The report provides a comprehensive review of the "fast-evolving DeFi market", its new products, services and principal participants. It identifies some products and services which are novel to DeFi. But most of the new services which are emerging "replicate more traditional financial services and activities, but with weaker regulation and increased risks for investors".

Commenting on the publication of the report, IOSCO Chair and CEO of the Securities and Futures Commission (SFC) of Hong Kong Ashley Alder said: “DeFi is a novel and fast-growing area of financial services, and this report outlines key areas of concern for IOSCO.”

According to the press release, the report "casts doubt" on a key claim of DeFi innovators that it is a peer-to-peer marketplace with no centralised insiders in control. "By looking in detail at how DeFi works, it identifies central actors who, it concludes, often retain control – for example, through the distribution of 'governance tokens'. It also highlights the important role played by centralised trading platforms who often face substantial conflicts of interest."

IOSCO also announced the establishment of a new task force in response to the report.