To understand the role of regulation in enabling the growth and development of the information and communications technology (ICT) sector and the requirement of a strong legal and regulatory framework for effective regulation, first it is necessary to discuss the need for regulation. This Chapter provides an overview of the reasons for regulation given the structural changes in the telecommunications sector from monopoly to competition, and the importance of regulation in transitioning to an effective competitive environment and fostering the long-term development of the ICT market.