Fintech 2026

LUXEMBOURG CONTENTS

6.7 Rules of Payment for Order Flow p.522 6.8 Market Integrity Principles p.523 7. High-Frequency and Algorithmic Trading p.523 7.1 Creation and Usage Regulations p.523 7.2 Requirement To Be Licensed or Registered as a Market Maker When Functioning in a Principal Capacity p.523

7.3 Regulatory Distinction Between Funds and Dealers p.523 7.4 Regulation of Programmers and Programming p.524 8. Insurtech p.524 8.1 Underwriting Processes p.524 8.2 Treatment of Different Types of Insurance p.524 9. Regtech p.524 9.1 Regulation of Regtech Providers p.524 9.2 Contractual Terms to Ensure Performance and Accuracy p.524 10. Blockchain p.524 10.1 Use of Blockchain in the Financial Services Industry p.524 10.2 Local Regulators’ Approach to Blockchain p.525 10.3 Classification of Blockchain Assets p.525 10.4 Regulation of “Issuers” of Blockchain Assets p.525 10.5 Regulation of Blockchain Asset Trading Platforms p.526 10.6 Staking p.526

10.7 Crypto-Related Lending p.526 10.8 Cryptocurrency Derivatives p.526 10.9 Decentralised Finance (DeFi) p.526 10.10 Regulation of Funds p.527 10.11 Virtual Currencies p.527 10.12 NFTs p.527 10.13 Stablecoins p.527 11. Open Banking p.528 11.1 Regulation of Open Banking p.528 11.2 Concerns Raised by Open Banking p.528 12. Fraud p.528 12.1 Elements of Fraud p.528

12.2 Areas of Regulatory Focus p.528 12.3 Responsibility for Losses p.528

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