Fintech 2025

IRELAND CONTENTS

6. Marketplaces, Exchanges and Trading Platforms p.377 6.1 Permissible Trading Platforms p.377 6.2 Regulation of Different Asset Classes p.378 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.378 6.4 Listing Standards p.378 6.5 Order Handling Rules p.378 6.6 Rise of Peer-to-Peer Trading Platforms p.378 6.7 Rules of Payment for Order Flow p.378 6.8 Market Integrity Principles p.379 7. High-Frequency and Algorithmic Trading p.379 7.1 Creation and Usage Regulations p.379 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.379 7.3 Regulatory Distinction Between Funds and Dealers p.380 7.4 Regulation of Programmers and Programming p.380 8. Insurtech p.380 8.1 Underwriting Processes p.380 8.2 Treatment of Different Types of Insurance p.380 9. Regtech p.380 9.1 Regulation of Regtech Providers p.380 9.2 Contractual Terms to Assure Performance and Accuracy p.380 10. Blockchain p.381 10.1 Use of Blockchain in the Financial Services Industry p.381 10.2 Local Regulators’ Approach to Blockchain p.381 10.3 Classification of Blockchain Assets p.381 10.4 Regulation of “Issuers” of Blockchain Assets p.382 10.5 Regulation of Blockchain Asset Trading Platforms p.382 10.6 Staking p.382

10.7 Crypto-Related Lending p.383 10.8 Cryptocurrency Derivatives p.383 10.9 Decentralised Finance (DeFi) p.383 10.10 Regulation of Funds p.384 10.11 Virtual Currencies p.385 10.12 Non-Fungible Tokens (NFTs) p.385 11. Open Banking p.385 11.1 Regulation of Open Banking p.385 11.2 Concerns Raised by Open Banking p.385 12. Fraud p.386 12.1 Elements of Fraud p.386

12.2 Areas of Regulatory Focus p.386 12.3 Responsibility for Losses p.386

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