BRITISH VIRGIN ISLANDS CONTENTS
6. Marketplaces, Exchanges and Trading Platforms p.137 6.1 Permissible Trading Platforms p.137 6.2 Regulation of Different Asset Classes p.137 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.138 6.4 Listing Standards p.138 6.5 Order Handling Rules p.138 6.6 Rise of Peer-to-Peer Trading Platforms p.138 6.7 Rules of Payment for Order Flow p.138 6.8 Market Integrity Principles p.138 7. High-Frequency and Algorithmic Trading p.139 7.1 Creation and Usage Regulations p.139 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.139 7.3 Regulatory Distinction Between Funds and Dealers p.139 7.4 Regulation of Programmers and Programming p.139 8. Insurtech p.139 8.1 Underwriting Processes p.139 8.2 Treatment of Different Types of Insurance p.139 9. Regtech p.140 9.1 Regulation of Regtech Providers p.140 9.2 Contractual Terms to Assure Performance and Accuracy p.140 10. Blockchain p.140 10.1 Use of Blockchain in the Financial Services Industry p.140 10.2 Local Regulators’ Approach to Blockchain p.140 10.3 Classification of Blockchain Assets p.140 10.4 Regulation of “Issuers” of Blockchain Assets p.140 10.5 Regulation of Blockchain Asset Trading Platforms p.140 10.6 Staking p.141
10.7 Crypto-Related Lending p.141 10.8 Cryptocurrency Derivatives p.141 10.9 Decentralised Finance (DeFi) p.141 10.10 Regulation of Funds p.141 10.11 Virtual Currencies p.142 10.12 Non-Fungible Tokens (NFTs) p.142 11. Open Banking p.142 11.1 Regulation of Open Banking p.142 11.2 Concerns Raised by Open Banking p.142 12. Fraud p.142 12.1 Elements of Fraud p.142
12.2 Areas of Regulatory Focus p.142 12.3 Responsibility for Losses p.142
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