Decentralized but not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova

Decentralized But Not Equal

Gender Disparities in Digital Finance across the South Caucasus and Moldova Disclaimer This publication has been prepared from original material as submitted by the author. It has not undergone editing by the editorial staff of the OSCE. The views expressed remain the responsibility of the author and do not necessarily represent the views of the OSCE, its Missions, or its participating States.

The OSCE, its Missions, and its participating States disclaim any responsibility for any consequences that may result from the utilization of this publication. This publication does not address questions of responsibility, legal or otherwise, for acts or omissions on the part of any person. The mention or reference to specific countries or territories in this publication does not signify any stance by the OSCE regarding their legal status, their governing authorities, institutions, or the delineation of their borders. Decentralized But Not Equal

Gender Disparities in Digital Finance across the South Caucasus and Moldova Table of contents

Acronyms and Abbreviations 6 Introduction 8 Web 3.0 Evolution: Promises of Decentralization and Disruption 8 Cryptocurrency: The 2024 Global Adoption Index 9 Enhancing Financial Inclusion through Cryptocurrency and DeFi Adoption 14 Background 15 The OSCE 16 Understanding the Global Gender Gap 17 Gender Disparities in Global Tech Education 18 Studies on Women’s Financial Education and its Impact on Global Economies 19 Global Landscape of Gender in Tech Workplaces 20 Gender Representation in Global Blockchain, Crypto Companies, and Financial Institutions 21 Global Trends in Gendered Investments and Financial Literacy 22 Gender Gap Index in Participating Countries 23 Navigating the Intersection: Unveiling the Female Situation in Education, the Workforce, and Investments 25 ARMENIA 26 AZERBAIJAN 27 GEORGIA 28 MOLDOVA 30 Understanding the Current Landscape 33 Cryptocurrency Ownership Worldwide 34

4  Virtual Asset Regulations in OSCE Participating States 35 The Role of the Public Sector in OSCE Participating States 37 ARMENIA – Advancing Financial Inclusion 37 AZERBAIJAN – Supporting Financial Education 38 GEORGIA – Empowering Women in Finance: A Call to Action 39 MOLDOVA – Advancing Gender Inclusion in Moldova’s Financial Sector 39 The Role of the Private Sector in OSCE Participating States 41 ARMENIA 41 AZERBAIJAN 42 GEORGIA 42 MOLDOVA 43 Global Insights and Lessons from Collaborative Efforts 43 Survey Results from the Region 45 Insights from Key Market Players 46 Insights from Organizations 47 Recommendations for OSCE Actions 57 The OSCE’s Virtual Assets Support Initiative 61 About the Author 62 Acknowledgements 62 References and Data Sources 63 Glossary 66

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 5 Acronyms and Abbreviations

AIR Alliance for Innovative Regulation

AML Anti‑Money Laundering

AWIC Association for Women in Cryptocurrency

BTC Bitcoin

BEM Beyond Europe with Micro‑credentials

CBA Central Bank of Azerbaijan

CBDCs Central Bank Digital Currencies

CFT Countering the Financing of Terrorism

CSAO Central & Southern Asia and Oceania (region)

CSW68 68th session of the Commission on the Status of Women

DAAD Deutscher Akademischer Austauschdienst (German Academic Exchange Service)

DeFi Decentralized Finance

DEI Diversity, Equity and Inclusion

EBRD European Bank for Reconstruction and Development

ECAPI Eastern Europe and Central Asia Policy Initiative

EGFIP Expert Group on Financial Inclusion Policy

EIOPA European Insurance and Occupational Pensions Authority

ESG Environmental, Social and Governance

ETH Ethereum

EU European Union

FAO Food and Agriculture Organization

FATF Financial Action Task Force

FIA Fintech Association of Georgia

FLEC Financial Literacy and Education Commission

FSB Financial Stability Board

GITA Georgian Agency for Innovation and Technology

HR Human Resources

6  ICOs Initial Coin Offerings

ICT Information and Communication Technology

IFC International Finance Corporation

ILO International Labour Organization

INFE (OECD) International Network on Financial Education

IoT Internet of Things

LATAM Latin America

NBG National Bank of Georgia

NFTs Non‑Fungible Tokens

NGO Non‑Governmental Organization

OCEEA Office of the Co‑ordinator of OSCE Economic and Environmental Activities

OECD Organisation for Economic Co‑operation and Development

OHCHR Office of the High Commissioner for Human Rights

OSCE Organization for Security and Co‑operation in Europe

SMEs Small and Medium‑sized Enterprises

SSE (UN) Sustainable Stock Exchanges

UNDP United Nations Development Programme

UNFPA United Nations Population Fund

USAID United States Agency for International Development

USDC USD Coin

VA Virtual Assets

VASPs Virtual Asset Service Providers

VET Vocational Education and Training

WEF World Economic Forum

WEPs (UN) Women’s Empowerment Principles

Wtech (Türkiye’s) Women in Technology Association

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 7 Introduction Web 3.0 Evolution: Promises of Decentralization and Disruption

The landscape of the internet blockchain applications boldly The importance of fostering has undergone many steps of promises a myriad of advantages inclusivity and diversity for long‑term transformational evolution since for Web 3.0 participants. These sustainability and innovation within its inception. From the static web encompass financial autonomy, blockchain technology and the virtual pages of Web 1.0 to the dynamic, heightened security, enhanced assets sector is indisputable. The interactive platforms of Web 2.0, privacy, and the potential for wealth advancement of gender equality is each phase has reshaped how we accumulation. In contemporary not only a matter of social justice, connect, share information, get settings, not only has the virtual but also an economic imperative in education, and conduct business assets sector emerged, but also the drive towards financial inclusion, online. Now we stand at the precipice begun to extend an inclusive hand financial literacy, and financial of another paradigm shift – the dawn by dismantling traditional financial independence for women. While of the Web 3.0 era. Web 3.0, often barriers and empowering marginalized the technology and finance sectors referred to as the decentralized web, groups. have long grappled with gender marks a fundamental departure from disparities, the unique characteristics its predecessors by introducing The innovative technology of of blockchain and virtual assets principles of decentralization, blockchain made its debut in 2008 present their own set of complexities. blockchain technology, and user through a groundbreaking white The gender gap in blockchain literacy empowerment. The future of the paper authored by the enigmatic and in the virtual assets sector is internet is envisioned as a more figure known as Satoshi Nakamoto. a multifaceted challenge that warrants open, secure, and user‑centric space, This pivotal moment marked the close examination. where individuals have greater control inception of a transformative force over their digital identity, data, and that continues to reshape industries A key focus is the extent of the interactions. and redefine the possibilities of gender gap within the new technology decentralized systems.1 realm and its implications. This In an era marked by unprecedented report will provide a comprehensive technological advancements and Cryptocurrencies, blockchain analysis of the factors contributing the rapid digitalization of economies technology, and non‑fungible tokens to this divide and propose actionable worldwide, blockchain technology are just a few examples of innovations strategies to bridge it. The analysis and the virtual assets sector have that have captured the imagination will highlight the challenges and emerged as transformative forces of individuals and investors alike. opportunities faced by women, such shaping the future of finance However, as these innovations become as the gender disparities in Web 3.0 and commerce. Decentralized more prominent, it has become education, understanding and skills, finance, an emerging system increasingly evident that they are not including ownership and utilization of enabling asset transfers without immune to the pervasive issue of cryptocurrencies. banks or intermediaries, spanning gender inequality, an issue that persists cryptocurrencies and diverse across a wide range of industries.

1 Nakamoto, S. (2008) A peer‑to‑peer electronic cash system, Bitcoin. Available at: https://bitcoin.org/en/bitcoin‑paper (Accessed: 20 Dec. 2023).

8 Cryptocurrency: The 2024 Global Adoption Index

The 2024 Global Cryptocurrency The Global Crypto Adoption Index pivotal in driving adoption, especially Adoption Index by Chainalysis,2 is based on a comprehensive through retail‑sized transactions and a blockchain analytics tool provider, methodology encompassing stablecoin usage for real‑world needs highlights a significant surge on‑chain data, transaction volumes, (see Table 2 below). worldwide in grassroots‑level and purchasing power parity. It adoption of cryptocurrencies underscores the growing influence of Key methodological updates in (increased usage of cryptocurrencies cryptocurrency in emerging markets. 2024 include refined tracking of by everyday individuals and Each of the 151 countries included in DeFi transactions and the removal small‑scale users, rather than large the Index is evaluated based on four of peer‑to‑peer exchange data due institutions or investors), with the sub‑indexes reflecting different types to declining relevance. Notably, Central & Southern Asia and Oceania of cryptocurrency activity. Rankings institutional activity surged following (CSAO) region leading the charge. are weighted by factors such as the U.S. launch of a Bitcoin ETF, Grassroots‑level adoption refers to population size and purchasing power, while DeFi growth accelerated in the everyday use of cryptocurrencies then combined using a geometric Sub‑Saharan Africa, Latin America, by individuals and small businesses, mean. The final scores are normalized and Eastern Europe, contributing to rather than large‑scale institutional on a scale from 0 to 1, with scores altcoin expansion (see Table 3 below). investment or trading activity. closer to 1 indicating higher levels of Countries such as India, Indonesia, adoption (see Table 1 below). These findings provide an essential the Philippines, and Vietnam dominate context for understanding gender the top rankings, reflecting high The 2024 report notes an increase disparities in crypto adoption, engagement with both centralized in crypto activity across all income especially in regions experiencing exchanges and decentralized finance brackets globally, although low- and rapid but uneven digital financial (DeFi) services. middle-income countries remain integration.

Table 1

2 https://www.chainalysis.com/blog/2024‑global‑crypto‑adoption‑index/

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 9 Table 2

Table 3

10 The 2024 Global Crypto Adoption the top twenty countries ranked exchanges, widespread use of Index highlights Central & Southern globally (see Table 4 below). The merchant services, and significant Asia and Oceania (CSAO) as region’s dominance is driven by activity on DeFi platforms. the leading region, with seven of strong engagement in local crypto

Table 4

Retail Centralized centralized Retail Overall service DeFi value service DeFi value Country Region index value received value received ranking received ranking received ranking ranking ranking

India CSAO 1 1 1 3 2

Sub-Saharan Nigeria 2 5 2 2 3 Africa

Indonesia CSAO 3 6 6 1 1

United North 4 2 12 4 4 States America

Vietnam CSAO 5 3 3 6 5

Eastern Ukraine 6 7 5 5 6 Europe

Eastern Russia 7 11 7 7 7 Europe

Philippines CSAO 8 9 8 14 9

Pakistan CSAO 9 4 4 18 13

Brazil LATAM 10 8 10 10 14

Middle East & Türkiye 11 14 11 15 11 North Africa

Central, United Northern 12 12 21 9 8 Kingdom & Western Europe

Venezuela LATAM 13 17 16 11 12

Mexico LATAM 14 18 17 13 10

Argentina LATAM 15 13 13 17 20

Thailand CSAO 16 16 15 19 16

Cambodia CSAO 17 10 9 35 23

North Canada 18 22 26 16 15 America

South Korea Eastern Asia 19 15 14 33 33

China Eastern Asia 20 20 18 24 22

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 11 ARMENIA Table 5 Armenia Index score: 0.019 Index rank: 77

AZERBAIJAN Table 6 Azerbaijan Index score: 0.014 Index rank: 92

GEORGIA Table 7 Georgia Index score: 0.030 Index rank: 54

MOLDOVA Table 8 Moldova Index score: 0.027 Index rank: 59

12 Table 9

A selection of ten cryptocurrencies with the largest market caps as of 29 April 2025. See also the link below.

Market Cap Comparable to the Gross Domestic Name Symbol (29.04.2025)3 Product of the following country4

BITCOIN BTC $1.7 TRILLION SPAIN

ETHEREUM ETH $226.1 BILLION PORTUGAL

TETHER USDT USDT $144.0 BILLION SLOVAKIA

XRP (RIPPLE COIN) XRP $124.8 BILLION BELARUS

BNB (BINANCE COIN) BNB $87.5 BILLION LUXEMBOURG

SOLANA SOL $65.4 BILLION SLOVENIA

USD COIN USDC $60.1 BILLION LATVIA

DOGECOIN DOGE $25.5 BILLION MALTA

CARDANO ADA $23.8 BILLION ICELAND

TRON TRX $22.4 BILLION BOSNIA AND HERZEGOVINA

Market Cap Comparable to the Gross Domestic Name Symbol …. Product of the following country5

BITCOIN BTC $855,462,215,270

ETHEREUM ETH $276,947,812,737

TETHER USDT USDT $91,099,750,603

BNB BNB $40,623,437,721

SOLANA SOL $39,954,805,081

XRP XRP $33,484,853,712

USD COIN USDC $24,776,712,774

CARDANO ADA $21,733,091,363

AVALANCHE AVAX $16,165,283,288

DOGECOIN DOGE $13,251,749,221

POLKADOT DOT $10,167,695,767

3 Top 10 Cryptocurrencies Of April 29th, 2025 (2025) Forbes. Available at: 10 Best Cryptocurrencies of May 2025 – Forbes Advisor (Accessed: 7 May 2025) 4 Based on the World Bank Data, GDP (current US$), https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?most_recent_value_desc=false (Accessed: 7 May 2025) 5 Based on the World Bank Data, GDP (current USD), https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?most_recent_value_desc=false (Accessed: 22 Dec. 2023).

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 13 Enhancing Financial Inclusion through Cryptocurrency and DeFi Adoption The adoption of cryptocurrency Furthermore, blockchain technology geographical limitations that prevent and decentralized finance (DeFi) is enhances transparency and trust many individuals from accessing increasingly seen as a key driver in financial systems, enabling new traditional banking services. Schuetz for improving financial inclusion, financial products such as peer‑to‑peer and Venkatesh (2020) further note particularly for underserved and informal transactions that better that “blockchain’s inherent capabilities populations. Financial inclusion is address the needs of financially of decentralization and transparency defined as the ability of individuals excluded individuals. These solutions make it an attractive option for financial to access safe, fair, and affordable can be particularly impactful for people inclusion.” By utilizing consensus financial services. According to the in regions with limited access to mechanisms such as proof‑of‑work World Bank’s 2017 Global Findex traditional banking. and proof‑of‑stake, DeFi platforms Database 1.7 billion adults worldwide can offer low‑cost financial services, remain unbanked 6 and the International Scholars have emphasized that allowing individuals to bypass Finance Corporation (IFC) indicates these technologies offer substantial traditional banking systems, which that approximately 200 million small potential in addressing the global are often inaccessible or too costly and medium‑sized enterprises (SMEs) challenge of financial exclusion, for many, especially in developing face challenges in accessing traditional particularly in underserved regions. countries. banking.7 This exclusion is exacerbated Chen and Bellavitis (2020) argue by geographic limitations, high fees, that “cryptocurrency and DeFi have The adoption of cryptocurrency and a lack of financial products that the ability to democratize access and DeFi, however, is influenced meet diverse needs, particularly in to financial services by removing by a variety of factors, including developing countries. traditional banking intermediaries, social, economic, technological, which are often the barriers to financial political, regulatory, and cultural Cryptocurrency and DeFi offer promising inclusion.” Their work underscores elements. It is necessary to explore solutions to these challenges by reducing the importance of these technologies these multifaceted drivers through transaction costs through decentralized in creating financial systems that are a configurational analysis, which can consensus mechanisms such as more accessible, transparent, and offer insights into how the interaction proof‑of‑work and proof‑of‑stake, equitable. Similarly, Lichtfous et al. of these factors contributes to the which eliminate the need for third‑party (2018) highlight that “cryptocurrency, adoption of cryptocurrency and DeFi intermediaries. Since a significant with its decentralized nature, reduces in various countries. By examining portion of unbanked populations own transaction costs and expands access the interdependencies among these mobile phones, blockchain‑based to financial services for unbanked variables, it is possible to draw the financial services can be delivered via populations.” The authors suggest that complex landscape of adoption and mobile applications, thus overcoming blockchain technology, the backbone its potential to bridge the gender geographical barriers and providing of both cryptocurrency and DeFi, gap in the ownership and use of greater accessibility to financial services. provides a solution to the high fees and cryptocurrencies.

6 https://www.worldbank.org/en/news/press‑release/2018/04/19/financial‑inclusion‑on‑the‑rise‑but‑gaps‑remain‑global‑findex‑database‑shows 7 https://www.ifc.org/content/dam/ifc/doc/mgrt/em‑compass‑note‑109‑jan‑2022.pdf

14 Background In the dynamic landscape of the digital control of their own financial destinies, Ukrainian refugees, particularly women, age, ensuring inclusion and autonomy enabling them to invest in assets and have embraced cryptocurrency as for women is more critical than ever, engage in economic activities on their a means to convert their digital assets especially within the realm of virtual own terms. In this context, Central into fiat currency upon reaching a new assets. The virtual assets sector, Bank Digital Currencies (CBDCs), country. For instance, the United encompassing cryptocurrencies, digital incarnations of traditional fiat Nations High Commissioner for blockchain technology, and currencies endorsed by central banks, Refugees (UNHCR), in partnership with non‑fungible tokens (NFTs), has rapidly have emerged as a pivotal instrument the Stellar Development Foundation, gained prominence, but remains in advancing the financial inclusion of launched a pilot programme delivering marked by a glaring gender gap. women. humanitarian aid in the form of USD Coin (USDC) directly to digital wallets There is a significant potential to These innovative currencies can be of refugees. Recipients are then able increase the financial inclusion of securely stored and conveniently to exchange these funds for local women by using digital finance tools, transacted through digital wallets, currency at MoneyGram locations, especially women who are excluded potentially serving as a key vehicle providing a secure and efficient means from traditional financial systems. for providing financial access to of accessing financial resources According to a report by the World marginalized and underserved without relying on traditional banking Bank (statistics supported by the World communities. While most CBDCs are systems.10 This burgeoning trend Bank’s Global Findex Database 2021), currently in an experimental phase, underscores the pervasive demand for women are nearly 10% less likely than they hold the promise of revolutionizing a borderless digital currency, currency men to have a bank account, and the financial services, making them that can seamlessly transcend gender gap is even wider in some more accessible, cost‑effective, and geographical boundaries. Notably, in regions. According to the report, in secure for women in developing a significant development, the United developing economies, the gender gap countries. It is precisely in these Nations took a groundbreaking step in account ownership has decreased regions, as emphasized by Kristalina by instituting an aid initiative tailored to six percentage points from nine Georgieva, Managing Director of the for the benefit of those affected by percentage points, where it had International Monetary Fund, where the conflict in Ukraine, which includes remained for many years. This data the most significant barriers to financial substantial numbers of women. This underscores the persistent disparities inclusion persist, thus highlighting the initiative has marked a pivotal moment in financial inclusion between men transformative potential of CBDCs in in the adoption of digital currencies and women, highlighting the need for advancing gender equity and financial for humanitarian purposes, employing targeted efforts to bridge this gap. empowerment.9 stable coins to extend much‑needed Lack of financial access has significant assistance to millions of women and consequences: it limits the ability of The landscape has undergone other war‑affected individuals in the women to invest, save, and participate a rapid transformation for some region. in the economy. women, especially those who have had to look for solutions and make “A lack of female representation in Cryptocurrency and digital financial changes. Ukrainian women who have crypto is a problem because in order tools have the compelling potential been forced to make changes have to have a financial revolution you need advantage to grant women enhanced increasingly turned to cryptocurrency diverse perspectives and participation. financial autonomy. Conventional as a solution to circumvent the With half of the world’s population financial systems often uphold significant challenges associated with being women, participation among patriarchal structures, leaving women carrying substantial sums of cash, women needs to be higher for there to subject to the financial constraints or attempting to access their bank be mass adoption.” – Hailey Lennon, imposed by husbands or other male accounts in difficult circumstances, a corporate attorney at Anderson Kill. relatives. The adoption of digital finance both domestically and internationally. tools empowers women to seize Recent reports have highlighted that

