Fintech 2025

THAILAND CONTENTS

6. Marketplaces, Exchanges and Trading Platforms p.883 6.1 Permissible Trading Platforms p.883 6.2 Regulation of Different Asset Classes p.883 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.883 6.4 Listing Standards p.883 6.5 Order Handling Rules p.884 6.6 Rise of Peer-to-Peer Trading Platforms p.884 6.7 Rules of Payment for Order Flow p.884 6.8 Market Integrity Principles p.884 7. High-Frequency and Algorithmic Trading p.885 7.1 Creation and Usage Regulations p.885 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.885 7.3 Regulatory Distinction Between Funds and Dealers p.885 7.4 Regulation of Programmers and Programming p.885 8. Insurtech p.886 8.1 Underwriting Processes p.886 8.2 Treatment of Different Types of Insurance p.886 9. Regtech p.886 9.1 Regulation of Regtech Providers p.886 9.2 Contractual Terms to Assure Performance and Accuracy p.887 10. Blockchain p.887 10.1 Use of Blockchain in the Financial Services Industry p.887 10.2 Local Regulators’ Approach to Blockchain p.888 10.3 Classification of Blockchain Assets p.888 10.4 Regulation of “Issuers” of Blockchain Assets p.888 10.5 Regulation of Blockchain Asset Trading Platforms p.888 10.6 Staking p.890

10.7 Crypto-Related Lending p.890 10.8 Cryptocurrency Derivatives p.890 10.9 Decentralised Finance (DeFi) p.890 10.10 Regulation of Funds p.890 10.11 Virtual Currencies p.890 10.12 Non-Fungible Tokens (NFTs) p.890 11. Open Banking p.891 11.1 Regulation of Open Banking p.891 11.2 Concerns Raised by Open Banking p.891 12. Fraud p.891 12.1 Elements of Fraud p.891

12.2 Areas of Regulatory Focus p.892 12.3 Responsibility for Losses p.892

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