The Regulatory Frontier Designing the Rules that Shape Innovation 2025

Sometimes, regulators need to do more than set rules – they must build shared systems that make markets work better. When coordination gaps and prohibitive costs prevent private actors from creating essential platforms, regulators must step in as platform stewards and operators. Acting in this role shifts regulation from supervision to market design, expanding inclusion and reordering the nature of private competition. 1.4 Building shared infrastructure that levels the playing field Building regulator-operated market infrastructure FIGURE 2 Regulator as platform stewardWhat the role must deliver Regulators move from enforcing rules to shaping the systems that make markets work Provide foundational infrastructure Catalyse public digital rails where markets cannot (e.g. in payments, data exchange or identity): lower entry barriers, widen reach and enable scale. Ensure open and neutral access Keep participation on equal terms through published standards, interoper- able APIs, and non-discriminatory entry rules (no gatekeeping by incumbents).Maintain trusted governance Run the infrastructure with clear accountability, independent oversight and transparent performance data to sustain confidence. Source: Boston Consulting Group (BCG); World Economic Forum. The Regulatory Frontier: Designing the Rules that Shape Innovation 10