8 https://www.worldbank.org/en/publication/globalfindex 9 https://www.imf.org/en/News/Articles/2023/11/15/sp‑111423‑the‑digital‑finance‑voyage‑a‑case‑for‑public‑sector‑involvement 10 https://www.unhcr.org/ua/en/news/unhcr-launches-pilot-cash-based-intervention-using-blockchain-technology-humanitarian-payments

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 15 About the OSCE

The Organization for Security and money laundering using virtual assets digital finance, the OCEEA aims to Co‑operation in Europe (OSCE) is and cryptocurrencies, the Office of highlight the importance of fostering the world’s largest regional security the Co‑ordinator of OSCE Economic inclusivity and diversity for long‑term organization, with 57 participating and Environmental Activities (OCEEA) sustainability and innovation within States covering North America, launched the project “Innovative policy the blockchain technology and virtual Europe, South Caucasus, Central solutions to mitigate money laundering assets sector. The advancement of Asia, and Mongolia. It was established risks of virtual assets,” 11 which aims gender equality is not only a matter of in 1975 during the Cold War as to strengthen regulatory frameworks social justice, but also an economic a platform for promoting dialogue and build capacity of regulatory bodies imperative in the drive towards and co‑operation, and takes and law enforcement to recognize and financial inclusion, financial literacy, a comprehensive view of “security,” address risks associated with virtual and financial independence for encompassing not only the military assets. women. and political dimensions, but also the economic, environmental, and human When it comes to the topic of the This study was commissioned dimensions. Its primary aim is to gender gap within the virtual asset as a part of the OCEEA project prevent conflicts and promote regional ecosystem, the OCEEA is helping “Innovative policy solutions to mitigate co‑operation through mechanisms to highlight, understand, and money laundering risks of virtual such as diplomatic negotiations, propose solutions to bridge gaps assets,” in order to comprehensively conflict resolution initiatives, by facilitating knowledge exchange understand how to address the gender confidence‑building measures, and and competence‑building among gap in the virtual asset ecosystem arms control agreements. In addition, participating States, with the aim to in the South Caucasus (Armenia, the OSCE does work to support improve the level of financial literacy Azerbaijan, Georgia) and in Moldova. democratic and human rights, such as and independence in the Web 3.0 era, The focus of the research has been on by monitoring elections. accompanied by cryptocurrency usage the use and ownership of virtual assets among women. This is significantly and cryptocurrencies by women, with The OSCE participating States have needed work, since Web 3.0 education the aim of inclusivity, economic parity, adopted a large body of commitments and skills are crucial and by nature, not and digital literacy. in the realms of anti‑corruption and limited to a specific region. Thus public anti‑money laundering, recognizing and private sector co‑operation is vital This study was made possible with these issues as critical to regional in the process of sustainable economic the support of the Governments of stability, security, and economic prosperity and growth. Germany, Italy, Poland, Romania, development. In response to the the United Kingdom, and the United rapid technological development of By examining the challenges and States. digital finance and the growing risks of opportunities faced by women in

11 See: https://www.osce.org/VIRTUALASSETS (Accessed 25 April 2025).

16 Understanding the Global Gender Gap

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 17 Understanding the Global Gender Gap Hyland et al. (2020) used the World revealed that out of 187 countries, when none of these countries had Bank’s Women, Business and the only 6 European countries (Belgium, achieved full legal equality in the Law (WBL) database to study legal Denmark, France, Latvia, Luxembourg, measured areas. gender discrimination and its impact and Sweden) provide women with on women’s economic opportunities equal legal work rights as men The International Labor Organization’s across 190 economies over (Tovmasyan & Minasyan, 2019). These analysis of data from 75 countries 50 years. Legal gender discrimination nations achieved a perfect score of reveals the gender pay gap in the encompasses laws, policies, or 100 in the report’s index, indicating technology sector to be 21%, whereas regulations that treat individuals that their laws granted equal legal it is 16% for the economy overall. In differently based on gender, affecting rights to women and men across the 36 OECD countries, the average areas such as employment, pay, various areas affecting the work lives of gender pay gap is 13.6% (Cadena, marriage, and parenthood. The women, including mobility, workplace 2020). This disparity in earnings study revealed that legal gender protections, pay, marriage, parenthood, between men and women over their discrimination persists globally, entrepreneurship, asset ownership, lifetimes results in a global wealth loss particularly in highly populated and pensions. This marked a significant of USD 160 billion (Cadena, 2020). countries. The WBL report also improvement from a decade earlier,

Gender Disparities in Global Tech Education

Literature suggests that gender STEM preferences develop during Research shows that the gender disparities in STEM education exist adolescence and early adulthood inequality in education decreases globally (Kuschel et al., 2020; Lee and can lead to occupational gender through the use of labour‑saving et al., 2021). According to the segregation in adult life (Raabe et al., home appliances, which reduce the World Bank’s findings, women’s 2019). Girls lose interest in STEM during time required for household chores participation in university studies in middle school and their confidence in and allow women to increase their STEM disciplines is still a minority, their math abilities compared to boys labour market participation (Dao although the situation is better at decreases significantly (Kuschel et al., et al., 2021). Such technological the doctoral level (Cadena, 2020). 2020). It is widely established in the progress also results in parents Within STEM disciplines, women are relevant literature that women are less investing relatively more in their under‑represented in engineering and likely to pursue advanced technical daughters’ education (Dao et al., computer science (Cadena, 2020). education after secondary levels 2021). Studies have shown that National and institutional systems because of these challenges (Lee et al., putting an average daughter through and structures tend to reinforce the 2021). Furthermore, research indicates tertiary education is more effective participation of men in STEM higher that 82% of women who initially aspired than doing so for an average son education. The issue is complex to pursue male‑dominated careers (Dao et al., 2021). Higher education, and multifaceted, with women’s during their senior year of high school particularly in STEM fields, can under‑representation in STEM opt to alter their career aspirations by lead to greater job opportunities fields attributed to factors such as the age of 25, transitioning towards and higher earnings. Therefore low limited access to STEM education, a gender‑neutral or female‑dominated female enrolment in STEM education stereotypes and bias, and a lack of career path (Kuschel et al., 2020, programmes leads to gender pay mentorship opportunities (Lee et al., p. 6). To address the gender disparity gaps, since women are then unable 2021). Social influence, particularly in STEM education and encourage to join the tech industry in leadership from same‑sex peers, significantly more women to pursue these fields, roles (Lee et al., 2021, p.38). impacts preferences for STEM early policy interventions, mentorship subjects, with female students more programmes, career counseling, real‑life Lee et al., (2021) studied gender likely to continue their STEM education application of knowledge, and female disparities in STEM education when other girls in their classroom also role models in academia and industry in various countries, including express an interest in STEM (Raabe et are needed (Kuschel et al., 2020; Lee et Kazakhstan, Taiwan, and South Africa. al., 2019). al., 2021, p.23). Research indicates that while there

18 were significant gender gaps in higher gender gap in education are also gender disparity in the proportion education, gender segregation is helping women in rural areas who of women scientists and engineers now in decline and opportunities in earlier faced location and economic as compared to other European technical disciplines have increased disadvantages (Lee et al., 2021, p.34). countries, thus showing the divide in for women in China (Lee et al., 2021). Sweden, a relatively gender‑equal educational and occupational choices China’s initiatives to minimize the European country, still has substantial (Raabe et al., 2019).

Studies on Women’s Financial Education and its Impact on Global Economies

Financial education plays a crucial particular, benefit from financial literacy women are underrepresented in the role in empowering individuals, programmes that increase their ability market. According to a 2021 report especially women, by providing the to manage personal finances, invest, by Statista, women account for only tools necessary to make informed and understand financial markets. 15% to 20% of global cryptocurrency financial decisions. With the increasing As women become more financially owners.12 This gap is attributed in importance of digital finance, educated, their economic participation part to lower financial literacy levels including cryptocurrencies, financial increases, leading to greater economic among women, particularly in emerging literacy becomes an essential skill in autonomy and reducing poverty rates technologies like blockchain and reducing gender disparities. Studies among women (Sherraden, 2014). cryptocurrencies. Women’s lack demonstrate that financial education, of access to specialized education particularly in emerging technologies Gender disparities in on digital assets and the technical like cryptocurrencies, plays a vital role financial education complexities of cryptocurrency trading in empowering women and promoting limits their participation in the space gender equality in financial systems. While financial literacy is essential for (Chakraborty & Naik, 2021). However, The gender gap in financial literacy economic empowerment, numerous evidence also suggests that targeted remains a significant barrier, but targeted studies show that women globally financial education programmes education programmes have shown face significant barriers to accessing focused on cryptocurrencies and promising results in reducing this gap. financial education. According to the blockchain technology can and As women gain financial literacy, they are World Bank (2014), women are less already have increased female better equipped to participate in both likely to participate in formal financial participation in the digital economy. traditional and digital economies, thus education programmes than men, and For instance, initiatives like Binance’s contributing to economic growth and they often have lower levels of financial Women in Technology Academy global development. The ongoing efforts literacy. This gap in financial knowledge and Women’s World Banking have to increase women’s financial education, and confidence limits women’s ability been shown to increase women’s particularly in the realm of digital finance, to make informed decisions about interest and engagement in digital are crucial for promoting gender equality savings, investments, and credit finance by providing education on and harnessing the full potential of usage. Moreover, gender stereotypes topics like blockchain, digital wallets, women in the global economy. and cultural norms often discourage and cryptocurrency investments. By women from engaging in financial improving financial literacy in these Financial education and markets, including the growing field areas, these programmes aim to empowerment of cryptocurrencies (Global Financial empower women to take advantage Literacy Excellence Center, 2017). of emerging financial technologies Research highlights that financial and reduce the gender gap in education for women is not only about Impact on cryptocurrency cryptocurrency ownership. improving financial decision‑making, ownership and use but also about empowering women to Economic impact of achieve economic independence and The advent of cryptocurrencies has financial education for security. A study by Lusardi et al. (2010) introduced new financial opportunities, women emphasizes that financial literacy is but it has also revealed the gender closely linked to wealth accumulation gap in financial knowledge. Studies on The broader economic impact of and economic well‑being. Women, in cryptocurrency ownership show that financial education for women is

12 https://www.statista.com/statistics/1202468/global‑cryptocurrency‑ownership/

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 19 significant. By improving women’s reducing income inequality. Moreover, ecosystem, and promote access to financial education and as women become more financially sustainable economic development services, economies can tap into literate, they are also more likely (Global Partnership for Financial a previously underutilized workforce, to invest in their own businesses, Inclusion, 2020). boosting economic growth and contribute to the entrepreneurial

Global Landscape of Gender in Tech Workplaces

Research shows that women tend to (academic career development and a disadvantage as the workplace leave STEM education and jobs at mentorship), and the macro‑level undergoes significant transformations a higher rate than men (Kuschel et al., (gendered language and attitudes due to robotics, automation, artificial 2020; Raabe et al., 2019). Women towards financial transactions intelligence, and other emerging are either opting out or pushed out and commercial environments) technologies. An analysis undertaken at various stages of their career, as (Kuschel et al., 2020). Women in the by the International Monetary Fund13 illustrated by the metaphor of the technology sector are concentrated suggests that women may encounter “leaky pipeline,” referring to the fact in lower‑pay occupations, such as challenges associated with job loss that the number of women decreases project management, rather than and automation in particular sectors as career levels increase (Kuschel higher‑pay software development because of their higher representation et al., 2020; Raabe et al., 2019). Of jobs (Cadena, 2020). Only 22% of in roles involving routine tasks, which women in STEM, 52% quit their jobs artificial intelligence professionals also contributes to gender inequality in their mid- or late thirties due to are women (Tovmasyan & Minasyan, in pay for work. Specifically, the dissatisfaction with the workplace 2019). Female researchers tend report estimates that 11% of the climate, a need to spend more to be concentrated in universities, female workforce is at high risk of time with their family, or the desire government, and non‑profit being automated, compared to 9% for more job flexibility in order to organizations. Their presence in the of the male workforce. Factors such raise a family (Kuschel et al., 2020). business world needs to expand. as lower educational attainment, Women may face barriers such as Throughout their careers, women are older age, and employment in a lack of support, access to mentors, often unable to attain senior positions, low‑skill clerical, service, and sales or opportunities for training and a factor that is true for academia, positions contribute to this increased development (Kuschel et al., 2020). companies, and public science areas vulnerability among women. Additionally, there are gendered and technology systems (Cadena, social structures, gendered division 2020). Written policies promoting UNESCO has prioritized the of labor and workplace interactions, gender equality should be developed promotion of STEM fields for women and norms for behaviours and at both the organizational and State and has taken action to recognize and interactions (Kuschel et al., 2020). levels to promote gender equality, stimulate female researchers’ merits This contributes to the widening of including means for reporting gender in a number of countries. Additionally, the gender gap in STEM (Raabe et al., discrimination in tech workplaces UNESCO created the Broadband 2019). (Tovmasyan & Minasyan, 2019). Commission to ensure that the gender gap in broadband access Gender disparities in professional Cadena (2020) conducted research and use is closed, thus recognizing settings, particularly in on the gender gap in technology and the impact broadband access has STEM entrepreneurship, are the potential impact of technological on women’s ability to connect to the well‑documented in the relevant advancements on women in the world and access education and literature. Studies have pointed to workforce. The study revealed new forms of social and business gender inequalities at all levels, from that women are underrepresented participation (Cadena, 2020). the micro‑level (lifestyle choices and in science and technology fields, career progression), to the meso‑level a situation that will put them at

13 https://www.imf.org/en/Publications/Staff‑Discussion‑Notes/Issues/2018/10/09/Gender‑Technology‑and‑the‑Future‑of‑Work‑46236

20 Gender Representation in Global Blockchain, Crypto Companies, and Financial Institutions

The gender representation within global crypto companies have implemented safety tests or gender‑insensitive blockchain, cryptocurrency companies, diversity programmes and inclusive credit scoring models – are and financial institutions remains recruitment strategies that aim to perpetuated by insufficient female a significant concern in the context create more opportunities for women. representation in decision‑making of the ongoing gender gap in the Furthermore, financial institutions are roles. These biases not only harm ownership and use of cryptocurrencies. beginning to recognize the importance women, but also lead to mispriced Despite the increasing integration of of addressing the gender gap and risks and missed opportunities in blockchain and digital finance into the are thus taking steps to foster greater financial services. The keynote also global economy, women continue to inclusion of women in both their addressed the growing risk of gender be underrepresented in leadership workforce and their customer base. disparities in the face of technological positions and as active participants in advancements, particularly the rise the industry. On 24 January 2025, at the of AI and automation. Women are conference Corporate Governance, overrepresented in roles that are Studies and reports highlight the Sustainability & Diversity, Petra most susceptible to automation. disproportionately low number Hielkema, the Chairperson of Without proactive efforts to reskill of women in key roles within the EIOPA (European Insurance and and support inclusive career paths, sector, such as executive leadership, Occupational Pensions Authority), women may be disproportionately technical positions, and investment discussed the critical importance of affected by technological changes in decision‑making. While some gender diversity in financial services. the financial sector. In terms of policy, blockchain and crypto companies have Hielkema emphasized the compelling the EU has begun to take meaningful made strides in promoting diversity, the business case for gender equality, steps to promote gender equality, overall trend shows that women remain noting that organizations with higher with regulations like the Women on a minority in terms of both employment gender diversity tend to outperform Boards Directive and the introduction and active engagement with digital their peers financially. Despite these of diversity policies in financial sectors. assets. Research also points to a stark benefits, women remain significantly Hielkema also stressed the importance lack of women in blockchain and underrepresented in leadership of financial institutions incorporating crypto‑related educational pathways positions globally, particularly in the diversity as a core governance issue, and programmes, further contributing financial sector. The address also alongside reskilling efforts and inclusive to the gender imbalance in the industry. highlighted persistent structural product design to better serve diverse barriers that prevent women from populations. Financial institutions and traditional advancing to top roles, despite banking systems, despite efforts educational achievements and rising Natassja Aleksy, a product developer toward gender equality, also exhibit participation in the workforce. Hielkema at Diversity in Blockchain, emphasizes gender disparity, especially in their referenced the work of Nobel laureate the importance of building a Web digital and cryptocurrency‑related Claudia Goldin, which identifies 3.0 ecosystem that is inclusive, services. Female users of family caregiving responsibilities learning from the mistakes of Web cryptocurrencies and blockchain and rigid workplace structures as 2.0. The podcast episode “Diversity platforms represent a small portion key factors hindering women’s in Blockchain – Building a Web3 that of the customer base, which is progress in leadership. Moreover, includes everyone”16 highlights critical partially driven by a lack of targeted Hielkema underscored the real‑world discussions on the need for inclusivity marketing, limited educational consequences of gender bias in and diversity within the blockchain resources, and unaddressed security financial services, drawing attention and cryptocurrency sectors. The concerns. Nevertheless, increasing to the concept of “invisible women” conversation focuses on ensuring awareness and initiatives aimed at as described in the book by Caroline equal participation and representation improving gender equality are being Criado Perez.15 She outlined how across all demographics, particularly introduced. Some blockchain and biases – such as flawed automotive underserved communities, by

14 https://www.eiopa.europa.eu/financial‑services‑gender‑inclusion‑2025‑01‑24_en 15 Criado Perez, Caroline. (2019). Invisible Women: Data Bias in a World Designed for Men. London: Chatto & Windus. 16 https://www.cryptoaltruism.org/blog/crypto‑altruism‑podcast‑episode87‑diversity‑in‑blockchain‑building‑a‑web3‑that‑includes‑everyone

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 21 integrating education and equitable crypto industries are urged to prioritize several groups actively working opportunities in the development of these elements when developing towards diversity and representation blockchain technologies. A central teams and expanding movements. in Web 3.0. These organizations are theme discussed in the podcast is This focus on inclusivity can help avoid critical resources for newcomers, the significant role of education and repeating the exclusivity and inequality especially women, seeking to enter representation in creating a more seen in Web 2.0. While acknowledging the blockchain and cryptocurrency inclusive Web 3.0. Leaders and the long journey ahead to achieve industries, where their representation organizations in the blockchain and full inclusivity, the podcast highlights has traditionally been low.

Global Trends in Gendered Investments and Financial Literacy

There is a gap in financial literacy cryptocurrencies in women have not Steinmetz in Europe, 55% of women between men and women when it been extensively studied, despite have heard of cryptocurrencies, comes to knowledge of financial numerous studies focusing on while 60% of women are interested systems, digital currencies including analyzing the variables that determine in investing in cryptocurrencies. cryptocurrencies, decentralized the use of cryptocurrencies, such A Deutsche Postbank customer finance (DeFi) and fintech services and as income, age, confidence, and study, mentioned by Steinmetz, products (Akadur & Senkardes, 2021; level of education. It is, however, found that age groups 18–34, Alonso et al., 2023; Chen et al., 2023; established in the relevant literature 35–54, and 55+ were all involved in Steinmetz et al., 2021). Akadur and that gender significantly influences buying or selling cryptocurrencies.18 Senkardes (2021) presents factors the decision to purchase, invest and The socioeconomic profile of influencing women’s cryptocurrency own cryptocurrencies, with men being cryptocurrency users in different investment decisions. The findings of more likely than women to make this countries is characterized by young the paper indicate that only 32.6% of decision. It is also established that age and male gender, which confirms the women respondents in the study women are more risk‑averse, a factor the higher interest and greater had invested in cryptocurrencies. This that could also be contributing to the knowledge among men (Steinmetz et low percentage can be attributed gender gap in cryptocurrency adoption al., 2021). to factors such as income, levels of and ownership (Akadur & Senkardes, knowledge about cryptocurrency 2021, p.183; Alonso et al., 2023; The data presented in the study investments, and labour force Steinmetz et al., 2021). (Steinmetz et al., 2021) show participation rates. Of the women that higher education correlates respondents, 56% had never heard Steinmetz et al., (2021) discusses with a greater awwareness of of cryptocurrencies or had very cryptocurrency awareness and cryptocurrencies. Education helps limited knowledge about them ownership in 14 countries, including people understand the complexity (Akadur & Senkardes, 2021, p.186).17 several European countries (Germany, of cryptocurrencies and recognize This compliments other studies that France, Italy, Denmark, Spain, their potential, influencing them to show women’s financial knowledge Belgium, Romania, Luxembourg), invest in them. Moreover, better level to be generally lower than that as well as Russia, Australia, education correlates with higher of men (Akadur & Senkardes, 2021, Türkiye, UK, China, and the United income, which facilitates investing p.183). States. Data indicates that there in cryptocurrency. Educational is a gender disparity regarding initiatives focusing on blockchain Alonso et al., (2023) studied knowledge about and ownership of technology and cryptocurrencies the adoption and ownership of cryptocurrencies, with men being could address knowledge gaps and cryptocurrencies in Spain. The more knowledgeable and more likely potentially encourage wider adoption, study notes that the variables that to own cryptocurrencies than women. including among women (Steinmetz drive the adoption and ownership of Based on the data mentioned by et al., 2021).

