CAYMAN ISLANDS CONTENTS
6. Marketplaces, Exchanges and Trading Platforms p.156 6.1 Permissible Trading Platforms p.156 6.2 Regulation of Different Asset Classes p.156 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.156 6.4 Listing Standards p.157 6.5 Order Handling Rules p.157 6.6 Rise of Peer-to-Peer Trading Platforms p.157 6.7 Rules of Payment for Order Flow p.158 6.8 Market Integrity Principles p.158 7. High-Frequency and Algorithmic Trading p.158 7.1 Creation and Usage Regulations p.158 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.158 7.3 Regulatory Distinction Between Funds and Dealers p.158 7.4 Regulation of Programmers and Programming p.158 8. Insurtech p.159 8.1 Underwriting Processes p.159 8.2 Treatment of Different Types of Insurance p.159 9. Regtech p.159 9.1 Regulation of Regtech Providers p.159 9.2 Contractual Terms to Assure Performance and Accuracy p.159 10. Blockchain p.160 10.1 Use of Blockchain in the Financial Services Industry p.160 10.2 Local Regulators’ Approach to Blockchain p.160 10.3 Classification of Blockchain Assets p.160 10.4 Regulation of “Issuers” of Blockchain Assets p.161 10.5 Regulation of Blockchain Asset Trading Platforms p.161 10.6 Staking p.162
10.7 Crypto-Related Lending p.162 10.8 Cryptocurrency Derivatives p.162 10.9 Decentralised Finance (DeFi) p.162 10.10 Regulation of Funds p.163 10.11 Virtual Currencies p.163 10.12 Non-Fungible Tokens (NFTs) p.163 11. Open Banking p.163 11.1 Regulation of Open Banking p.163 11.2 Concerns Raised by Open Banking p.163 12. Fraud p.163 12.1 Elements of Fraud p.163
12.2 Areas of Regulatory Focus p.164 12.3 Responsibility for Losses p.165
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