Fintech 2025

PERU CONTENTS

6. Marketplaces, Exchanges and Trading Platforms p.634 6.1 Permissible Trading Platforms p.634 6.2 Regulation of Different Asset Classes p.634 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.634 6.4 Listing Standards p.635 6.5 Order Handling Rules p.635 6.6 Rise of Peer-to-Peer Trading Platforms p.635 6.7 Rules of Payment for Order Flow p.635 6.8 Market Integrity Principles p.635 7. High-Frequency and Algorithmic Trading p.635 7.1 Creation and Usage Regulations p.635 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.635 7.3 Regulatory Distinction Between Funds and Dealers p.635 7.4 Regulation of Programmers and Programming p.635 8. Insurtech p.636 8.1 Underwriting Processes p.636 8.2 Treatment of Different Types of Insurance p.636 9. Regtech p.636 9.1 Regulation of Regtech Providers p.636 9.2 Contractual Terms to Assure Performance and Accuracy p.636 10. Blockchain p.636 10.1 Use of Blockchain in the Financial Services Industry p.636 10.2 Local Regulators’ Approach to Blockchain p.636 10.3 Classification of Blockchain Assets p.637

10.4 Regulation of “Issuers” of Blockchain Assets p.637 10.5 Regulation of Blockchain Asset Trading Platforms p.638 10.6 Staking p.638

10.7 Crypto-Related Lending p.638 10.8 Cryptocurrency Derivatives p.638 10.9 Decentralised Finance (DeFi) p.638 10.10 Regulation of Funds p.638 10.11 Virtual Currencies p.638 10.12 Non-Fungible Tokens (NFTs) p.638 11. Open Banking p.638 11.1 Regulation of Open Banking p.638 11.2 Concerns Raised by Open Banking p.639 12. Fraud p.639 12.1 Elements of Fraud p.639

12.2 Areas of Regulatory Focus p.639 12.3 Responsibility for Losses p.639

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