17 These statistics do not represent the percentage of all women globally or nationally who invest in cryptocurrencies. The study, conducted by Akadur and Şenkardeş (2021), surveyed 399 participants in Türkiye, comprising 230 women and 169 men. Among the female respondents, 75 out of 230 (32.6%) indicated that they had included cryptocurrencies in their investment portfolios. In contrast, 90 out of 169 male participants (53.2%) reported investing in cryptocurrencies. These findings highlight a gender disparity in cryptocurrency investment within the surveyed group. It is important to note that this study’s sample was specific to Türkiye and may not be representative of global trends. 18 https://www.financemagnates.com/cryptocurrency/news/almost‑half‑young‑germans‑interested‑cryptocurrency‑investment

22 A significant percentage of women factors influencing financial inclusion that women should be educated about are unsure about how to best plan and gender equality in use of fintech the uses and risks of cryptocurrencies. for their financial future (Chen et services and products across 28 The Bahamas runs a country level al., 2023). The lack of investment countries. Data shows that across CBDC training programme, which is experience in traditional assets, the 28 countries examined, there is aiming to accelerate education on financial services, and investment a gender gap in the use and adoption digital financial services. Such training vehicles such as the stock market of fintech products (Chen et al., and education plans in digital finance (Bucher‑Koenen et al., 2021), and 2023). Women were generally more can also be implemented at the a general lack of knowledge about concerned about data privacy and regional level, especially focusing on cryptocurrencies were reported as the implications of sharing data with lower income and education groups, barriers to the acceptance and use of financial service and product providers since these groups usually have more cryptocurrencies by women (Alonso et for their personal safety (Chen et al., difficulties with the digitization of al., 2023). Chen et al., (2023) studied 2023). Alonso et al., (2023) suggest finances.

Gender Gap Index in Participating Countries

The Global Gender Gap Index 2023 educational attainment, health and these areas (WEF, 2023). The rankings ranks gender equality in countries survival, and political empowerment. for the four countries focused on this based on indicators such as economic As the ranking increases, so does the study are: participation and opportunity, disparity between men and women in

Table 10

Education and economic participation and opportunity rankings. Source: Global Gender Gap Index (World Economic Forum WEF, 2023).

Overall ranking out Economic of 146 countries % of female STEM Country participation and Education (based on 4 graduates opportunity indicators studied)

Armenia 61st 52nd 35th 39.81%

Azerbaijan 97th 27th 54th 35.10%

Georgia 76th 68th 28th 38.68%

Moldova 19th 3rd 53rd 30.52%

There is a gap in literature for al., 2021, p. 210). The countries Azerbaijan, and Moldova – have been international and comparative studies from the South Caucasus, Eastern under‑explored. This is evident from on access to and success in STEM Neighbourhood region that this a lack of academic or grey literature fields in higher education (Lee et study targets – Armenia, Georgia, available on the topic.

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 23 Navigating the Intersection: Unveiling the Female Situation in Education, the Workforce, and Investments

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 25 Navigating the Intersection: Unveiling the Female Situation in Education, the Workforce, and Investments In the intricate area of women’s critical domains in order to unveil female narrative. The goal is not only to participation in the realms of education, the multifaceted situation faced by identify obstacles, but also to illuminate work, and investments, a complex women. From educational pathways to potential synergies that may offer set of challenges and opportunities professional landscapes and financial insights for catalysing positive change unfolds. It is therefore essential to arenas, there is a need to understand and fostering a more inclusive and delve into the intersection of these the nuanced dynamics that shape the equitable future.

ARMENIA

EDUCATION Tovmasyan and Minasyan (2019) INVESTMENTS conducted a study on gender inequality In Armenia, women have a higher in the workplace in Armenia. They found The limited access in Armenia of university enrollment rate than men, with that women, who were the majority of rural women to land ownership19 61.8% of women compared to 51.5% survey respondents, perceived that they impacts their economic empowerment of men (Tovmasyan & Minasyan, 2019). faced obstacles in professional career (Carter, 2021). Moreover, domestic Based on these statistics, it can be advancement due to gender inequality. responsibilities and traditional gender inferred that educational enrolment Additionally, they reported experiencing norms limit women’s involvement parity has been achieved in Armenia discrimination both in their families in economic decision‑making (Carter, 2021). and workplaces, citing issues such as (Carter, 2021). work restrictions, bad attitudes, dress codes, and more. Moreover, 73% of the A 2017 report by the Food and WOMEN IN THE participants expressed the belief that it Agriculture Organization (FAO) WORKFORCE is wrong for women to be paid less than highlighted that women in Armenia face men for the same work. challenges in accessing land ownership The percentage of women in the due to traditional inheritance practices workforce in Armenia is approximately Women face financial vulnerability and limited access to credit. While 52.3% (WEF, 2023). According to when their husbands migrate. This exact percentages were not provided, the Statistical Committee of the is especially the case in rural areas, the report emphasized the gender Republic of Armenia, the gender pay due to limited access to cars or disparity in land ownership. Despite gap is quite significant, with women other forms of mobility. Migration of formal legal provisions guaranteeing earning 67.5% of what men earn husbands can also lead to increased equal land rights, most land in Armenia on average. While there have been responsibilities for childcare and is registered and managed by men, some improvements in closing the elderly care, potentially making significantly limiting women’s de education gender gap, wage equality such households more vulnerable facto enjoyment of land ownership. for similar work remains a concern to poverty if husbands do not send Several socio‑cultural and systemic (Tovmasyan & Minasyan, 2019). remittances (Carter, 2021). barriers contribute to this disparity.

19 Available data indicates that women in Armenia own a significantly smaller proportion of land compared to men. “Secure tenure rights to land, by sex: 16% of women in Armenia own land compared to 35% of men (2015), which is down from 39% of women in 2010. Among women who own land, 32% do so in rural areas compared to 5% in urban areas; 26% of women aged 45–49 own land compared to 10% of women aged 15–19.” https://eca.unwomen.org/sites/default/files/Field%20Office%20ECA/Attachments/Publications/2020/05/Gender%20equality%20and%20SDGs%20Armenia.pdf

26 Registry practices favoured male rural communities and officials further full scope of the problem, although “heads of households” during initial compounds the issue. These limitations only 26.5% of rural households are land distributions.20 Patrilocal marriage restrict women’s ability to participate in headed by women, which indicates traditions discourage women from land‑related decision‑making, access a gender gap in land ownership and asserting land rights, while inheritance agricultural services, or use land as control. Addressing these challenges is customs typically prioritize male collateral for financial opportunities. essential for advancing gender equality heirs. A general lack of awareness The absence of sex‑disaggregated in rural development and economic about women’s land rights among data on land registration obscures the empowerment.21

AZERBAIJAN

EDUCATION higher educational institutions for sectors (Carter, 2021). As of 2023, the 2022/2023 academic year were women constitute 61.9% of the total Gebel (2020) has studied the labour women (State Statistical Committee female population and 71.4% of market integration of young women of the Republic of Azerbaijan, 2023, the working‑age female population in Azerbaijan, Georgia, and Tajikistan. pp. 134–135). Only 40.3% of these actively engaged in the labour force in Cultural and institutional similarities can female students were enrolled in Azerbaijan (State Statistical Committee be found among the three countries, technical and technological specialties of the Republic of Azerbaijan, 2023), since they share a Soviet legacy. in both state‑funded and non‑state suggesting higher female workforce The study reveals that women who higher educational institutions. It can participation compared to some hold higher education certificates, therefore be inferred that women’s global averages. However, women’s especially in professional and tertiary future participation in tech‑related representation in specific sectors, education, have a greater likelihood of fields will be comparatively lower. Most particularly science, technology, accessing formal job opportunities. The women are enrolled in education, engineering, and mathematics (STEM), population is more inclined towards culture and art, and natural science remains uneven and under‑documented vocational training, since the tertiary programmes (State Statistical at the national level, pointing to education route is more exclusive and Committee of the Republic of a potential area for targeted gender expensive. Data suggests that higher Azerbaijan, 2023). This difference in policy interventions in the evolving education significantly increases the the choice of study programmes and digital and innovation economies. chances of young women securing the caregiving role of women in the However, Gebel (2020) found that formal sector jobs in Azerbaijan family leads to the gender wage gap 40% of women do not enter the labour (Gebel, 2020). (Ismayilov et al., 2022). market after graduation in Azerbaijan since they get married early and switch Azerbaijan’s public spending on to full‑time housework due to gender education is lower than that of WOMEN IN THE norms and stereotypes. Women, neighboring countries like Armenia, WORKFORCE particularly working mothers, choose Georgia, and Kazakhstan (Ismayilov et lower‑paid public jobs to allow them al., 2022). Various studies suggest that Gender equality has become an to combine domestic tasks with their there is a positive correlation between increasing focus for Azerbaijan, work duties and are unlikely to have women’s education and their wages reflected in both national legislation time to join after‑work educational or in Azerbaijan (Ismayilov et al., 2022). and strategic policy efforts aimed at networking opportunities, affecting their As a result of national legal reforms, empowering women and eliminating chances of promotion (Carter, 2021). educational enrollment parity has been discriminatory practices (State achieved for women (Carter, 2021). Statistical Committee of the Republic The higher percentage of non‑working The gender equality index in education of Azerbaijan, 2023). Notable progress women in Muslim‑majority Azerbaijan indicates that almost 50% of students has been made in reforming laws is in line with other Muslim majority enrolled in state and non‑state to support gender parity across countries with similar demographics,

20 The statement that "registry practices favoured male 'heads of households' during initial land distributions in Armenia" is substantiated by a report from the Food and Agriculture Organization (FAO) titled Rural Women’s Participation in Decision‑Making in Armenia, presented at the Ninth Session of the Working Party on Women and the Family in Rural Development, held in Yerevan from 30 September to 3 October 1998. The report notes that during the land privatization process initiated in 1991, the head of the household was designated as the owner of the farm. Traditionally, in Armenian families, the head of the household was considered to be the oldest member, which, in most cases, resulted in males becoming the registered owners of the newly privatized land. This practice effectively favored male ownership and limited women’s direct access to land titles. https://www.fao.org/UNFAO/Bodies/ECA/WPW/9WPWARM.HTM 21 https://openknowledge.fao.org/server/api/core/bitstreams/8af783d3‑0d89‑43ca‑a1bb‑4b8411249402/content

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 27 like Tajikistan (Gebel, 2020). In roles. At the same time, however, has led to labour market problems rural areas, the ratio of women not a wage gap exists in the female and economic uncertainties for participating in the formal workforce dominated field of information and young people, including women. is even higher. Nonetheless, female communication, with women earning Lifetime employment opportunities employment is growing in the formal monthly on average AZN 1149.00 guaranteeing basic economic security sector in Azerbaijan (Gebel, 2020). (ca. EUR 595) while men earn no longer exist (Gebel, 2020). Statistics AZN 1425.40 (ca. EUR 738) (State from 2022 show that women in Women are largely excluded from Statistical Committee of the Republic Azerbaijan spend their income on high‑paying sectors, such as of Azerbaijan, 2023). In almost every consumption expenditures, such as finance (Ismayilov et al., 2022). Data sector, women earn less than men 43.9% on food, 6.0% on clothes and reveals that women are prominently (Ismayilov et al., 2022). The wage footwear, 7.8% on housing, water, represented in specific technical gap expands with increased levels of electricity, gas, and other fuels, and sectors, such as information and education (Ismayilov et al., 2022). so on. Income from employment communication, where 80.6% or self‑employment comprises of employees are women, and 64.2% of the total income of women in professional, scientific, and INVESTMENTS (State Statistical Committee of the technical activities, where 49.4% of Republic of Azerbaijan, 2023). This employees are women. These findings In Azerbaijan and Georgia, the information suggests that women do suggest that these fields offer more transition from socialism to capitalism have disposable income for potential opportunities for women in technical with the fall of the Soviet Union investments.

GEORGIA

EDUCATION have a higher probability of gaining distribution of family obligations, the access to the formal job sector than lack of part‑time job opportunities Georgian women have almost those from poorer families (Gebel, for women with family obligations, achieved educational parity in 2020). Women belonging to ethnic and the need for policies to ensure education completion rates (Carter, minorities in rural areas face increased equal pay for equal work (ILO, 2022). 2021). There is a gendered subject vulnerability to domestic violence, child The dominant cultural perception in concentration in tertiary education, marriage, early pregnancy, and high the country also influences women’s meaning that women and men tend to education dropout rates (Carter, 2021). participation in the workforce, since study different subjects (Carter, 2021). a majority of the population believes that men should work and women Employers do not trust women’s formal WOMEN IN THE should take care of the household and education certificates/diplomas, which WORKFORCE children (ILO, 2022). impacts their remuneration (ILO, 2022). Instead, they trust the training that they In Georgia, women account for Women’s educational enrollment provide themselves within the company. 47.1.% of the workforce (WEF, 2023). parity in Georgia has not led to This shows the need to expand formal In contrast to Azerbaijan, Georgia, gender‑balanced labour market education programmes to include as an Orthodox Christian country, outcomes, and occupational on‑the‑job training (ILO, 2022). has a different work culture (Gebel, segregation still exists (Carter, 2021). 2020). Gebel (2020) found that 26% The National Statistics Office of Georgia The effects of education on the of women do not enter the labour does not publish data on employment probability of young women getting market after graduation in Georgia. in various sectors disaggregated by sex, a job in the formal sector is higher if There is a dip in female labour force which makes it difficult for policymakers they hold advanced degrees such as participation during childbearing years to assess the situation and develop an MA or a PhD. However, the large (Carter, 2021). The gender wage gap is evidence‑based policies (ILO, 2022). number of individuals in Georgia with 36.2%, but appears to be narrowing. higher education degrees has led to From 2008 to 2020, the employment a devaluation of those degrees in the level among men consistently GOVERNMENTAL POLICY labour market (Gebel, 2020). Ethnic exceeded that of women. Women INTERVENTIONS minorities and rural job applicants face are paid less than men, especially in discrimination for employment. Also, the financial and insurance sectors. The government of Georgia has women coming from richer families This gap is attributed to the unequal implemented several policies to

28 promote gender equality and reduce and 22 against. Despite President Asia region (Babych et al., 2018). informal employment, including Salome Zourabichvili’s veto, parliament Although these bank deposits cannot encouraging women to occupy more overrode it on 15 May 2024.22 directly be considered investments, it managerial positions, introducing can be inferred that women do have quotas for female representation in This legislative change aligns with the funds for investments, since they State bodies, and requiring companies the Georgian Dream party’s broader have a higher rate of savings than to address the gender wage gap agenda to emphasize “traditional family men. This could indicate a potential for to participate in state tenders. values.” In March 2024, the party investment among women in Georgia. Additionally, the government aims to initiated constitutional amendments move informally employed persons aimed at “protecting family values,” In contrast, women in Georgia have to the formal sector by offering social signaling a commitment to uphold limited access to land ownership, guarantees, labour rights protection, these principles in future legislation.23 in part because marriages are not tax benefits, and introducing part‑time officially registered, which causes jobs (ILO, 2022). The Organization for Security and inheritance problems (Carter, 2021). Co‑operation in Europe (OSCE) Women in the workplace face a glass The government is running campaigns has expressed concerns that the ceiling that affects women’s economic aimed to prevent gender‑based removal of gender quotas contradicts empowerment (Carter, 2021). Due discrimination in companies, international human rights standards to the gender pay gap and women’s encourage the fair distribution and may hinder progress toward lower level of participation in the of household tasks, protect the gender equality in Georgia’s political workforce, it can be inferred that labour rights of workers, bridge landscape.24 women in Georgia may have less the gap between traditional gender opportunity to invest due to lower roles, and raise awareness among income and employment opportunities, judges, defense lawyers, and labour INVESTMENTS AND which in turn means they lack inspectors regarding gender equality FINANCIAL LITERACY the financial stability needed for (ILO, 2022). investments. The financial literacy level in Georgia is Policy instruments such as minimum quite low, as measured by the Asian A study by Dilanchiev et al., (2022) wages and progressive income tax, as Development Bank Institute.25 Its has revealed a positive relationship well as mandatory anti‑discriminatory study revealed that there are regional between future reward, innovativeness, policies for companies, may contribute disparities in financial literacy, with knowledge, and cryptocurrency to ensuring equal wages for men higher levels observed in the capital adoption in Georgia. The study and women. Additionally, introducing city of Tbilisi. Furthermore, participants highlights that the desire to purchase quotas for women in State bodies with higher education levels scored cryptocurrencies is influenced by risk could encourage women to occupy better in financial literacy. The National considerations in standard finance more managerial positions which would Strategy for Financial Education in markets, the prospect of future reward, narrow the wage gap (ILO, 2022). Georgia, developed by the National knowledge about cryptocurrency, and Bank of Georgia, aims to improve personal innovativeness. Notably, the Female representation in State bodies financial literacy by raising awareness study does not provide a gender‑based has received a setback, however. In of the benefits of financial education breakdown of its findings. April 2024, Georgia’s parliament, led (Babych, Grigolia, and Keshelava, by the ruling Georgian Dream party, 2018). Georgia has evolved its regulatory abolished the mandatory gender framework concerning virtual assets, quotas for women on party electoral Data shows that women have and VASPs, moving from an initial lists. Previously, the Electoral Code a higher rate (63.6%) of deposit or phase of limited regulation towards required that at least one in every savings accounts compared to men structured and comprehensive four candidates on a party list be in Georgia. This is higher than in other approach, developing a structured a woman. The abolition was enacted low middle‑income countries and also regulatory and supervisory framework swiftly, with 85 MPs voting in favour higher than in Europe and the Central aligned with international standards

22 https://georgiatoday.ge/georgian‑dream‑abolishes‑the‑rule‑of‑gender‑quota‑in‑the‑party‑list 23 https://iep-berlin.de/site/assets/files/4179/policy-memo-82-3.pdf 24 https://www.osce.org/files/f/documents/7/4/571702_0.pdf 25 “For households, the main concern is not so much the access to credit, but rather low levels of income, low levels of savings, provision for retirement, and low levels of financial literacy.” Babych, Yaroslava, Maya Grigolia, and Davit Keshelava. Financial Inclusion, Financial Literacy, and Financial Education in Georgia. ADBI Working Paper No. 849. Tokyo: Asian Development Bank Institute, 2018, p. 23. https://www.adb.org/sites/default/files/publication/428771/adbi-wp849.pdf

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 29 and best practices. In 2022, the from non-fungible tokens (NFTs) and the national agency for public parliament of Georgia passed the digital collectibles, which, due to registry (Babych et al., 2018). These respective legislative changes, whilst their non-fungible nature and unique developments mark Georgia’s gradual in 2023 the National Bank of Georgia characteristics, fall outside the scope move toward a regulated, innovation- (NBG) introduced the VASP registration of the new regulatory framework. friendly virtual asset ecosystem. requirements including Fit and Proper Checks, AML/CFT Policy Procedures, While Virtual Assets are still not The limited use of fintech products AML/CFT Risk Assessment, etc. recognized as legal tender, they are and services like internet and mobile not prohibited. The NBG continues banking in Georgia has increased Under current Georgian legislation, the to caution users about the risks the cost of doing business for Convertible Virtual Assets are defined associated with crypto-assets, banks. Despite the availability of new as the one that have an equivalent especially their volatility and lack of ventures like person‑to‑person lending value on the market, in national or consumer protections. platforms and crowdfunding, adoption foreign currency, in another virtual rates have been low. However, with asset, and/or a financial instrument The government has been an early more young people entering the job in which it can be exchanged, hence, adopter of blockchain technology in market, the use of these financial classified as fungible assets. This public services, particularly for land technologies is expected to increase classification distinguishes them and property registration through rapidly (Babych et al., 2018, p. 13).

