The GSMA is a global organization that unifies the mobile ecosystem to discover, develop, and deliver innovation. The organization works with more than three-quarters of the Fortune Global 500 and has three broad pillars: Connectivity for Good, Industry Services and Solutions, and Outreach. The GSMA's Regulatory Modernization Programme team commissioned this report as a contribution to the debate on digital infrastructure policy and regulation. The authors would like to thank Olivier Ducloux and Shiven Mahajan for their contribution to this study.