital-age technologies and business models. Section two describes the four critical questions policymakers and regulators must address when it comes to regulating the digital economy. Finally, section three provides a set of five principles to guide the future of regulation:
- Adaptive regulation. Shift from “regulate and forget” to a responsive, iterative approach.
- Regulatory sandboxes. Prototype and test new approaches by creating sandboxes and accelerators.
- Outcome-based regulation. Focus on results and performance rather than form.
- Risk-weighted regulation. Move from one-size-fits-all regulation to a data-driven, segmented approach.
- Collaborative regulation. Align regulation nationally and internationally by engaging a broader set of players across the ecosystem