MOLDOVA

WOMEN IN THE The percentage of women in the gender roles. In Moldova, half of the WORKFORCE workforce varies by age, region, and country’s 1.4 million workforce is now social group. The employment rate working abroad. (Carter, 2021). Moldova ranks higher in terms of of young women was 43% in 2020. gender equality when compared to Women’s involvement in the workforce Georgia, Armenia, and Azerbaijan reaches the lowest levels for women GENDER PAY GAP (Carter, 2021). Women account for who are of reproductive age (15–34 77% of the workforce in Moldova years old) and in retirement (55+ years Concerning the gender pay gap, (WEF, 2023). However, discriminatory old). Women from rural areas have a study has indicated that there is gender and social norms prevalent in an employment rate of approximately not much variation of the earnings of Moldova contribute to the perpetuation 32%, as compared to 44% in urban women in different job roles; men’s of traditional gender roles and areas. This difference is mainly earnings show more variation (Naval inequalities (Carter, 2021). Naval and because rural women have unpaid & Colesnicova, 2020). The gender Colesnicova (2020) found evidence caregiving responsibilities. Women pay gap in Moldova is significant, of gender inequality in the labour are underrepresented in higher‑paying with women currently earning an market in Moldova, but they also state male‑dominated sectors and are average of 25% less than men. This that the country has made significant more likely to seek lower‑paying or gap is only partially explained by progress in gender equality (UN part‑time jobs because of interruptions objective factors, such as differences Women, Moldova, 2022). To address in their careers caused by childbirth in experience and education. The gender disparities, especially in the and childcare responsibilities (Center gender pay gap has been increasing: labour market, steps are being taken Partnership for Development, 2021). in 2020, the gap was estimated at to improve pay policies and implement Women are also underrepresented 13.7%. As a result, women’s financial measures to ensure equal access to at senior management levels (Carter, losses are substantial, with women job opportunities for women (Center 2021). needing to work approximately two Partnership for Development, 2021). months longer than men to reach The unemployment rate of women, Recently, a new trend of “feminization” the average annual salary. This particularly in marginalized communities, of labour migration has been noticed, inequality is further exacerbated by remains high due to discrimination and with increasing numbers of women the underrepresentation of women stereotypes. As of 2021, only 36.4% of migrating for work from Georgia and in top management positions and women from marginalized communities Moldova in response to a lack of local higher‑paying sectors (Center were part of the workforce according to economic opportunities in their home Partnership for Development, 2021). Moldava’s National Bureau of Statistics countries (Carter, 2021). This has (UN Women, Moldova, 2022). led to a significant shift in traditional

30 WOMEN IN STEM make up 31% of the ICT general This indicates that although Moldova is EDUCATION workforce, they represent just 19% making progress in promoting gender of digital professionals. Additionally, equality in STEM education and Women make up the majority of women in the sector earn 33% less employment, there are still challenges Moldova’s workforce (WEF, 2023), but than their male counterparts. However, in retaining women in the STEM their education level is half that of men. there has been positive progress: the workforce (WEF, 2023). (Naval & Colesnicova, 2020). Women number of women‑owned businesses in Moldova tend to choose education in the ICT sector is growing faster in disciplines that are considered more than those owned by men. Women FINANCIAL LITERACY AND feminine, such as pedagogy or liberal entrepreneurs now account for 67% INVESTMENTS arts subjects like philology, political of businesses in IT, compared to 56% science, social sciences, and social of male entrepreneurs. Despite these UN Women is aiming to address the assistance. These areas are usually advancements, gender disparities financial literacy gap, especially among less well paid than STEM subjects, remain at the management levels in the underrepresented population which have higher male enrollment small, medium, and large enterprises.29 (UN Women, Moldova, 2022). This is (Center Partnership for Development, Significant improvements are still important since women in Moldova 2021). needed to bridge gender gaps, invest more in businesses that they especially at senior management levels have started themselves, with 62.6% A 2020 study by UN Women identified of women‑owned businesses being several key factors that shape the To foster greater participation and launched based on their own idea. decision of women to study in to support women’s ICT aspirations, Over 50% of these businesses are STEM fields,26 including parental initiatives such as the GirlsGoIT started with grants (Center Partnership encouragement, the reputation of programme and Empowering Women for Development, 2021). higher education institutions, financial in ICT Skills have been launched, ability, and awareness of career establishing girls‑led local clubs across Women’s financial well‑being in opportunities in STEM fields. Still, less 13 regions in Moldova and providing Moldova is tied to the agricultural than 20% of female respondents of resources to empower women in ICT. sector as contributing family workers the UN Women survey27 actually knew UN Women has run the GirlsGoIT and labour migration (Carter, 2021). about programmes and opportunities initiative since 2015 – it provides Many women serve as contributing aimed at improving their knowledge professional training and digital family workers with limited access to and abilities in STEM areas. The re‑qualification programmes. Another formal employment benefits, financial share of women who choose to initiative is to establish Women decision‑making power, or individual study information and communication Hubs, which serve as collaborative income. This dependency often technology (ICT) has increased slightly workspaces to foster networking reinforces traditional gender roles and from 2017 to 2020, but overall, opportunities and deliver professional restricts women’s ability to accumulate women are underrepresented in these support (UN Women, Moldova, 2022). assets or invest independently. technical fields and face challenges Additionally, a significant number of when choosing to pursue careers in Moldovan women engage in labour these fields (Center Partnership for WOMEN IN THE STEM migration, particularly to European Development, 2021). WORKFORCE countries, where they may take on low‑wage, informal jobs. Migrant Moldova has a strong representation of While the percentage of female STEM female workers from Moldova typically women in STEM education of 30.5% graduates entering STEM employment seek employment in countries like (WEF, 2023).28 However, women are is increasing, the numbers on STEM Italy, Türkiye, and Israel, according significantly underrepresented in the university graduates entering the to the 2013 Labour Force Survey.30 ICT sector, with only 4.6% of girls in labour market show that the retention The rising number of migrant women higher education pursuing ICT fields. of women in STEM even one year after workers from Moldova reflects Consequently, while women and girls graduating sees a significant drop. a combination of factors: reduced

26 https://moldova.unwomen.org/en/biblioteca-digitala/publicatii/2020/08/women-in-ict-and-stem 27 “This Survey was elaborated by Magenta Consulting for the Association for the Development of Information Technologies EDUCAT in partnership with the United Nations Entity for Gender Equality and Women’s Empowerment (UN Women) and financed by Sweden.” https://moldova.unwomen.org/sites/default/files/ Field%20Office%20Moldova/Attachments/Publications/2020/EN%20GGITRaport%20FINAL240820.pdf 28 https://www3.weforum.org/docs/WEF_GGGR_2023.pdf (Global Gender Gap Report 2023 p. 262) 29 https://www.undp.org/sites/g/files/zskgke326/files/migration/md/Digital-MOLDOVA-ENG.pdf 30 Labour force in the Republic of Moldova. Employment and unemployment, 2014. https://statistica.gov.md/index.php/en/labour-force-in-the-republic-of- moldova-employment-and-unemployment-in-2014-9430_2553.html

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 31 migration costs and risks, significant financial literacy and access to predominantly used for consumption income disparities between Moldova formal financial services. This rather than savings or investments. and destination countries, limited combination of informal agricultural This trend is attributed to limited access to well‑paid, appealing job work and migration‑related financial services tailored for migrants opportunities at home, and growing economic activity creates structural and a general lack of financial success in overcoming language and challenges for women in building education among this group.32 cultural barriers. These conditions financial resilience, increasing their have collectively driven a substantial reliance on informal networks and The International Fund for Agricultural wave of labour migration among limiting their participation in formal Development (IFAD) report 2021 notes Moldovan women, particularly from investment or savings schemes. that many rural Moldovan households rural regions.31 A 2023 workshop organized by receive remittances informally and International Organization for often store funds at home. These While remittances sent home can Migration (IOM) Moldova and the remittances are primarily used for contribute to household income, Association of Moldovan Commercial immediate needs, with minimal they rarely translate into long‑term Banks highlighted that while investment in long‑term financial financial security or investment in remittances constitute a significant products, indicating challenges in financial products due to limited portion of Moldova’s GDP, they are financial inclusion and literacy.33

31 https://www.unwomen.org/sites/default/files/Headquarters/Attachments/Sections/Library/Publications/2016/30-Gender-migration-and-development-in-the- Republic-of-Moldova-2016-en.pdf 32 https://moldova.iom.int/news/iom-advances-work-enhance-financial-literacy-moldovan-migrants 33 https://www.ifad.org/en/w/rural-voices/helping-remittances-reach-rural-areas-in-moldova

32 Understanding the Current Landscape

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 33 Understanding the Current Landscape As cryptocurrency adoption socio‑economic and technological Recent research into the adoption accelerates globally, understanding context in which this gap exists. of cryptocurrency and decentralized who owns and uses digital assets This section provides an overview of finance (DeFi) underscores the is essential for addressing existing the current landscape in the South importance of social, economic, disparities. This section outlines key Caucasus – Armenia, Azerbaijan, and cultural factors over purely trends in crypto ownership as based and Georgia – as well as in Moldova, technological or political ones. These on demographics, geography, and examining key factors such as digital interdependent determinants shape usage patterns. It also highlights those infrastructure, financial inclusion, how different countries embrace elements needed for inclusive growth regulatory frameworks, and gender blockchain technologies, revealing that in the digital finance ecosystem. dynamics. By analysing these broader societal dynamics also play foundational elements, we can gain a role in influencing crypto adoption To effectively address the gender deeper insight into the opportunities trends. This insight is particularly gap in the ownership and use of and barriers that shape women’s relevant when assessing regional cryptocurrencies, it is essential participation in the crypto economy disparities in the South Caucasus and to also understand the broader across the region. Moldova.34

Cryptocurrency Ownership Worldwide

Global cryptocurrency adoption terms, the leading countries are In terms of behaviour, crypto is continues its rapid ascent, with over the United Arab Emirates (25.3 %), primarily used for investment purposes, 562 million individuals – approximately Singapore (24.4%), and Türkiye but there is growing adoption for 6.8% of the global population – owning (19.3%). Usage varies by region – from payments and as a hedge against digital assets in 2024 according to investment and daily transactions, inflation in countries with economic a Triple‑A report.35 This represents to serving as a store of value in volatility. The rise of mobile trading a substantial increase from previous economically unstable countries. platforms and broader acceptance of years, which highlights the transition of crypto in retail and services also reflect cryptocurrencies from a niche interest The data found in the Triple‑A report deeper integration of digital assets into to a mainstream financial instrument. show that while the crypto space everyday life. remains male‑dominated (61% men Demographically, cryptocurrency vs. 39% women), the gender gap The evolving global landscape owners tend to be younger is narrowing, especially among the demonstrates a dynamic and diverse (ages 25–34), highly educated, youngest users (ages 18–24). This crypto user base. This signals a critical and technologically literate, with shift suggests that targeted education, opportunity for advancing gender many working in professional or increased financial literacy, and access equity through inclusive design, policy, tech‑related sectors. Ownership is to technology are enabling greater and access to education and tools in most concentrated in Asia and North female participation in Web 3.0 the Web 3.0 economy. America. In population percentage ecosystems.

34 https://www.sciencedirect.com/science/article/pii/S0040162524000404 35 https://www.triple-a.io/cryptocurrency-ownership-data

34 Table 11

Over 560 million cryptocurrency owners worldwide36

Virtual Asset Regulations in OSCE Participating States

ARMENIA emphasized that the absence of clear Minister Nikol Pashinyan stressed regulations had hindered co‑operation the importance of timely action In February 2025, the Armenian between service providers and over perfection.38 The law is seen government took its first major step government bodies, while also exposing as a foundational move, with future toward regulating the cryptocurrency the financial system to significant risks amendments expected as Armenia sector by instating a comprehensive such as money laundering, terrorist deepens its understanding of crypto crypto asset regulation bill. This financing, and fraud.37 technologies and aligns with global landmark legislation introduces best practices. a legal framework aimed at providing The regulation grants the Central Bank structure, transparency, and oversight of Armenia the authority to collect data This legislative development reflects to the country’s growing digital asset on crypto‑related activities and to take Armenia’s broader commitment to ecosystem. action to mitigate financial crimes. It building a regulated and inclusive also establishes protective measures digital finance environment. In doing Driven by the rising circulation of crypto for customers, aims at ensuring so, it also lays the groundwork for assets both globally and domestically, fair market conduct, and enhances improved public trust and broader the new law seeks to address legal financial stability through transparent participation in the crypto economy uncertainties that have impacted and accountable practices. – including by women and other businesses, investors, and public underrepresented groups – by fostering institutions engaging with digital assets. While acknowledging that the a safer and more accessible financial Finance Minister Vahe Hovhannisyan regulation is not without flaws, Prime landscape.

36 https://www.triple-a.io/cryptocurrency-ownership-data 37 https://www.thearmenianreport.com/post/armenian-government-approves-major-crypto-regulation-bill 38 https://arka.am/en/news/business/government-makes-its-first-attempt-to-regulate-the-cryptosphere/

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 35 AZERBAIJAN evolving digital finance ecosystem. As licensing, open banking frameworks, the CBA works toward establishing and most notably, a registration and Azerbaijan is in the early stages of functional requirements for banks and oversight regime for VASPs. Since 2023, developing a comprehensive regulatory integrating digital assets into broader VASPs fall under the NBG’s anti‑money framework for virtual assets and virtual monetary policy discussions, Azerbaijan laundering and counter‑financing of asset service providers (VASPs), as is positioning itself to create a more terrorism (AML/CFT) supervision. This part of its 2024–2026 Financial Market structured and secure digital economy. covers a broad range of activities, Development Strategy. Led by the These reforms are expected to foster including crypto exchanges, wallets, Central Bank of Azerbaijan (CBA), this consumer confidence and increase initial coin offerings (ICOs), portfolio initiative aims to formalize oversight financial transparency, which will create management, and crypto lending. of the virtual asset sector, including an enabling environment for inclusive the creation of a legal foundation for participation in the virtual asset space. While the current VASP regime regulating VASPs and distributed addresses basic AML/CFT risks, ledger technologies. Importantly, the development of Georgian authorities recognize the a clear and inclusive regulatory need for a more comprehensive Currently, cryptocurrencies are framework holds the potential to regulatory framework that aligns with not recognized as legal tender in address gender‑based disparities in global standards. Ongoing initiatives Azerbaijan, and there is no existing cryptocurrency adoption and use. include developing a regulatory legal framework governing their By improving accessibility, trust, and roadmap for crypto‑assets, with an circulation. However, the rising interest legal protection, these efforts may emphasis on consumer protection and in digital assets among individuals help ensure broader participation legal clarity regarding tokenization. and entrepreneurs has prompted – particularly for women and other Broader priorities also include national conversations regarding underrepresented groups – in enhancing cybersecurity supervision, taxation, regulation, and transparency. Azerbaijan’s evolving digital finance managing fintech‑related fraud, and Authorities are exploring how to align ecosystem.40 exploring the application of artificial emerging policies with global best intelligence in regulatory processes. practices, particularly in areas such as consumer protection, income taxation, GEORGIA Georgia’s progressive approach – and digital financial infrastructure. guided by international standards such Georgia is rapidly evolving its as those from the Financial Action Task Recent forums like “Chain Reaction institutional and regulatory landscape Force (FATF) and Financial Stability 2024” have highlighted the to support innovation in financial Board (FSB) – positions it as a regional Government’s growing interest in technologies, including virtual assets. leader in shaping a secure, inclusive, blockchain, Web 3.0, and digital Public sector institutions have adopted and innovation‑friendly virtual asset innovation. These events have a generally pro‑innovation stance, environment.41 emphasized the importance of which is contributing to a growing balancing innovation with regulatory fintech ecosystem. As part of its clarity and public trust, with national Fintech Strategy, Georgia MOLDOVA international experts advocating for is working to enhance inter‑agency proactive engagement and inclusive co‑ordination and establish a unified Moldova maintains a restrictive legal design. governance framework. For example, regulatory stance on cryptocurrency, it has proposed the creation of an prohibiting its use for payments and During the VIIIth International Banking Interinstitutional Fintech Committee to transactions, despite permitting Forum held in Baku on 3 December formalize co‑operation and strategic ownership and conversion through 2024, Gunay Mahmudova, oversight. licensed exchanges. Additionally, a representative of the CBA, announced crypto mining is banned due to the that the CBA is actively drafting a new The National Bank of Georgia (NBG), country’s ongoing energy crisis. law aimed at regulating the activities the country’s primary financial Despite these limitations, interest in of virtual assets and their associated regulator (excluding insurance and digital assets is gradually increasing, service providers.39 This initiative is part leasing), is playing a central role in this particularly among younger, tech‑savvy of a broader effort to establish a robust transformation. It has introduced key individuals and those seeking more legal framework for Azerbaijan’s regulatory reforms, such as digital bank affordable remittance solutions.

39 https://en.trend.az/azerbaijan/business/3978069.html 40 https://www.azernews.az/analysis/231117.html 41 https://nbg.gov.ge/fm/ზედამხედველობა/ფინტექ_დეპარტამენტი/strategia/fintech-development-strategy-of-georgia.pdf

36 One of the major challenges to broader Despite these challenges, digital financial landscape. Although current adoption is the country’s regulatory assets offer several potential benefits restrictions limit widespread adoption, environment. Until very recently, for Moldova. Cryptocurrencies Moldova’s growing curiosity about the government has enforced strict could enhance financial inclusion by digital assets signals a potential future anti‑crypto policies, citing concerns providing access to financial services shift toward a more open and innovative regarding financial stability, money for unbanked communities. They also approach to financial technology. laundering, and cybersecurity. These present a compelling alternative for policies created significant barriers for international remittances, offering lower As of 2025, Moldova is progressively both consumers and potential service transaction costs compared to traditional adopting a crypto regulatory providers. Moreover, financial literacy money transfer services – a particularly environment, signaling a shift toward gaps persist, with many Moldovans relevant use given the size of Moldova’s greater openness and engagement remaining skeptical of cryptocurrencies diaspora. In the long term, blockchain with virtual assets. Recent due to limited understanding of technology could support economic developments include the designation the technology and its potential diversification, reducing dependence of Moldova’s Financial Intelligence applications. on agriculture and remittances by Unit (FIU) as the primary authority for fostering innovation in other sectors. overseeing cryptocurrency regulation. Access to digital assets is further Additionally, cryptocurrencies may This move marks a significant step hindered by underdeveloped serve as a hedge against inflation and toward aligning Moldova’s financial infrastructure. In rural areas, low currency devaluation, offering a level of oversight with international standards internet penetration and outdated financial protection in times of economic for transparency and anti‑money technological systems prevent large instability. laundering (AML) practices. To support segments of the population from this transition, the OSCE has been engaging in the digital economy. To realize these benefits, Moldova assigned to provide assistance and The broader economic context also would need to develop a clearer capacity‑building support. These contributes to cautious adoption. regulatory framework, expand digital developments reflect Moldova’s Moldova’s fragile economy, infrastructure, and invest in financial growing recognition of the potential coupled with the inherent volatility literacy programmes. Integrating benefits and risks associated with of cryptocurrencies, makes such blockchain solutions into public services digital assets and its commitment to assets less attractive to risk‑averse and remittance systems could pave the developing a compliant, secure, and individuals. way for a more resilient and inclusive innovation‑driven crypto market.

