Joint RCE-OECD hybrid Forum on “African AI & Blockchain Policy”

Mr. Dhanesswurnath Thakoor, CE of the FSC stated in his welcoming address that the FSC is keeping abreast of the latest developments in the blockchain & AI area. Several rules and regulations were issued at the level of the FSC in the domain of fintech and emerging technologies to allow these activities to develop without stifling innovation. He further mentioned about FSC’s contribution in the IOSCO Fintech Task Force, which is tasked with developing, overseeing, delivering and implementing IOSCO’s regulatory agenda with respect to Fintech and crypto-assets.

Mr Yoshiki Takeuchi, Deputy Secretary General at the OECD stated in his address that since 2019, the OECD has worked with the RCE to deliver policy workshops and capacity building sessions on market fundamentals. He emphasised, on the core objective this collaboration is to foster policymaking in the region in reference to international standards and best practices.

Mr Harvesh Seegolam, Governor, Bank of Mauritius and Chairperson of the RCE Governing Board mentioned in his address that the Bank has also introduced a framework for Regulatory Sandbox Authorisation together with the FSC, to create more conductive ecosystem for fintech, regtech or other innovation-driven financial services.

The Forum was divided into 2-days as follows:

The first day focused on technology, governance, and responsible innovation.

• Session 1 for day 1 was on AI governance: Global Trends and African Perspectives

This session examined the regulatory frameworks, ethical considerations, and economic implications of AI, shedding light on innovative solutions and lessons learned in Africa and beyond.

• Session 2 for day 1: The state of blockchain innovation and policy in Africa

The OECD presented its latest analysis into activities and developments in blockchain innovation in key African economies, highlighting sectoral priorities and opportunities to address policy gaps with reference to international approaches, including the OECD’s Recommendation on blockchain and other distributed ledger technologies.

During the panel discussion: From mirage to maturity – Can the promise of blockchain be kept?  the panellist discussed the lessons from over a decade of blockchain innovation, focusing on the suitability of the technology, structural barriers to innovation and adoption, and the role of governments in addressing these.

The second day elaborated on AI and blockchain in finance: Harnessing innovation, safeguarding market integrity and stability. The session on Generative AI in Finance focused on the current level of deployment of GenAI in Finance and the future impacts of generative AI models on financial products and market regulation.

The session on Global and regional implementation of Financial Action Task Force Standards on Virtual Assets and Virtual Asset Service Providers was on a stocktaking of the Financial Action task Force’s Standards on virtual assets and virtual asset service providers (Recommendation 15), and highlighting the gaps and priorities to achieve a wider implementation of Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) measures in the sector and ensure safe adoption in Africa and globally.

The last session on crypto-assets and financial inclusion was on the latest research on crypto-asset use in key African economies and where policymakers can concentrate to harness technologies towards financial inclusion.

Click here to access the dedicated page for the hybrid Forum.