Fintech 2026

NETHERLANDS CONTENTS

6.7 Rules of Payment for Order Flow p.576 6.8 Market Integrity Principles p.576 7. High-Frequency and Algorithmic Trading p.576 7.1 Creation and Usage Regulations p.576 7.2 Requirement To Be Licensed or Registered as a Market Maker When Functioning in a Principal Capacity p.576

7.3 Regulatory Distinction Between Funds and Dealers p.576 7.4 Regulation of Programmers and Programming p.577 8. Insurtech p.577 8.1 Underwriting Processes p.577 8.2 Treatment of Different Types of Insurance p.577 9. Regtech p.577 9.1 Regulation of Regtech Providers p.577 9.2 Contractual Terms to Ensure Performance and Accuracy p.578 10. Blockchain p.578 10.1 Use of Blockchain in the Financial Services Industry p.578 10.2 Local Regulators’ Approach to Blockchain p.578 10.3 Classification of Blockchain Assets p.579 10.4 Regulation of “Issuers” of Blockchain Assets p.579 10.5 Regulation of Blockchain Asset Trading Platforms p.579 10.6 Staking p.580

10.7 Crypto-Related Lending p.580 10.8 Cryptocurrency Derivatives p.580 10.9 Decentralised Finance (DeFi) p.580 10.10 Regulation of Funds p.581 10.11 Virtual Currencies p.581 10.12 NFTs p.581 10.13 Stablecoins p.581 11. Open Banking p.582 11.1 Regulation of Open Banking p.582 11.2 Concerns Raised by Open Banking p.582 12. Fraud p.582 12.1 Elements of Fraud p.582

12.2 Areas of Regulatory Focus p.582 12.3 Responsibility for Losses p.582

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