The Role of the Public Sector in OSCE Participating States

The public sector plays a critical financial empowerment in the digital partnership with the European Bank role in shaping the landscape of asset space. for Reconstruction and Development cryptocurrency adoption and ensuring (EBRD), with support from Optimise equitable access to digital financial Consulting and funding from the tools. In the context of OSCE ARMENIA – Advancing European Union, the programme42 participating States, government Financial Inclusion focused on budgeting, financial institutions, regulators, and central planning, investment strategies, and banks have significant influence over In Armenia, the public sector has access to finance. how virtual assets are perceived, played a pivotal role in advancing regulated, and integrated into gender equality through targeted The initiative not only equipped national economies. The following financial education initiatives. A recent women entrepreneurs with the tools section explores the approaches series of financial literacy training to better manage and grow their being taken by various public sector sessions held in Yerevan, Vanadzor, businesses, but also fostered peer actors in advancing – or hindering and Gyumri empowered 54 women‑led learning, confidence, and collaboration. – cryptocurrency development, with small and medium‑sized enterprises Participants reported being able to a particular focus on how policies and (SMEs) with practical financial adopt new financial practices and initiatives impact gender inclusion and skills. Organized by ARFIN UCO in having a deeper understanding of

42 https://banks.am/en/news/newsfeed/28715

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 37 business fundamentals, including in responding to evolving financial Equality45 began with just seven the separation of personal and landscapes. These efforts are participating exchanges. By 2016, the business finances. The training especially relevant as digital finance collaboration had expanded to include courses were part of the EBRD’s expands, as this will offer opportunities partners such as the IFC and the World broader commitment to inclusive to ensure that women are not left Federation of Exchanges. By 2022, economic development, underscoring behind in the growth of fintech. the event had grown significantly, the public sector’s essential role in with over 110 worldwide exchanges creating enabling environments for participating annually. The initiative women’s entrepreneurship and laying AZERBAIJAN – Supporting aims to raise awareness of the role of a foundation for their greater inclusion Financial Education women in business and finance while in both traditional finance and emerging promoting gender equality across digital asset spaces. In her address during the Ring the global markets. The event encourages Bell for Gender Equality event on exchanges to support investments Another example of the public sector International Women’s Day 2025, focusing on gender equality, enhance being a driving force behind efforts to Parvana Bayramova, a programme women’s access to financial markets, enhance financial inclusion was the specialist at UN Women Azerbaijan, and increase female representation meeting held in Dilijan, Armenia, in emphasized that gender inequality in corporate boardrooms. The SSE 2024 by the Expert Group on Financial remains one of the world’s most plays a crucial role in these efforts by Inclusion Policy (EGFIP) under the pressing human rights issues.44 conducting evidence‑based policy Eastern Europe and Central Asia Bayramova highlighted the essential analysis, fostering a multi‑stakeholder Policy Initiative (ECAPI), co‑hosted role of economic empowerment in consensus, and offering technical by the Central Bank of Armenia.43 achieving gender equality, underscoring guidelines, advisory services, and The event marked the group’s first that without increasing women’s training to exchanges. For more details in‑person regional meeting since access to economic opportunities, on the SSE’s work to promote gender 2019. It served as a platform for true gender parity cannot be realized. equality, see the Gender Equality policymakers and central bankers from She called for targeted measures, workstream page.46 Armenia, Kazakhstan, Mongolia, North including equal pay for equal work Macedonia, Tajikistan, Uzbekistan and and non‑discrimination, to drive this Moreover, the Central Bank of the others to co‑ordinate inclusive finance progress. Bayramova also pointed Republic of Azerbaijan has been strategies. out that national socio‑economic involved in promoting financial literacy development priorities for 2030, as and awareness among women, Participants discussed the outlined by the president of Azerbaijan, particularly women entrepreneurs, implementation of the ECAPI’s prioritize the enhancement of women’s through educational initiatives. These 2024–2028 workplan, with a focus on economic participation. The public efforts are important for empowering consumer protection, inclusive green sector plays a key role in supporting women to manage their finances finance, and bridging financial inclusion these initiatives, alongside the private effectively, make informed economic gaps. The meeting highlighted the sector’s responsibility to adopt decisions, and contribute to the overall vital role of cross‑border collaboration frameworks that promote gender economic development of the country. in promoting inclusive policies equality. She noted that since the In February 2024, the Central Bank and demonstrated the public UN introduced the Principles for the organized a series of financial literacy sector’s ongoing commitment to Empowerment of Women in 2010, seminars for women in Ganja. These addressing structural challenges 38 local companies in Azerbaijan have seminars aimed to provide women with in financial access, particularly for adopted these principles, with efforts the knowledge and skills necessary to underrepresented groups such as underway to attract an additional navigate the complexities of personal women. Armenia’s hosting of the 20 companies. and business finances. Further efforts event reinforced its leadership in continued in July 2024, when the advancing inclusive financial policy, Launched in 2015 by the UN Central Bank launched additional while the contributions of regional and Sustainable Stock Exchanges (SSE), measures aimed at increasing international experts underscored the UN Global Compact, and UN Women, the financial awareness of female importance of knowledge exchange the initiative Ring the Bell for Gender entrepreneurs in Azerbaijan.47

42 https://banks.am/en/news/newsfeed/28715 43 https://www.afi-global.org/news/advancing-financial-inclusion-in-eastern-europe-central-asia-ecapis-expert-group-meets-in-armenia/ 44 https://report.az/en/business/38-azerbaijani-firms-join-un-women-s-empowerment-principles/ 45 https://www.world-exchanges.org/news/articles/world-federation-exchanges-announces-11th-ring-bell-gender-equality-initiative 46 https://sseinitiative.org/gender-equality

38 GEORGIA – Empowering At the Women in Business economic and workshops designed to empower Women in Finance: forum held49 on 24 September 2024, and equip women with leadership, A Call to Action the vice governor of the National communication, and entrepreneurial Bank of Georgia (NBG), Ekaterine skills. The event, organized by the On 24 March 2025, the Georgian Galdava, reaffirmed the NBG’s strong Georgian business federation Women financial sector, in partnership with UN commitment to advancing gender for the Future in partnership with Visa Women and the IFC, hosted an event equality and empowering women in and Gazelle Finance, underscores as part of the global initiative Ring the the financial and economic sectors. how public sector leadership in Bell for Gender Equality,48 reaffirming Representing one of the region’s most collaboration with development the sector’s commitment to advancing progressive public institutions in terms partners and the private sector can women’s economic empowerment. The of gender representation, Galdava effectively drive progress toward event took place for the first time in the highlighted that women now comprise closing the gender gap in finance. This city of Kutaisi. It spotlighted the impact the majority of the NBG’s board and is highly important, especially in the of private sector companies aligned senior management – a testament to context of emerging areas like digital with the UN Women’s Empowerment the institution’s long‑standing emphasis assets and cryptocurrency adoption in Principles (WEPs), as well as the on inclusive leadership. Georgia. critical role of the public sector in fostering inclusive growth. High‑level A key focus of the forum was the role representatives from the Georgian of public policy in shaping a more MOLDOVA – Advancing Stock Exchange, the Norwegian equitable financial ecosystem. Gender Inclusion in Embassy, and UN Women were Galdava outlined the NBG’s initiatives Moldova’s Financial Sector joined by local financial institutions to improve women’s access to and women entrepreneurs to discuss finance, including the introduction of The Women in Finance project50 – barriers and opportunities for women a sustainable finance taxonomy that launched in 2024 by UN Women in business. The event featured a panel supports gender‑inclusive financial Moldova in partnership with Finedu discussion highlighting how access to products, and the adoption of the and supported by Sweden and finance, supportive business networks, WE‑Finance Code, a data‑driven the Moldovan Ministry of Finance and targeted policies can enable effort to promote gender‑responsive – represents a significant step women‑led enterprises to grow and entrepreneurship through the toward advancing gender equality thrive. A key focus was also placed on collection of gender‑disaggregated in Moldova’s financial sector. Aimed social enterprises supporting survivors data on SME financing. She also at addressing persistent challenges of domestic violence, emphasizing noted the impact of the NBG’s 2018 such as the underrepresentation the intersection of economic policy requiring commercial banks of women in leadership roles, the empowerment and social protection. to ensure a minimum of 20% female gender pay gap, and limited access representation on supervisory boards, to financial education and resources, The launch of a new UN Women which has led to a significant increase the initiative seeks to empower women publication, Women’s Empowerment: in women’s participation in financial across multiple levels of the financial A Key to Business Success, further governance. Looking ahead, the landscape. The project’s launch event showcased examples of private sector NBG aims to further strengthen its brought together approximately one engagement in promoting women’s capacity to monitor and report on hundred professionals from finance, access to finance and participation in financing for women‑led enterprises, fintech, public institutions, academia, high‑growth industries. The initiative reinforcing its role in facilitating and research organizations. is part of the broader project Good inclusive economic growth. The Governance for Gender Equality in forum, which brought together nearly As part of the initiative, Georgia, being funded by Norad. This three hundred participants, including a comprehensive study will be underscores how strategic public–private women entrepreneurs from across conducted to evaluate the current state collaboration can accelerate gender Georgia and representatives from of women’s representation in Moldova’s equality in both traditional finance and international organizations such as financial sector and to identify areas emerging sectors such as digital assets the EU, UNDP, USAID, and the EBRD, for improvement. Regional training and cryptocurrencies. also featured motivational sessions clubs will be established to enhance

47 https://cbar.az/page-819/seminarlarvebinarlar 48 https://georgia.unwomen.org/en/stories/news/2025/03/ring-the-bell-for-gender-equality-financial-sector-unites-to-empower-women 49 https://nbg.gov.ge/en/media/news/ekaterine-galdava-highlights-women-s-empowerment-at-economic-forum-women-in-business 50 https://moldova.unwomen.org/en/stories/press-release/2024/05/launch-of-the-women-in-finance-project-a-major-step-in-promoting-gender-equality-in- moldovas-financial-sector-and-national-financial-education

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 39 financial literacy and provide career financial and economic sectors. during the event were directly relevant development opportunities for The gathering brought together to gender inclusion in the crypto women and young people. A key key stakeholders to emphasize the space. Structural inequalities in element of the project is the creation vital role of women in finance and traditional finance are mirrored in digital of a professional network of women to reaffirm the importance of equal finance and the crypto industry, where in finance to encourage mentorship, access to education, employment, women also remain underrepresented. collaboration, and leadership and leadership. According to data Promoting inclusion, expanding development. Educational materials from the National Bank of Moldova,52 access to financial education, and will be developed to support ongoing women in the country hold more bank supporting women‑led enterprises are financial education efforts, especially cards than men – 1.9 million compared strategies that can be applied to the among girls. Moreover, the project to 1.6 million – and make a higher crypto sector to encourage broader will promote policy discussions with number of cashless payments, with female participation. The initiative government and industry leaders to 139.5 million transactions made by serves as a powerful call to action ensure gender considerations are women versus 134 million by men. for both established and emerging reflected in financial sector policies. However, the total value of these financial ecosystems to build a future transactions remains lower for women, where women enjoy equal access, Although Moldova has made progress at MDL 82.9 billion, compared to MDL representation, and opportunities for in increasing women’s representation 85.8 billion for men. empowerment. in leadership, structural barriers remain. The Woman in Finance The event underscored several In preparation for the 68th session project seeks to accelerate progress critical insights. Gender equality was of the Commission on the Status of by equipping women with the tools, highlighted not only as a matter of Women (CSW68), the UN Women knowledge, and support systems social justice, but also as a key driver Regional Office for Europe and necessary to participate more actively of economic growth, with studies Central Asia convened a regional in decision‑making and to advance in showing that companies with more multi‑stakeholder dialogue on 20 financial careers. women in leadership roles tend to February 2024 to advance gender perform better, and that inclusive equality and reduce women’s poverty The relevance of this initiative extends economies are stronger. However, in Armenia, Georgia, Moldova, and to the fintech and crypto‑assets financial activity data points to Ukraine.53 Hosted by the Government space, where gender disparities a persistent empowerment gap: of Moldova, the consultation brought mirror those in traditional finance. although women are more engaged together over 120 representatives By focusing on financial literacy, in digital payment behaviours, from public institutions, civil society, mentorship, and inclusive networks, their financial influence remains academia, and the private sector the Women in Finance project can comparatively limited. Bridging this to align strategies and share best serve as a model for fostering greater gap calls for focused investment in practices. female participation in emerging digital women‑led businesses and expanded financial markets. It is playing a vital access to digital infrastructure such Key public sector figures – including role in promoting gender inclusion in as broadband data transmission. ministers and deputy ministers from the the rapidly evolving crypto economy, While estimates suggest it may take four participating countries – reaffirmed creating a foundation where women over a century to close the global their commitment to integrating are empowered to lead, innovate, and gender gap, targeted initiatives and gender considerations into economic thrive. investments can significantly speed and financial policymaking. Armenia up this process. Throughout the highlighted its constitutional and The Ring the Bell for All Women event, global and local leaders – international commitments to closing and Girls event51 organized in 2025 ranging from government officials to the gender pay gap, while Moldova by the Moldova Stock Exchange financial regulators and international underscored its political will to be in collaboration with UN Women partners – voiced their continued a regional leader in gender equality, Moldova and the IFC was part commitment to ensuring that women particularly through family‑friendly of a global initiative dedicated to have equal representation in financial policies and women’s economic advancing gender equality in the decision‑making. The themes explored empowerment. Georgia emphasized

51 https://moldova.unwomen.org/en/stories/comunicat-de-presa/2025/03/suna-clopotelul-pentru-toate-femeile-si-fetele-promovarea-egalitatii-de-gen-in-sectorul- financiar-si-economic 52 https://bnm.md/en/content/nbm-promotes-gender-equality-more-inclusive-financial-sector 53 https://moldova.unwomen.org/en/stories/press-release/2024/02/regional-dialogue-aims-to-reduce-womens-poverty-and-advance-gender-equality-in-armenia- georgia-moldova-and-ukraine

40 the adoption of gender‑responsive effective policy. To address this, Such efforts are highly relevant in the budgeting within its public finance stakeholders called for increased context of digital financial innovation, system, and Ukraine spotlighted investment in the care economy, including the use of cryptocurrencies, its national strategy to close the improved access to social protection, where gender‑sensitive policy gender pay gap by 2030, including and integration of gender into public frameworks and inclusive institutional targeted employment and education financing, investment strategies, leadership are essential for closing the programmes for women. and humanitarian programmes. This digital gender divide. The outcomes of regional dialogue demonstrates this consultation will inform the region’s The discussions revealed that a lack of the critical role of the public sector contribution to CSW68 and shape gender‑sensitive poverty measurement in enabling structural reforms that future national strategies for gender and data remain a barrier to designing support women’s financial inclusion. equality.

The Role of the Private Sector in OSCE Participating States

The private sector plays a crucial Metakse Ghambaryan, Arpine in Armenia is essential for ensuring role in addressing the gender gap in Hakobyan, Maria Voskanyan, and a balanced and equitable future in cryptocurrency ownership and usage. Yeva Zeynalyan have shared their decentralized technologies. Their active Through innovation, investment, experiences, overcoming obstacles participation and leadership are crucial and corporate responsibility, private through persistence, self‑education, and in shaping a thriving, diverse digital companies can help create a more a commitment to fostering inclusivity economy. inclusive digital financial ecosystem. in the Web 3.0 ecosystem. These In the surveyed OSCE participating women have highlighted the importance Armenia’s rapidly growing IT sector, States, the private sector’s involvement of diverse roles within Web 3.0, from with annual growth rates of 20%, has in developing accessible platforms, marketing and design to technical become a major hub for global tech supporting financial literacy coding and programming. They companies and is on track to host programmes, and fostering diversity in believe that the increased involvement ten unicorns by 2027. Women are leadership positions can significantly of women in these spaces not only playing a pivotal role in this growth, with reduce barriers for women in the brings unique perspectives, but also 30%–40% of employees in Armenia’s crypto space. This section examines fosters a more inclusive and resilient IT sector being women, surpassing how private sector initiatives and digital economy. They are committed the global average of 25%. Despite partnerships can help bridge the gender to driving positive change, with many these impressive statistics, the true divide and promote equal opportunities women working to ensure that Web representation of women in technical for women in the rapidly evolving 3.0 platforms remain decentralized, roles is often inflated due to their cryptocurrency market. inclusive, and supportive of women’s significant presence in divisions such leadership. To promote greater as human resources (HR), marketing, inclusivity, the Foundation’s community and administration. FemInno, an ARMENIA advocates for mentorship programmes, empowerment platform founded by diverse hiring practices, and safe Seda Papoyan, seeks to highlight The Web3 Armenia Foundation54 spaces that empower women to thrive. and promote women in Armenia’s highlights the growing role of women They also emphasize the need for tech industry.55 The platform aims to in shaping the future of decentralized initiatives that support girls in pursuing create opportunities for women in technologies and digital economies. careers in Web 3.0. This collective business, science, and technology by Despite facing initial skepticism and approach aims to create an ecosystem fostering collaboration and innovation. gender‑based challenges in the where women can contribute to the The FemInno conference, which took traditionally male‑dominated Web development of ethical and innovative place 29 and 30 July 2024, brought 3.0 sector, Armenian women have solutions in the blockchain and together international experts and persevered and made substantial cryptocurrency space. local professionals to explore the contributions to the industry. Female As the Web 3.0 landscape continues topic Sustainable Future: Heading to leaders such as Anait Ambartsumyan, to evolve, the leadership of women Metaverse.56 The conference featured

54 https://www.linkedin.com/pulse/armenian-women-web3-web3-armenia-foundation-2r8ae/ 55 https://www.feminno.com/our-story 56 https://www.civilnet.am/en/news/745256/feminno-shines-spotlight-on-women-in-tech-in-armenia/

