ESTONIA CONTENTS
6.7 Rules of Payment for Order Flow p.251 6.8 Market Integrity Principles p.251 7. High-Frequency and Algorithmic Trading p.251 7.1 Creation and Usage Regulations p.251 7.2 Requirement To Be Licensed or Registered as a Market Maker When Functioning in a Principal Capacity p.251
7.3 Regulatory Distinction Between Funds and Dealers p.251 7.4 Regulation of Programmers and Programming p.252 8. Insurtech p.252 8.1 Underwriting Processes p.252 8.2 Treatment of Different Types of Insurance p.252 9. Regtech p.252 9.1 Regulation of Regtech Providers p.252 9.2 Contractual Terms to Ensure Performance and Accuracy p.252 10. Blockchain p.252 10.1 Use of Blockchain in the Financial Services Industry p.252 10.2 Local Regulators’ Approach to Blockchain p.253 10.3 Classification of Blockchain Assets p.253 10.4 Regulation of “Issuers” of Blockchain Assets p.254 10.5 Regulation of Blockchain Asset Trading Platforms p.254 10.6 Staking p.254
10.7 Crypto-Related Lending p.255 10.8 Cryptocurrency Derivatives p.255 10.9 Decentralised Finance (DeFi) p.255 10.10 Regulation of Funds p.255 10.11 Virtual Currencies p.255 10.12 NFTs p.256 10.13 Stablecoins p.256 11. Open Banking p.256 11.1 Regulation of Open Banking p.256 11.2 Concerns Raised by Open Banking p.256 12. Fraud p.257 12.1 Elements of Fraud p.257
12.2 Areas of Regulatory Focus p.257 12.3 Responsibility for Losses p.257
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