LITHUANIA CONTENTS
6. Marketplaces, Exchanges and Trading Platforms p.488 6.1 Permissible Trading Platforms p.488 6.2 Regulation of Different Asset Classes p.489 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.489 6.4 Listing Standards p.489 6.5 Order Handling Rules p.490 6.6 Rise of Peer-to-Peer Trading Platforms p.490 6.7 Rules of Payment for Order Flow p.491 6.8 Market Integrity Principles p.491 7. High-Frequency and Algorithmic Trading p.491 7.1 Creation and Usage Regulations p.491 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.492 7.3 Regulatory Distinction Between Funds and Dealers p.492 7.4 Regulation of Programmers and Programming p.492 8. Insurtech p.493 8.1 Underwriting Processes p.493 8.2 Treatment of Different Types of Insurance p.493 9. Regtech p.493 9.1 Regulation of Regtech Providers p.493 9.2 Contractual Terms to Assure Performance and Accuracy p.494 10. Blockchain p.494 10.1 Use of Blockchain in the Financial Services Industry p.494 10.2 Local Regulators’ Approach to Blockchain p.495 10.3 Classification of Blockchain Assets p.495
10.4 Regulation of “Issuers” of Blockchain Assets p.495 10.5 Regulation of Blockchain Asset Trading Platforms p.496 10.6 Staking p.496
10.7 Crypto-Related Lending p.497 10.8 Cryptocurrency Derivatives p.497 10.9 Decentralised Finance (DeFi) p.497 10.10 Regulation of Funds p.497 10.11 Virtual Currencies p.497 10.12 Non-Fungible Tokens (NFTs) p.497 11. Open Banking p.498 11.1 Regulation of Open Banking p.498 11.2 Concerns Raised by Open Banking p.498 12. Fraud p.498 12.1 Elements of Fraud p.498
12.2 Areas of Regulatory Focus p.499 12.3 Responsibility for Losses p.499
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