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 41 more than forty speakers from across a representative from the Central diverse professional backgrounds, the globe and provided a space for Bank’s Financial Literacy Department, including managers, engineers, lawyers, networking and knowledge‑sharing. presented a session on consumer and entrepreneurs, successfully Key figures like Mariam Torosyan, CEO budgets. This session was part of participated in the programme. As one of SafeYOU, and Vera Grablechner, a broader effort to increase financial participant, Samira Mammadova, noted, Co‑Founder of Women in Immersive literacy among women, including the programme reinforced the belief that Technologies Europe, emphasized the offering them access to essential women have the power to overcome importance of women’s leadership in resources such as electronic tools challenges and become strong leaders, tech. Torosyan, who leads a mobile prepared by the Central Bank to further further contributing to gender equality in app providing support for victims of their learning. leadership roles. violence, aims to change perceptions regarding social impact startups and Sudaba Mammadova, Chairperson of inspire more women to pursue careers Tamas Regional Development Public GEORGIA in technology. Grablechner highlights Union, emphasized the importance the unique role Armenian women of the training, highlighting that the The Fintech Association of Georgia can play in bridging communities and knowledge gained would help women (FIA), established in 2019, has played driving sustainability in the tech world. plan their budgets, manage financial a pivotal role in the rapid development FemInno’s efforts to empower women risks, and make informed financial of the fintech sector in Georgia. As in Armenia’s tech sector are essential to decisions, ultimately leading to better the sector has evolved both locally closing the gender gap in the industry, productivity and reduced financial and globally, the need for a unified fostering innovation, and ensuring stress. The initiative is part of the project platform to foster collaboration the active participation of women Development of an Innovation‑Based between market players and regulators in shaping the future of technology, and Sustainable Civil Society in became essential. FIA was founded by including the emerging metaverse. Azerbaijan, which is funded by the industry leaders to address this gap, Through mentorship, collaboration, EU and implemented by the United promoting technology‑driven financial and showcasing female role models, Nations Development Programme. services, innovation, and regulatory FemInno is working to build a more The project is contributing to the modernization. Since its inception, inclusive, diverse, and thriving tech broader goal of enhancing women’s FIA has served as a vital platform community in Armenia. financial empowerment in vulnerable for knowledge sharing, fostering communities. connections between both public and private sector entities. Its members, AZERBAIJAN The SHE Pioneers Leadership which include innovators and new Programme,58 supported by the market players, compete with traditional The Tamas‑Servi Limited Liability Swedish Institute, aims to empower financial institutions in creating flexible, Company, under the initiative women executives globally by affordable, and inclusive products. Increasing the Tailoring and Social enhancing their leadership capabilities. Through its leadership, FIA has Entrepreneurship Skills of Women in In Azerbaijan, the programme is being successfully implemented various the Region Exposed to Violence,57 implemented in Baku by the Embassy impactful projects, participated in organizes personal development and of Sweden and the organization numerous international and local financial literacy training for women Gender Hub Azerbaijan. A series of fintech conferences, and formed key in vulnerable situations. The initiative, on‑demand sessions, workshops, and partnerships with organizations both supported by the Central Bank of networking opportunities organized within and beyond Georgia. Today, the Republic of Azerbaijan, aims to by the programme and running from FIA unites 31 fintech members and empower women by providing them March to April 2024 provided women 26 partner companies, solidifying with essential financial knowledge to leaders with the opportunity to reflect its position as a cornerstone in the enhance their economic independence on and improve their leadership Georgian fintech ecosystem and as and resilience. skills. The programme focused on a strong advocate for inclusiveness and equipping women with the tools to innovation in the financial technology A key activity was a financial literacy lead in complex, fast‑paced, and space. training session held at the office of the evolving environments, addressing Tamas Regional Development Public the challenges faced by women in Tether Edu Initiatives is a global Institution, where Lamiya Gafarova, leadership. This year, 23 women from education initiative launched by Tether

57 https://azadmedia.az/cemiyyet/92812-gncd-qadnlar-ucun-maliyy-savadll-tlimi-tkil-olunub-fotolar.html 58 https://www.genderhubaz.org/our-projects/she-pioneers

42 to promote digital skills development. bridge knowledge gaps globally. and policy, fostering discussions and While it doesn’t target women As part of this collaboration, Tether initiatives aimed at advancing fintech exclusively, the programme aims to launched its first educational and bridging the gender gap in digital make digital education accessible to all, programme in Georgia, Mastering asset adoption. The conference potentially benefiting women seeking the Blockchain, in partnership with serves as a platform for raising to enter the blockchain and crypto the Academy, the Georgian Agency awareness about digital banking, industries.59 for Innovation and Technology open finance, and decentralized (GITA), and Georgia’s Business and technologies, ensuring that women On 23 December 2023, Tether Technology University. The course and underrepresented groups gain announced an undisclosed investment covers blockchain fundamentals and access to knowledge and opportunities into the Series‑A round of the Academy their impact on decentralized finance, in cryptocurrency and blockchain. By of Digital Industries, a Georgia‑based and features expert guest lecturers.61 facilitating collaboration and networking education platform offering digital The partnership underscores Georgia’s among over four hundred professionals training and masterclasses.60 This commitment to advancing financial from diverse sectors, the private sector collaboration supports Tether’s freedom and innovation through is helping to build partnerships that can ongoing efforts to promote blockchain education. create initiatives focused on increasing innovation and provide long‑term women’s participation in digital finance. financial assistance to the Academy’s educational initiatives. Founded in 2018, MOLDOVA Furthermore, the involvement of the Academy offers a diverse range decision‑makers and industry leaders of courses in fields such as design, Fintech Moldova62 is a leading initiative in these events allows for meaningful engineering, marketing, business, dedicated to advancing Moldova’s discussions on creating inclusive and technology. With nearly 20,000 financial technology ecosystem, playing regulatory frameworks, ensuring that graduates, the Academy has grown a pivotal role in shaping the future of women’s access to crypto assets is steadily by incorporating innovative digital finance and fostering gender not hindered by systemic barriers. As learning methods. Various partnerships inclusion in cryptocurrency adoption. the fintech sector continues to evolve, are expanding the Academy’s global Through its focus on innovation, initiatives like Fintech Moldova play strategy by incorporating blockchain, collaboration, and knowledge‑sharing, an essential role in integrating women stablecoins, peer‑to‑peer technologies, it contributes to bridging the gender into the digital finance revolution. By and AI into its curriculum. Tether’s CEO, gap in the digital finance sector. One prioritizing education, accessibility, Paolo Ardoino, has emphasized the of the key contributions of the private and collaboration, these efforts importance of accessible, unbiased sector is driving innovation and financial can help reduce the gender gap in education for the future of humanity inclusion. Events like the Fintech cryptocurrency ownership and usage, and expressed excitement about Moldova Conference bring together empowering women to be both users collaborating with the Academy to key players in finance, technology, and innovators in the crypto space.

Global Insights and Lessons from Collaborative Efforts

Understanding the gender gap in the played a pivotal role in revealing both contextualizing the current landscape ownership and use of cryptocurrencies the challenges and the breakthroughs and identifying scalable, effective requires not only local analysis, but in advancing gender‑inclusive digital approaches to ensure that women are also a global perspective. Around the finance. The following section draws on not left behind in the digital financial world, cross‑sector collaborations – international experiences to highlight the revolution. between governments, international most impactful strategies and emerging organizations, financial institutions, civil best practices. The insights presented Financial education in the 21st century society, and the private sector – have here can serve as a foundation for must evolve to include digital assets,

59 In partnership with the City of Lugano and Franklin University Switzerland, Tether co-organized the Plan Summer School, an intensive programme covering topics like Bitcoin, the Lightning Network, stablecoins, and regulatory compliance. Notably, a third of the participants were women, reflecting a commitment to fostering gender diversity in the blockchain space. https://tether.io/news/students-from-29-nations-participate-in-tether-and-the-city-of-luganos-inaugural-plan-b-summer-school 60 https://tether.to/en/tether-makes-investment-into-the-academy-of-digital-industries/ 61 https://digitaledu.ge/blog/mastering-the-blockchain-blokcheinis-erttviani-kursi/ 62 https://fintech.md

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 43 given their growing significance in opportunities for women. Through the gender gap in financial literacy the global economy.63 Communities exclusive events, webinars, mentorship, and technology participation. This of color,64 65 the working class,66 and and networking opportunities, programme is designed to equip younger generations are leading in AWIC supports the professional young women with the skills and cryptocurrency adoption, making it growth of women and promotes confidence to become leaders in Web essential to update financial literacy their participation in investment and 3.0, blockchain, and cryptocurrency – initiatives. During National Financial funding opportunities. The organization fields where women remain significantly Literacy Month, US regulatory agencies, also emphasizes the importance underrepresented. The academy including the Financial Literacy and of education, offering resources to offers a comprehensive curriculum Education Commission (FLEC), focused increase knowledge in cryptocurrency, that spans a broad range of emerging on digital asset education. FLEC’s blockchain, Web 3.0, and related digital and financial technologies, subgroup, formed in 2022, is working technologies. AWIC’s efforts go beyond including blockchain, NFTs, digital to prepare the public for the future of education by aiming to foster a strong wallets, artificial intelligence, Internet of finance. Additionally, US Congress network of women and allies who Things (IoT), cybersecurity, and digital members promoted financial literacy, can share knowledge, collaborate on productization. By linking technical with a focus on decentralized finance initiatives, and advocate for diversity skills with financial literacy, the initiative (DeFi). Web 3.0 and DeFi companies are in the digital finance ecosystem. By addresses both technological and also supporting these efforts, organizing creating spaces for women to access economic barriers to women’s inclusion educational programmes such as the the latest industry developments, in the crypto space. Through live HederaHBAR regional briefing series AWIC contributes to informed training sessions, industry insights, to integrate digital assets into financial decision‑making and the promotion and inspirational success stories, the education. These initiatives aim to of inclusive investment strategies. academy not only educates but also ensure that digital assets are integrated Through planned global events empowers its participants to challenge into the financial literacy conversation and partnerships, the association traditional gender roles and explore to foster responsible innovation and continues to build a strong foundation new opportunities in digital finance prepare individuals for the future of for women’s active participation and and innovation. The programme has money and commerce. leadership in cryptocurrency and digital already doubled its intake capacity due asset industries. In summary, AWIC to high demand; it aims to reach 5,000 1. The Association for Women in is playing a critical role in advancing women across Türkiye over the next Cryptocurrency (AWIC),67 founded gender equality by empowering five years. The collaboration serves as by Amanda Wick, aims to address women, increasing their access to a model for global efforts to reduce the gender gap in the cryptocurrency, investment and career opportunities, the gender gap in the ownership and blockchain, and Web 3.0 sectors. and providing platforms for networking use of cryptocurrencies. It highlights AWIC was established with the goal and knowledge sharing. The the importance of targeted, scalable of providing women with the support, association’s ongoing commitment to educational programmes and public– resources, and opportunities needed education, mentorship, and advocacy private partnerships that prioritize to succeed in these predominantly is setting the stage for lasting change gender equity in the rapidly evolving male‑dominated industries. With Wick’s in the digital finance sector, ensuring digital financial ecosystem. extensive background in legal affairs that women are equitably represented and policy advising, the association and equipped to thrive in the future of The Binance Women in Technology is uniquely positioned to advocate for blockchain and cryptocurrency. Academy held a successful event in women’s inclusion and leadership in Hatay’s Antakya district on 26 and the rapidly evolving world of digital 2. The Binance Women in 27 March 2024 that was focused on finance. AWIC offers a collaborative Technology Academy,68 launched empowering women in the Web 3.0 platform that connects members from in collaboration with Türkiye’s Women landscape.69 At the conclusion of the various sectors, including private, in Technology Association (Wtech) in event, eighty participants received public, educational, regulatory, and January 2024, represents a promising certificates, marking a significant financial institutions, to ensure equal global initiative aimed at closing step toward increasing women’s

63 https://www.forbes.com/sites/digital-assets/2024/03/31/financial-education-is-incomplete-if-digital-assets-are-omitted/ 64 https://theemancipator.org/2022/05/12/topics/money/crypto-can-be-driver-racial-equity/ 64 https://www.nasdaq.com/articles/how-crypto-can-power-the-future-of-work-for-people-of-color 66 https://rollcall.com/2021/09/07/left-behind-by-financial-system-minorities-turn-to-new-products/ 67 https://www.womenincrypto.org 68 https://www.binance.com/en/blog/ecosystem/binance-women-in-technology-academy-training-sessions-kick-off-to-empower-financial-literacy-in- turkey-8849644074542216976

44 participation in the tech sector and solutions in the past five years alone. ensures that this knowledge‑sharing bridging the gender gap in emerging A key aspect of their mission is to approach will continue to drive positive technologies. promote gender‑diverse leadership change. In partnership with institutions within the financial sector. Through like the Visa Foundation and the 3. Women’s World Banking,70 initiatives such as the Gender Lens Alliance for Innovative Regulation a global non‑profit organization Investing programme and leadership (AIR), Women’s World Banking based in New York City, has been training programmes, Women’s World also advocates for responsible dedicated to advancing women’s Banking aims to equip women with technology use in the financial sector financial inclusion and economic the tools and knowledge necessary and continues to engage men as empowerment for over forty years. to thrive in financial leadership roles. allies to increase gender‑diverse Governed by a Board of Directors The organization also supports the leadership. Through ongoing events, composed of leaders from banking, creation of women‑centered financial podcasts, and research initiatives, the finance, law, and women’s economic products and works with financial organization fosters a collaborative participation, the organization focuses institutions and fintechs to ensure environment that helps women on bridging the financial gender gap, their offerings are inclusive and gender access financial tools, leadership particularly as nearly 1 billion women intentional. Additionally, Women’s opportunities, and investment worldwide remain underserved by World Banking provides a unique strategies, ultimately striving for the financial sector. The organization multi‑week programme designed to a more inclusive global financial works across several core areas, train diverse policymakers, regulators, system. In summary, Women’s World including gender lens investing, and supervisors on the intersection of Banking’s comprehensive approach inclusive policy advocacy, leadership technology and financial inclusion. By – spanning advocacy, education, development, and providing solutions educating global leaders on how to investment, and partnerships – plays for women‑owned businesses. integrate gender‑focused innovation a crucial role in empowering women Through strategic partnerships with into financial technologies and globally and addressing the gender financial institutions, regulators, and regulatory frameworks, the programme gap in financial services. Through research partners, Women’s World contributes to shaping the future of these efforts, the organization is not Banking has made significant strides financial services that are inclusive of only advancing women’s financial in enhancing financial service access women’s needs. The organization’s inclusion, but also shaping a more for women, reaching over 10.6 million extensive global network, comprising equitable and resilient financial women through savings or credit‑led leaders from over ninety countries, ecosystem for the future.

Survey Results from the Region

To better understand the gender financial literacy in the virtual assets organizations were collected via an dynamics within the virtual assets sector in the above four countries. online questionnaire. One organization space, primary data was gathered Distributed in both English and operated across both Armenia and through targeted surveys. The surveys Russian, the survey targeted VASPs, Georgia, and its responses were aimed to assess how and when VASPs as well as institutions supporting considered representative for both and organizations focused on women’s women’s financial well‑being. The countries individually. financial empowerment have engaged primary objectives were to gauge how with issues related to women’s proactive these stakeholders are in Despite efforts to engage VASPs, the participation and financial literacy in promoting gender inclusion and to response rate was notably low, with the cryptocurrency sector. The findings identify gaps in support for women only three out of the surveyed entities offer insight into regional awareness, entering the crypto economy. providing feedback. Due to the limited existing initiatives, and potential areas sample size, these responses could for intervention in Armenia, Azerbaijan, While outreach to VASPs yielded not be used for meaningful analysis. Georgia, and Moldova. a very low response rate – only three However, among the organizations responded, which limited the ability to and institutions contacted, a total of A regional survey was conducted to draw conclusions from the surveyed nine responses were collected via an evaluate women’s participation and group – responses from nine women’s online questionnaire over a two‑week

69 https://financefeeds.com/empowering-women-in-tech-the-binance-women-in-technology-academy-initiative/ 70 https://www.womensworldbanking.org

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 45 period. One of the respondents the small sample size, the findings growing virtual assets landscape. The operates in both Armenia and underscore the critical need for results reinforce the importance of Georgia, and thus for the purpose greater engagement and structured building gender‑responsive strategies of this research, their responses efforts by both the private sector as crypto adoption expands in the have been treated as representing and civil society to support women’s region. both countries separately. Despite financial literacy and inclusion in the

Insights from Key Market Players

In recent years, the virtual asset remain underrepresented among asset sector in Armenia, Azerbaijan, ecosystem has grown rapidly across users, employees, and entrepreneurs Georgia, and Moldova, a short survey the South Caucasus and Moldova, in the blockchain and cryptocurrency was conducted targeting registered offering significant economic space, which risks reinforcing broader VASPs operating in these countries. opportunities and potential for financial gender gaps in digital and financial The aim was to collect baseline data inclusion. However, despite this inclusion. on gender representation among promise, gender disparities persist in users and employees, identify existing access to, usage of, and employment To better understand the current state inclusion practices, and gather insights within the virtual assets sector. Women of gender dynamics within the virtual into areas of potential improvement.

Methodology

Between February and March 2025, • Employment and inclusion of women generalize the findings, the insights a total of 82 surveys to individuals at VASPs; offered by the participating companies representing 23 VASPs were • Gender‑focused initiatives, education still provide a valuable starting point for distributed electronically to VASPs efforts, and inclusivity measures; understanding the gender gap in this across Armenia, Azerbaijan Georgia, • Perceptions and trends related to emerging industry. and Moldova. The survey included gender and crypto adoption. both quantitative and qualitative One representative from a VASP questions, covering the following Despite extensive outreach efforts, has confirmed that their services thematic areas: the response rate was low: only three are accessible equally to all users, individuals representing three VASPs regardless of gender, explicitly stating • Company background and services completed the full survey, all based in that both genders are given the same offered; Georgia and all offering their services rights to use the services, with no • User demographics and to Georgian citizens. While this limited restrictions or differentiated treatment gender‑disaggregated data; response restricted the ability to in this regard.

Conclusion

It was determined that the data is significant room for growth. To encourage more VASPs to actively received from the three VASPs was Coinet demonstrates early traction engage in addressing and closing the insufficient in scope and volume with female users; Cryptal reflects gender gap in the virtual asset space, to allow for meaningful analysis or a balanced workforce; Bitanica LLC a multi‑pronged, strategic approach inclusion in this report. Due to the holds future potential as it scales. can be adopted. A proposal for action limited sample size, the information Proactive steps – especially regarding points includes the following points: cannot be considered representative education, data collection, and or statistically significant for broader Diversity, equity, and inclusion (DEI) 1. Awareness & education conclusions. partnerships – may help close the • Host industry webinars or gender gap and build a more equitable roundtables focusing on gender While all three companies show virtual asset ecosystem in the South diversity, inclusive hiring, and user varying stages of inclusivity, there Caucasus and beyond. engagement;

46  • Share data‑driven insights (like 3. Incentivization 5. Grassroots engagement ownership and access gaps) that • Offer recognition programmes or • Support or co‑develop show how addressing the gender awards for VASPs that are leading women‑focused financial literacy gap benefits both business and in gender initiatives; and crypto education programmes society; • Highlight companies in media, in partnership with VASPs; • Publish case studies of successful reports, or rankings that • Involve women users and women‑led initiatives or implement inclusive practices employees in co‑creating inclusive gender‑inclusive platforms in the (e.g., women in leadership, gender platforms, helping to ensure blockchain/crypto space. data transparency). VASPs understand real‑world barriers. 2. Collaborative industry initiatives 4. Regulatory encouragement • Establish a coalition or working • Work with regulators and 6. Transparency & accountability group of VASPs focused on standard‑setters to encourage • Promote voluntary disclosure gender inclusion, ideally in reporting on gender‑disaggregated of gender‑related metrics (e.g., partnership with international data as part of broader percentage of female users, organizations (e.g., UN Women, Environmental, social and leadership representation); OSCE, WEF); governance (ESG) or AML/CFT • Use benchmarks or scorecards to • Encourage industry‑wide pledges frameworks; track industry progress. or charters that commit to • Encourage voluntary compliance inclusion, similar to what financial with inclusion‑related indicators or institutions have adopted globally. frameworks.

Insights from Organizations

To better understand the gender gap in Table 12 cryptocurrency ownership and usage, various organizations across the region have contributed valuable insights. Which countries do you operate in?

Data overview

1. The respondents represented 20% a group of organizations from the 30%

following countries:

• Armenia: 3 (30%) • Azerbaijan: 1 (10%) 10% 40% • Georgia: 4 (40%) • Moldova: 2 (20%)

2. The following organizations/ Armenia Azerbaijan Georgia Moldova institutions participated in the survey:

A. GTC, 2014 Gyumri, Armenia E. Gender Hub Azerbaijan, 2020, G. Azerbaijan Micro‑finance Azerbaijan, Baku, J.Jabbarly st. 66 Association, 29 November 2004, B. ATIC, Moldova Enterprise Incubator Foundation, Azerbaijan 11 Jan. 2002, Bagrevand 21/1, C. UN Association of Georgia Yerevan, Armenia H. Web3 Armenia Foundation, 2023, (est. 1995), Georgia Yerevan, Armenia F. Skills Agency, established in D. Fintech Moldova, Chișinău, 2021 April 2021, started operation in January 2022

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 47 The respondents represented a group Range of organizations with the following Percentage (%) (number of female employees) number of employees and volunteers: 0–5 11% 6–15 33% 16–50 22% 51–100 0% 100+ 10%

Descriptive analysis – such as meetups, workshops, 89% of respondents confirmed hosting conferences, or educational such initiatives, while 11% reported no 1. When asked whether they had programmes – specifically focused involvement in these activities. organized in‑person or online events on women within the past five years,

Table 13 21 Over the past five years, has your organization, institution, or association hosted in‑person or online events such as meetups, workshop, conferences, educational programmes, etc., specifically focused on women?

