JAPAN CONTENTS
6. Marketplaces, Exchanges and Trading Platforms p.410 6.1 Permissible Trading Platforms p.410 6.2 Regulation of Different Asset Classes p.410 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.410 6.4 Listing Standards p.411 6.5 Order Handling Rules p.412 6.6 Rise of Peer-to-Peer Trading Platforms p.412 6.7 Rules of Payment for Order Flow p.412 6.8 Market Integrity Principles p.412 7. High-Frequency and Algorithmic Trading p.413 7.1 Creation and Usage Regulations p.413 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.413 7.3 Regulatory Distinction Between Funds and Dealers p.413 7.4 Regulation of Programmers and Programming p.413 8. Insurtech p.413 8.1 Underwriting Processes p.413 8.2 Treatment of Different Types of Insurance p.414 9. Regtech p.414 9.1 Regulation of Regtech Providers p.414 9.2 Contractual Terms to Assure Performance and Accuracy p.414 10. Blockchain p.414 10.1 Use of Blockchain in the Financial Services Industry p.414 10.2 Local Regulators’ Approach to Blockchain p.414 10.3 Classification of Blockchain Assets p.415
10.4 Regulation of “Issuers” of Blockchain Assets p.415 10.5 Regulation of Blockchain Asset Trading Platforms p.417 10.6 Staking p.417
10.7 Crypto-Related Lending p.417 10.8 Cryptocurrency Derivatives p.417 10.9 Decentralised Finance (DeFi) p.418 10.10 Regulation of Funds p.418 10.11 Virtual Currencies p.419 10.12 Non-Fungible Tokens (NFTs) p.419 11. Open Banking p.420 11.1 Regulation of Open Banking p.420 11.2 Concerns Raised by Open Banking p.420 12. Fraud p.420 12.1 Elements of Fraud p.420
12.2 Areas of Regulatory Focus p.420 12.3 Responsibility for Losses p.421
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