Fintech 2025

EGYPT CONTENTS

6. Marketplaces, Exchanges and Trading Platforms p.212 6.1 Permissible Trading Platforms p.212 6.2 Regulation of Different Asset Classes p.213 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.213 6.4 Listing Standards p.213 6.5 Order Handling Rules p.213 6.6 Rise of Peer-to-Peer Trading Platforms p.213 6.7 Rules of Payment for Order Flow p.213 6.8 Market Integrity Principles p.214 7. High-Frequency and Algorithmic Trading p.214 7.1 Creation and Usage Regulations p.214 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.214 7.3 Regulatory Distinction Between Funds and Dealers p.215 7.4 Regulation of Programmers and Programming p.215 8. Insurtech p.215 8.1 Underwriting Processes p.215 8.2 Treatment of Different Types of Insurance p.215 9. Regtech p.215 9.1 Regulation of Regtech Providers p.215 9.2 Contractual Terms to Assure Performance and Accuracy p.216 10. Blockchain p.216 10.1 Use of Blockchain in the Financial Services Industry p.216 10.2 Local Regulators’ Approach to Blockchain p.216 10.3 Classification of Blockchain Assets p.216 10.4 Regulation of “Issuers” of Blockchain Assets p.216 10.5 Regulation of Blockchain Asset Trading Platforms p.216 10.6 Staking p.216

10.7 Crypto-Related Lending p.217 10.8 Cryptocurrency Derivatives p.217 10.9 Decentralised Finance (DeFi) p.217 10.10 Regulation of Funds p.217 10.11 Virtual Currencies p.217 10.12 Non-Fungible Tokens (NFTs) p.217 11. Open Banking p.217 11.1 Regulation of Open Banking p.217 11.2 Concerns Raised by Open Banking p.217 12. Fraud p.217 12.1 Elements of Fraud p.217

12.2 Areas of Regulatory Focus p.218 12.3 Responsibility for Losses p.218

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