11%

89%

Yes No

Table 14 21 Over the past five years, has your organization, institution, or association hosted in‑person or online events Distribution of responses such as meetups, workshop, conferences, educational based on country programmes, etc., specifically focused on women?

11%

33%

33%

22%

Armenia Azerbaijan Georgia Moldova

48 Organizational Initiatives Focused on Women (last five years)

The majority of respondents (89%) of formats, including meetups, a strong regional commitment to reported having organized in‑person conferences, workshops, mentorship gender empowerment, financial or online events specifically focused programmes, and educational inclusion, and digital literacy. Below is on women over the past five years. sessions. The scope and thematic a synthesis of the types of activities These events spanned a wide variety focus of these initiatives reflect and impacts that were reported:

Focus area Description Country/organization examples Educational and empowerment Programmes targeting girls and young Gamechangers for Girls, Investment programmes women; practical business and financial Readiness for Women‑led Enterprises skills; mentorship (Armenia) National and international HR, AI, and digital expos, with ensured Tekwill Expo Days, HR and AI conferences female representation among speakers conferences and attendees Gender advocacy and feminist Grassroots activism; gender equality Gender Hub Azerbaijan organizing advocacy; rural outreach Entrepreneurship and investment Investment readiness programmes 99 women‑led firms supported, of readiness leading to real business growth; which 18 have raised over USD 1M mentorship; funding (Armenia) Vocational education reform Gender‑sensitive education in Prestige and Iberia Colleges (Georgia) vocational institutions; mechanisms to prevent sexual harassment Financial and strategic skills Training in business plans, marketing, FINCA, Rabita Bank (Azerbaijan) training Islamic finance, and policy influence Web 3.0 and innovation events Web 3.0 education, tech regulation, Feminno conference and local Web 3.0 female innovation leadership seminars

These activities demonstrate both roles in finance, technology, and initiatives focused on closing gender the diversity and depth of regional education. They also illustrate gaps in the virtual asset and financial engagement in advancing women’s a promising framework for future sectors.

Involvement in international Table 15 educational collaborations

According to the collected data, Is your organization/institution/association currently or was it in the past involved in any international collaboration with 89% of respondents are currently or entities in the private or public sector for the purpose of joint have been involved in international educational programmes, courses, workshops, etc.? collaborations with private or public sector entities for joint 11% educational programmes, courses, and workshops. The remaining 11% who have not participated expressed interest in such initiatives. Country‑specific data shows that involvement is highest in Armenia 89% and Georgia (33% each), followed by Moldova (22%) and Azerbaijan (12%), indicating varying levels of international Yes No engagement across the region.

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 49 Table 16 Is your organization/institution/association currently or was Distribution of responses it in the past involved in any international collaboration with entities in the private or public sector for the purpose of joint based on country educational programmes, courses, workshops, etc.?

22% 33%

33% 12%

Armenia Azerbaijan Georgia Moldova

Additional Insights on International Educational Collaborations In addition to the previously discussed 7,000 improved employment • Another organization expressed quantitative data, several respondents outcomes in sectors such as ICT, interest in developing international provided detailed information agriculture, and hospitality. programmes, citing the need for regarding their ongoing or past external funding to support expert international collaborations. These • Skills Agency: in Georgia, detailed honorariums and related expenses. qualitative insights further illustrate involvement in two Erasmus+ the nature and depth of partnerships Capacity Building in Vocational These responses reinforce the active across the region: Education and Training (VET) role regional institutions are playing in projects: transnational collaboration, while also • Fintech Moldova reported an highlighting the need for sustained extensive network across Europe • Beyond Europe with support and investment to expand of partnerships with fintech Micro‑credentials (BEM): participation and impact. associations, ecosystem builders, Focused on developing and finance and tech sector sector‑relevant micro‑credentials companies, through which they for underrepresented populations Organizational engagement collaborate on joint events and across eight partner countries. in addressing gender gaps delegations. in finance and Web 3.0 • IN‑VET: Aiming to support • One Azerbaijani respondent disadvantaged students from When asked about their organization’s highlighted collaborations under Armenia, Georgia, and Moldova involvement in raising awareness of the EU 4 Gender Equality and with international internships, gender disparities, entry barriers, EU 4 Youth projects, as well while building institutional financial behaviours, and potential as initiatives with UN agencies capacity and fostering solutions within the financial and (OHCHR, UNFPA), focused on gender‑balanced participation. virtual asset ecosystem (Web 3.0), gender equality and human rights. 67% of respondents indicated • One respondent noted a recent engagement in such initiatives, while • In Armenia, the Enterprise partnership with the National 33% reported no involvement. The Incubator Foundation shared its Polytechnic University and the distribution of engaged organizations leadership in the USAID‑funded Ministry of High‑Tech Industry was evenly spread across Armenia, Armenia Workforce Development for delivering educational content Azerbaijan, Georgia, and Moldova, Activity, which aims to equip on Web 3.0 and blockchain with each country representing 25% 10,000 youth and women with technologies. of the total responses. market‑relevant skills and ensure

50 These findings suggest a strong non‑involvement rate highlights an cross‑border partnerships, and regional commitment to addressing opportunity for further outreach providing targeted resources could gender disparities in finance and and collaboration. Strengthening enhance participation and impact Web 3.0. However, the 33% awareness campaigns, fostering across the four countries.

Table 17 Is your organization/institution/association familiar with or in some way involved in bringing awareness of gender disparities, entry barriers, financial behaviour, or potential solutions to address gender gaps within the financial and/or virtual asset ecosystem Web 3.0?

33%

67%

Yes No

Table 18 Is your organization/institution/association familiar with or in some Distribution of responses way involved in bringing awareness of ender disparities, entry barriers, financial behaviour, or potential solutions to address gender based on country gaps within the financial and/or virtual asset ecosystem Web 3.0?

25% 25%

25% 25%

Armenia Azerbaijan Georgia Moldova

Expanded Insights on Organizational Engagement in Addressing Gender Gaps Supplementing an earlier analysis, gender gaps, thereby tackling both in business planning, financial several respondents elaborated on economic and digital divides. management, branding, and their initiatives to address gender communication, while also providing disparities, particularly within finance, • In Azerbaijan, the initiatives Women access to mentorship from prominent and broader digital inclusion. Bazaar and Women in Business have female leaders across the public and supported over two hundred women private sectors. • Multiple respondents emphasized – many from rural or disadvantaged that their financial literacy and digital backgrounds – in launching and • Although not directly focused on skills development programmes expanding micro‑enterprises. The Web 3.0 or virtual asset ecosystems, were intentionally designed to bridge programmes offer practical training the World Bank has implemented

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 51  the tech‑driven social impact project additional resources available on their Awareness of national Geeks Against Gender‑Based official website. educational initiatives on Violence, which uses innovative digital financial inclusion and approaches to address challenges • One respondent mentioned that gender gaps related to gender‑based violence. while they are not specifically focused on gender disparity efforts, Regarding national educational • In Georgia, the Skills Agency is they maintain female representation initiatives or programmes related actively implementing an inclusive in leadership and within their Web to financial inclusion, female development policy aimed at 3.0 community. investments, the gender gap in eliminating barriers for women in finance, or the gender gap in virtual vocational education. This includes These responses underscore the assets and cryptocurrencies, only staff training on gender‑sensitive region’s growing commitment to 11% of respondents reported any approaches, the introduction of inclusive development, also beyond awareness of such initiatives in their inclusive support services, and the the virtual asset space. While country, while 89% indicated no promotion of non‑stereotypical career involvement in gender initiatives knowledge of existing programmes pathways for women. specific to Web 3.0 remains limited, led by institutions or companies. This current efforts in digital inclusion, highlights a significant gap in visibility • An Armenian institution highlighted vocational education, and women’s and outreach of these initiatives at the its long‑standing commitment to economic empowerment are providing national level. women’s financial inclusion through a strong foundation for future regional projects, pointing to cross‑sectoral engagement.

Table 19 Are you aware of any national educational initiatives or programmes offered by institutions or companies in your country that target financial inclusion, women’s investments, or the gender gap in finance, virtual assets and cryptocurrencies?

11%

89%

Yes No

Expanded Insights on Organizational Engagement on Addressing Gender Gaps

Building on the above findings, of any national‑level educational described as co‑ordinated or which revealed a lack of awareness initiatives or programmes specifically institutionalized programmes led by of national initiatives (with only 11% addressing financial inclusion, public or private sector actors. of respondents stating that they are female investments, or gender familiar with such initiatives), additional disparities in finance and virtual • One organization emphasized confirmation of this was provided by assets. the complete absence of such the open responses. programmes in their country, • A few respondents mentioned the reinforcing the notion that national • The overwhelming majority of existence of short‑term training initiatives in this area are either respondents reported no awareness programmes, but these were not nonexistent or lack visibility.

52 These qualitative insights affirm the Awareness of international The remaining 67% are not. This earlier statistical finding that national educational initiatives on highlights a potential gap in awareness efforts are either underdeveloped financial inclusion and and outreach, suggesting the need for or not sufficiently communicated to gender gaps greater visibility and dissemination of relevant stakeholders. This highlights such initiatives. a critical gap – but also opportunity – The survey results indicate that 33% of for governments, financial institutions, respondents are aware of international and educational entities to design and educational initiatives or programmes promote sustainable, gender‑sensitive focused on financial inclusion, female financial literacy initiatives at the investments, the gender gap in finance, national level. and virtual assets/cryptocurrencies.

Table 20 Are you aware of any educational initiatives or programmes dedicated to financial inclusion, female investments, the gender gap in finance, or the gender gap in virtual assets and cryptocurrencies that are led by international institutions or companies?

33%

65%

Yes No

Table 21 Are you aware of any educational initiatives or programmes Georgia: no responses to this dedicated to financial inclusion, female investments, the gender gap in finance, or the gender gap in virtual assets and cryptocurrencies question were received from that are led by international institutions or companies? Georgian‑based organizations.

33% 33%

33%

Armenia Azerbaijan Moldova

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 53 Expanded Insights on Awareness of International Educational Initiatives Of the surveyed organizations, 33% resources, and gender‑focused Strengthening international outreach indicated awareness of international project insights. and fostering partnerships with local educational initiatives related to financial actors could help bridge awareness inclusion, female investments, and the • Policy guidance of the OECD‑INFE gaps and ensure more inclusive gender gap in finance and virtual assets. (Organisation for Economic participation in global gender‑focused The open‑ended responses add further Co‑operation and Development – financial education efforts. context and examples that support this International Network on Financial figure: Education) and other financial inclusion frameworks by the World Organizational involvement in • Several respondents confirmed Bank. cryptocurrency initiatives for awareness of prominent international women programmes and institutions, • At the same time, a significant including: number of respondents (67%) The survey results show varied reported no awareness of international engagement levels in national and • The Asian Development Bank programmes in this field, mirroring the international initiatives addressing initiative in Georgia, which supports earlier quantitative findings. women’s use and ownership of affordable housing financing for cryptocurrencies for inclusivity, women. • One organization explicitly expressed economic parity, and digital literacy. interest in implementing such While 22% of respondents are already • Blockchain4Her by Bitget, which programmes locally, emphasizing involved or planning involvement, focuses on women’s empowerment a demand for international another 22% are not. Additionally, in Web 3.0 through mentorship, collaboration and knowledge transfer. 11% are uncertain, and 44% express funding, education, and networking. interest if given the opportunity. These These findings illustrate both existing findings suggest significant potential for • The World Bank’s Gender Portal, engagement with global initiatives and increased participation through targeted which centralizes global data, a clear appetite for broader involvement. awareness and support programmes.

Table 22 Is your organization/institution/association involved or is planning to get involved in national or international initiatives or programmes that address usages and ownerships of cryptocurrencies by women aiming for inclusivity, economic parity, and digital literacy?

22%

45%

22%

11%

Yes No Maybe Yes, if given opportunity

Willingness to participate in follow‑up interviews, while 56% are while no respondents from Moldova follow‑up interviews not. Disaggregating the data based expressed interest. This suggests on country reveals varying levels regional differences in engagement, Findings indicate that 44% of of interest: Azerbaijan and Georgia highlighting potential areas for respondents are open to providing each have the highest willingness at increased outreach and participation more detailed insights through 40%, followed by Armenia at 20%, efforts.

54 Table 23 If you are interested in providing more detailed insights, you have an option to express your willingness to participate in a follow‑up interview. Your input will significantly contribute to the depth and breadth of our study.

44%

56%

Yes No

Table 24 If you are interested in providing more detailed insights, you have an option to express your willingness to participate Distribution of responses in a follow‑up interview. Your input will significantly based on country contribute to the depth and breadth of our study.

Moldova: no responses were received from Moldova‑based organizations. 20%

40%

40%

Armenia Azerbaijan Georgia

Of the nine respondents, several • Two additional respondents provided Additional comments and expressed interest in further contact emails for the OSCE, recommendations from engagement. suggesting openness to future respondents communication. • One respondent explicitly confirmed At the conclusion of the survey, their willingness to participate in In addition, participants were asked respondents were invited to share a follow‑up interview. if they wished to receive the final any further comments related to outcomes of this study after it is the topic of women’s economic • Another respondent indicated strong publicly available. While responses empowerment, digital literacy, and the interest, sharing that their organization to this specific question were limited, gendered use of cryptocurrencies. is beginning a project with UNDP on some respondents provided contact While most entries were left blank or women in finance. They extended information and expressed interest in minimal (e.g., “thanks”; “-”), a few an invitation for future collaboration collaboration, indicating a willingness responses provided meaningful insights and offered support through shared to remain engaged with the study’s and potential avenues for future insights. Their contact details are findings and contribute to its long‑term engagement. available for OSCE. impact.

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 55 One organization emphasized the in but also help scale initiatives that initiatives, with varying levels importance of knowledge‑sharing and foster inclusivity in the emerging digital of engagement across the four tool dissemination, particularly in the economy. Establishing channels for countries. Georgian context: resource‑sharing, peer learning, and multi‑stakeholder collaboration could • While 67% of respondents are • “It would be good to share with further strengthen impact across actively engaged in addressing our organization, which is one of regions and demographic groups. gender disparities in finance and the flagship NGOs in Georgia, any While the response rate was limited, Web 3.0, the remaining 33% innovative tools for bridging the the insights gathered offer valuable of organizations represent an gender gap in terms of economic perspectives on the current state of opportunity for increased outreach empowerment. We also have over gender engagement and financial and participation. 20 years of experience of working education in the virtual assets sector. on disadvantaged groups, like ethnic • Awareness of national and and religious minorities and also international educational young people.” Key findings indicate that: programmes addressing financial inclusion and the gender gap in Another contribution came from the • A majority of respondents (89%) virtual assets is limited, with only NGO in Armenia: have organized educational events small percentages of respondents focused on women in the past five (11% and 33%, respectively) • “We have consulted many web3 years, demonstrating their active role reporting knowledge of such startups and individuals, including in raising awareness and providing initiatives. women. We will be happy to learn resources for women’s financial more about any initiatives on the empowerment. • Interest in participating in above topic.” cryptocurrency initiatives targeting • A significant proportion (89%) of women is substantial, with 44% of Collectively, these responses the surveyed organizations have respondents expressing interest if underscore a readiness among select been involved in international given the opportunity. organizations to not only participate collaborations for educational

56 Recommendations for OSCE Actions

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 57 Recommendations for OSCE Actions Addressing the gender gap in the The OSCE can prioritize cryptocurrency education and ownership and use of cryptocurrencies gender‑responsive digital and access; requires not only innovation within financial literacy programmes that the private sector, but also strong, demystify blockchain technologies and • Provide funding and technical sustained collaboration with public cryptocurrency use. Such efforts might assistance to civil society partners institutions and NGOs. Governments include: delivering financial literacy, legal aid, and public sector bodies across the or capacity‑building programmes for region are playing a critical role in • Target women and marginalized women in the digital economy; shaping inclusive financial ecosystems, groups through tailored training that setting regulatory frameworks, and builds foundational knowledge of • Facilitate knowledge exchange driving gender‑responsive policy digital assets, cybersecurity, and platforms where NGOs can share design. Strategic partnerships with investment risks. good practices, challenges, and data ministries, central banks, financial on closing the gender gap in digital regulators, and municipal authorities • Integrate gender perspectives into finance. can significantly enhance the reach broader digital economy education, and impact of digital financial inclusion ensuring content is inclusive, Public–private partnerships initiatives – especially for women and accessible, and sensitive to diverse are essential for ensuring that marginalized communities. learning needs. cryptocurrency products, platforms, and services are designed with The OSCE has multiple opportunities • Collaborate with academic inclusivity in mind. The OSCE could: to strengthen its co‑operation with institutions and local educational public sector stakeholders to foster providers to co‑create curriculums • Engage fintech companies, crypto enabling environments where women that reflect regional realities and exchanges, and blockchain can safely and confidently engage technological developments. developers to promote inclusive with cryptocurrency and other digital innovation and user‑friendly tools financial tools. Drawing from recent Non‑profit organizations, especially for women and underserved regional developments and gender those working at the grassroots populations; equality efforts led by the public sector, level, are uniquely positioned there are several key areas where to reach underrepresented • Encourage responsible product co‑ordinated action and technical communities. Moreover, Women in design through consultations on support can lead to meaningful Tech communities have created safe gender‑sensitive features (e.g., change. spaces and have built a large network multilingual interfaces, low‑barrier of women who are potential audiences onboarding processes, enhanced To address the gender gap in the and target groups of OSCE actions customer support); ownership and use of cryptocurrencies, for empowering women. The OSCE the OSCE can play a catalysing role could: • Work with private sector actors by advancing inclusive policy dialogue, to promote transparent data strengthening capacity‑building • Support and scale NGO‑led collection on gender disaggregated efforts, and fostering multi‑stakeholder initiatives promoting women’s use of digital assets to enable collaboration across its participating digital inclusion and economic better‑informed policies and States. empowerment through interventions.

58 Key areas of action

Educational initiatives Collaboration with the exchange platforms for sharing good private sector practices, challenges, and data on Increase awareness and visibility closing the gender gap in digital finance. of educational programmes – Encourage greater involvement Governments, financial institutions, from virtual asset service providers Support for women in tech and organizations can collaborate (VASPs) – Although VASPs have communities and non‑profit to raise awareness about national shown limited engagement until organizations – Tech communities and international educational now, their involvement is essential and non‑profit organizations have initiatives focused on financial for promoting financial literacy and a critical role in supporting women inclusion, female investments, and inclusivity. The OSCE can encourage in digital finance. The OSCE can the gender gap in virtual assets. VASPs to partner with local institutions, scale NGO‑led initiatives promoting By improving the visibility and NGOs, and women‑focused the digital inclusion and economic accessibility of such programmes, organizations to create accessible empowerment of women, and offer women will have the resources to educational programmes that funding and technical assistance engage in financial literacy and digital cater to the needs of women in the for capacity‑building programmes. asset education. The OSCE can virtual assets space. Public–private Collaborating with these communities support these efforts by prioritizing partnerships can be fostered, with can help create safe spaces for gender‑responsive digital and financial fintech companies, crypto exchanges, women to learn and thrive in the literacy programmes that target and blockchain developers promoting tech and finance sectors, which will women and marginalized groups inclusive innovation, user‑friendly tools, contribute to a more inclusive digital with tailored training on blockchain and gender‑sensitive features. economy. technologies, cryptocurrency use, and cybersecurity. Partnerships with the Promote research Targeted initiatives for women in public sector, non‑profit virtual assets – Developing more organizations and women Data collection and future educational initiatives specifically in tech communities research – Future surveys should aimed at women is crucial for bridging focus on expanding sample sizes the gender gap in the virtual assets Regional co‑operation and and gathering comprehensive sector. Such programmes can focus cross‑border partnerships – To foster participation from VASPs and other on cryptocurrency ownership, digital a unified approach to addressing gender relevant stakeholders. Such data financial literacy, and economic parity, disparities in the virtual assets sector, will help identify challenges and thereby addressing the barriers regional co‑operation between Armenia, opportunities for women in the women face in accessing financial and Azerbaijan, Georgia, and Moldova is virtual assets market, enabling the digital asset markets. The OSCE can vital. Cross‑border partnerships can refinement of existing initiatives support such initiatives by integrating amplify the impact of educational and the development of effective gender perspectives into broader programmes and provide more diverse strategies. Promoting transparent data digital economy education, and by learning opportunities for women. collection on gender‑disaggregated collaborating with local educational NGOs, especially those working at the use of digital assets would also providers to co‑create curricula grassroots level, are well‑positioned to support better‑informed policies and that reflect regional realities and reach underrepresented communities. interventions to address gender gaps technological developments. The OSCE can facilitate knowledge in financial literacy and digital finance.

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 59 The OSCE’s Virtual Assets Support Initiative

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 61 The OSCE’s Virtual Assets Support Initiative This study was conducted under the support OSCE participating States in It is generously funded by the framework of the OSCE extrabudgetary addressing the evolving challenges Governments of Germany, Italy, Poland, project Innovative Policy Solutions to posed by virtual assets through Romania, the United Kingdom, and the Mitigate Money Laundering Risks of evidence‑based research, policy United States. Virtual Assets. The project aims to development, and capacity‑building.

About the author This review was conducted by in navigating the operational and the co‑founder of two Sweden‑based Malgorzata Kowalska. She is an expert regulatory challenges of the crypto initiatives – SmartCoding and FemHire on virtual assets with the Organization space. As an advisor to various – dedicated to supporting women in for Security and Co‑operation in blockchain and crypto projects, tech. Through programming courses Europe (OSCE), where she supports Kowalska has been instrumental in and talent matchmaking, these entities OSCE participating States to develop shaping compliance strategies, AML/ work to bridge the gender gap in tech regulatory frameworks and risk‑based CFT programmes, and fostering by promoting inclusive hiring and approaches to virtual assets and dialogue between the public and building diverse tech teams across related technologies. With a strong private sectors on responsible the IT industry. Her overall expertise background in compliance and innovation. Her expertise bridges bridges the gap between fast‑moving financial crime prevention, she has the gap between fast‑moving fintech fintech innovation and robust regulatory previously held senior roles at a virtual innovation and robust regulatory oversight, while also championing asset service provider (VASP), where oversight. In addition to her policy and equity and inclusion in the tech she gained first‑hand experience compliance work, Kowalska is also ecosystem.

Acknowledgements Topic advisors: provided critical evaluations and and language proved invaluable and recommendations. Additionally, greatly enhanced the quality of the Emilia Pachomow – The development Ms. Pachomow was involved in the final work. Mr. Nadeem is a versatile of this report was greatly enriched editorial process, ensuring clarity, market researcher and certified by the expertise and contributions coherence, and adherence to industry digital marketing professional with of Ms. Pachomow. Her profound standards throughout the publication. a strong academic foundation. With knowledge of the fintech sector and a background as a Visiting Research insights into financial crime prevention Sajid Nadeem – Alongside Emilia Fellow at the University of Kassel significantly enhanced the accuracy Pachomow, Mr. Nadeem dedicated (Germany) and a DAAD Scholar, and analytical depth of the content. She many hours to assessing and refining Mr. Nadeem transitioned from academia was engaged with ensuring analysis the document, drawing upon his into the dynamic world of digital quality. Drawing from her experience substantial experience in the field. ecosystems. in compliance and technology, she His insights into both the content

62 References and data sources I. References

Akadur, H., & Senkardes, A. (2021). Gender Studies in Technology and development. World Bank Financial Factors influencing women’s Innovation 8(1), 1–15. Inclusion Series 14(3), 45–65. cryptocurrency investment decisions. Journal of Finance and Economics Center Partnership for Development. Demirgüç‑Kunt, A., Klapper, L. F., 12(2), 180–195. (2021). Gender pay gap and women’s Singer, D., & Van Oudheusden, P. participation in Moldova’s labor market: (2019). The Global Findex Database Akadur, A., & Senkardes, M. (2021). Progress and challenges. 2017: Measuring financial inclusion and Factors influencing women’s the fintech revolution. World Bank. cryptocurrency investment decisions. Center Partnership for Development. Journal of Financial Technology and (2021). Women’s participation in Dilanchiev, A., Kanchaveli, G., & Inclusion 10(3), 183–186. Moldova’s labor market: Current trends Svanidze, L. (2022). Cryptocurrency and challenges. adoption in Georgia: The role of Alonso, M., García, R., & Pérez, J. innovation, knowledge, and risk (2023). Gender and cryptocurrency Carter, A. (2021). Economic perceptions. Journal of Financial adoption: An analysis of Spain’s opportunities and migration patterns Technology 5(2), 89–105. market. Journal of Financial Innovation in Moldova: The changing role of 15(4), 222–239. women in the workforce. Central Gebel, M. (2020). The integration of Asia Economic Studies Journal 12(3), young women into the labor market: Alonso, F., Gonzales, M., & Ruiz, 15–32. A comparative study of Azerbaijan, M. (2023). Gender disparities Georgia, and Tajikistan. Central Asian in cryptocurrency adoption and Carter, A. (2021). Gender equality in Journal of Sociology 22(1), 112–125. ownership in Spain. Journal of Financial the workplace and education in the Technology 15(2), 43–57. Caucasus and Eastern Europe. Central Gebel, M. (2020). The labor market Asia Economic Studies Journal 12(3), integration of young women in Babych, D., Grigolia, I., & Keshelava, 15–32. Azerbaijan, Georgia, and Tajikistan: I. (2018). Financial literacy and Effects of the post‑Soviet transition. banking practices in Georgia. Asian Carter, M. (2021). Women’s economic Social Policy and Development Review Development Bank Institute. empowerment in Armenia: Challenges 12(4), 42–59. in financial inclusion and employment. Bucher‑Koenen, T., & Lusardi, International Journal of Gender Studies García‑Holgado, A., Gómez, S., & A. (2021). Financial literacy and in Development 27(4), 139–155. Sánchez, F. (2020). Gender equality in investment behavior: An analysis university STEM programs: A European of gender disparities in financial Chen, X., Smith, J., & Wang, L. (2023). perspective. Educational Policy Review services and stock markets. Journal Financial literacy and its impact on 48(1), 1–14. of Financial Planning and Education cryptocurrency investments. Journal of 30(1), 22–29. Financial Research 45(1), 56–72. García‑Holgado, A., García‑Peñalvo, F. J., & Tovar, E. (2020). Promoting Cadena, P. (2020). The gender gap Chen, X., Liu, F., & Zhang, Y. (2023). gender equality in STEM: A European in the tech industry: Challenges and Gender equality in FinTech services: and Latin American perspective. opportunities for women in STEM. A cross‑country study on financial International Journal of STEM International Journal of Technology and inclusion. Journal of International Education 7(6), 1–12. Society 38(3), 135–148. Financial Services 17(2), 85–100. Hyland, M., Patel, S., & Thompson, L. Cadena, J. (2020). The gender gap in Demirgüç‑Kunt, A., Klapper, (2020). Legal gender discrimination technology and the potential impacts L., & Panos, G. (2019). The role of and its impact on women’s economic of technological advancements. inclusive financial systems in global opportunities: A global analysis. World

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 63 Bank Policy Research Working Paper Naval, D., & Colesnicova, N. (2020). investment. International Journal of Series, No. 9341. Gender inequality in Moldova’s labor Financial Risk Management 19(4), market: A progress report. UN Women. 183–191. Ibadoghlu, G. (2018). Financial literacy and inclusion in Azerbaijan: Challenges Raabe, T., Kuschel, J., & Schmitz, H. Tovmasyan, T., & Minasyan, L. (2019). and strategies. Journal of Economic (2019). Gendered pathways in STEM Gender pay gap in the tech industry: Policy 9(2), 132–145. education: A longitudinal analysis. A global comparison. International Educational Research Quarterly 43(3), Labour Review 158(1), 109–123. International Labour Organization (ILO). 35–48. (2022). Gender equality and women’s Tovmasyan, A., & Minasyan, L. (2019). labor force participation in Georgia. Raabe, I., Mertens, M., & Schwartau, Gender inequality in the workplace: International Labour Organization. M. (2019). The gender gap in STEM A study on Armenia. Gender and preferences and education during Development in Eastern Europe 12(2), Ismayilov, N., & Zeynally, R. (2022). adolescence. International Journal of 87–102. Gender wage gap and labor market Gender Education 12(1), 45–59. inequalities in Azerbaijan. Economic Tovmasyan, S., & Minasyan, G. Review of Gender and Development Steinmetz, M., Müller, P., & Koch, T. (2019). Gender inequality in Armenia’s 28(4), 142–158. (2021). Cryptocurrency awareness and workplace: Obstacles to professional ownership: A cross‑national study. career advancement. Gender and Kuschel, J., Raabe, T., & Schmitz, Global Financial Markets Review 9(4), Development Studies Journal 10(1), H. (2020). Gender gaps in STEM 201–215. 23–36. education and careers: Barriers and solutions. Journal of Education and Steinmetz, J., Young, R., & Langley, UNESCO. (2020). Women in science: Gender Studies 12(2), 47–60. M. (2021). Cryptocurrency awareness Closing the gender gap in STEM and ownership patterns: A gendered education. UNESCO Report 9(2), 1–12. Kuschel, K., Pohlmann, P., & Schuster, approach across 15 countries. Journal C. (2020). The gender gap in STEM of Digital Finance 14(1), 33–48. UN Women. (2022). Women’s education and its impact on women in empowerment and initiatives for tech. Journal of Gender Studies 27(2), State Statistical Committee of the financial literacy and STEM in Moldova. 145–160. Republic of Azerbaijan. (2023). UN Women Moldova. Gender distribution of students and Lee, H., Kim, Y., & Zhao, M. (2021). employment data in Azerbaijan. UN Women. (2022). Gender equality in Gender disparities in STEM education: Azerbaijan Statistics, 2022–2023. Moldova’s labor market. UN Women A global perspective. International Moldova. Journal of STEM Education 8(1), 23–45. Teker, S., & Alper, Z. (2023). Gender differences in cryptocurrency adoption: World Economic Forum (WEF). (2023). Lee, J., Park, H., & Choi, S. (2021). A study of global trends. Journal of Global Gender Gap Report 2023. Gender disparities in STEM education Financial Inclusion 10(2), 99–112. World Economic Forum. across the globe: A comparison of countries with differing levels of gender Teker, D., Becerra, A., & Kizirian, R. parity. Journal of Educational Equality (2023). Gender differences in financial 34(3), 210–225. risk perception and cryptocurrency

II. Data and information sources

1. Azerbaijan Financial Market 3. Altruism in Crypto Podcast: 6. Armenian Women in Tech – CivilNet Supervisory Authority – Fintech Diversity in Blockchain – Crypto Development Strategy of Georgia Altruism 7. Banks.am: Financial News

2. Advancing financial inclusion in 4. Armenian Women and Web3 – 8. Babych, D., Grigolia, I., Eastern Europe & Central Asia – AFI Web3 Armenia Foundation & Keshelava, I. (2018). Financial Global Literacy and Banking Practices in 5. Armenian Government Approves Georgia – Asian Development Bank Major Crypto Regulation Bill Institute

64 9. Based on the World Bank Data, 25. Global Crypto Adoption Index 2024 40. Opening Knowledge FAO: Women GDP (current US$) (Accessed: – Chainalysis and Gender Equality in Digital December 22nd, 2023) Agriculture 26. Global Gender Gap Report 2023 – 10. Binance Women in Technology WEF 41. Report on Women’s Empowerment Academy – Binance in Azerbaijan 27. Global Gender Gap Report 2023 (p. 11. Bucher‑Koenen, T., & Lusardi, 262) – WEF 42. Rollcall: Left Behind by the Financial A. (2021). Financial Literacy and System – Minorities Turn to New Investment Behavior: Gender 28. Government Makes First Attempt to Products Disparities in Financial Services Regulate the Cryptosphere – Arka News 43. Science Direct: Women in the 12. Center Partnership for Global Digital Economy Development. (2021). Women’s 29. How Crypto Can Power the Future Participation in Moldova’s Labor of Work for People of Color – 44. She Pioneers Project – Gender Hub Market Nasdaq 45. SSE Initiative: Gender Equality 13. Criado Perez, Caroline. (2019). 30. Ibadoghlu, G. (2018). Financial Invisible Women: Data Bias in Literacy and Inclusion in Azerbaijan 46. State Statistical Committee of a World Designed for Men. London: Azerbaijan Chatto & Windus 31. IMF Staff Discussion Notes – Gender, Technology, and the Future 47. Tether: Students from 29 Nations 14. Digital MOLDOVA – UNDP of Work Participate in Inaugural Plan B Summer School 15. ECA UN Women: Gender Equality 32. International Labour Organization: and SDGs Armenia Gender Equality and Women’s 48. Tether Investment into the Academy Labor Force Participation in of Digital Industries 16. Empowering Women in Tech – Georgia FinanceFeeds 49. The Future of Payments Series Part 33. Invisible Women: Data Bias in II – Deutsche Bank Research 17. Feminno – Our Story a World Designed for Men – Criado Perez 50. UN Women: Women’s 18. Financial Inclusion on the Rise – Empowerment and Initiatives for World Bank 34. LinkedIn Pulse: Armenian Women Financial Literacy in Moldova and Web3 – Web3 Armenia 19. Georgian Dream Abolishes Gender Foundation 51. UN Women: Women in Moldova’s Quota in Party List – Georgia Today Labor Market 35. Mastering Blockchain Course – 20. Gender Equality and Women’s Digital Education Georgia 52. Women in Crypto – Women in Labor Force Participation in Crypto Georgia – ILO 36. Migration and Gender Inclusion in Armenia, Georgia, Moldova – UN 53. World Bank Financial Inclusion 21. Gender Equality in Moldova – UN Women Database – Global Findex Women 37. National Bank of Moldova – 54. World Economic Forum: Gender 22. Gender Equality in Moldova’s Promotes Gender Equality in the Gap Report 2023 Financial Sector and Education – Financial Sector UN Women 38. NBG: Women’s Empowerment at 23. Gender Equality in Moldova’s Economic Forum – National Bank Financial Sector – UN Women of Georgia

24. Gender Pay Gap and Women’s 39. No Gender Quotas: Gender Participation in Moldova’s Labor Equality in Armenia Market – Center Partnership for Development

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 65 Glossary Adoption of cryptocurrency/ blockchain systems. It encompasses participation, or outcomes – in the User adoption areas such as digital payments, context of this report, it relates to Cryptocurrency adoption refers to online lending, virtual assets, and the ownership, use, and benefits of the process by which individuals, digital banking, enabling faster, cryptocurrencies. businesses, and institutions more accessible, and often more begin to use cryptocurrencies for cost‑effective financial transactions transactions, investments, or other and management. Internet penetration financial activities, signaling increased Internet penetration refers to the acceptance and integration into the percentage of a population that has broader economy. Digital literacy access to and uses the internet. It is The ability to understand and use a key indicator of digital connectivity digital tools effectively, including and access to online services within Blockchain navigating online platforms, managing a country or region. A decentralized digital ledger that digital wallets, and safely interacting records transactions across a network with crypto‑related technologies. of computers in a secure, immutable, Non‑fungible tokens (NFTs) and transparent manner. It is the NFTs are unique digital assets that foundational technology behind Financial inclusion represent ownership of specific items cryptocurrencies. The availability and equality of such as art, music, videos, or virtual opportunities to access financial goods that are stored and verified on services. In the context of crypto, it a blockchain. Unlike cryptocurrencies, Cryptocurrency refers to the potential for virtual assets NFTs are not interchangeable, making A type of digital or virtual currency to serve populations traditionally each token distinct in value and that uses cryptographic techniques excluded from financial systems. identity. to secure transactions and control the creation of new units. Examples include Bitcoin (BTC), Ethereum (ETH), Financial literacy Ownership and stablecoins like USDC. Financial literacy is the ability to (of cryptocurrency) understand and effectively use Having control over digital assets, financial skills, including budgeting, typically through possession of private Crypto/digital wallet saving, investing, and managing keys or access to a crypto wallet. A digital tool (software or hardware) personal finances. It empowers Ownership implies the ability to that allows users to store, send, and individuals to make informed and transfer or use crypto assets. receive cryptocurrencies. Wallets can responsible financial decisions. be custodial (controlled by a third party) or non‑custodial (controlled Stablecoin solely by the user). Fintech A type of cryptocurrency that is Financial technology, or fintech, refers typically pegged to a stable asset, to the use of innovative technology such as a fiat currency (e.g., USD Decentralized finance (DeFi) to deliver financial services and or EUR), to minimize price volatility. A system of financial applications built products. It encompasses a wide Stablecoins are widely used for on blockchain networks that operate range of applications, including digital transactions, remittances, and as without traditional intermediaries payments, blockchain, online banking, a store of value within the crypto like banks, offering services such as investment platforms, and financial ecosystem. For more information, see: lending, borrowing, and trading. management tools, often aiming to Investopedia – Stablecoin Definition improve efficiency, accessibility, and (https://www.investopedia.com/ user experience in the financial sector. terms/s/stablecoin.asp) Digital finance Digital finance refers to the delivery of financial services through digital Gender gap Socioeconomic profile technologies, including mobile The disparity between individuals of A socioeconomic profile is a summary devices, online platforms, and different genders in terms of access, of an individual’s or group’s social and

66 economic characteristics, such as enabled social media, e‑commerce, Virtual asset service income level, education, occupation, and dynamic websites, allowing users provider (VASP) gender, and access to financial to create, share, and engage with services, which help understand online content in real time. An individual or business that their behaviour, opportunities, and conducts one or more of the following challenges in various contexts. activities involving virtual assets: Web 3.0 exchange between virtual assets and Web 3.0 is a vision for a decentralized fiat currencies; exchange between Token internet built on blockchain one or more forms of virtual assets; A unit of value issued on a blockchain. technology, where users own their transfer of virtual assets; safekeeping Tokens can represent various assets data and digital assets, and interact and/or administration of virtual assets or utilities and are used in different via decentralized applications (dApps). or instruments enabling control applications, including governance, over them; and participation in and access rights, or rewards. provision of financial services related Virtual asset to an issuer’s offer and/or sale of A broad term referring to any asset a virtual asset. VASPs are subject Web 2.0 that exists in a digital form and has to anti‑money laundering (AML) and Web 2.0 refers to the second value, including cryptocurrencies, counter‑terrorist financing (CTF) generation of the internet, tokens, NFTs (non‑fungible tokens), regulations under the Financial Action characterized by interactive platforms and other blockchain‑based Task Force (FATF) framework. and user‑generated content. It instruments.

Decentralized But Not Equal: Gender Disparities in Digital Finance across the South Caucasus and Moldova 67 OSCE Secretariat

Office of the Co‑ordinator of OSCE Economic

and Environmental Activities

Economic Governance Unit

Wallnerstrasse 6

1010 Vienna, Austria

E‑mail: virtualassets@osce.org

www.osce.org/eea