Fintech 2025

UAE CONTENTS

6. Marketplaces, Exchanges and Trading Platforms p.916 6.1 Permissible Trading Platforms “Onshore UAE” p.916 6.2 Regulation of Different Asset Classes p.917 6.3 Impact of the Emergence of Cryptocurrency Exchanges p.918 6.4 Listing Standards p.918 6.5 Order Handling Rules p.918 6.6 Rise of Peer-to-Peer Trading Platforms p.918 6.7 Rules of Payment for Order Flow p.919 6.8 Market Integrity Principles p.919 7. High-Frequency and Algorithmic Trading p.920 7.1 Creation and Usage Regulations p.920 7.2 Requirement to Be Licensed or Otherwise Register as Market Makers When Functioning in a Principal Capacity p.920 7.3 Regulatory Distinction Between Funds and Dealers p.920 7.4 Regulation of Programmers and Programming p.920 8. Insurtech p.920 8.1 Underwriting Processes p.920 8.2 Treatment of Different Types of Insurance p.920 9. Regtech p.921 9.1 Regulation of Regtech Providers p.921 9.2 Contractual Terms to Assure Performance and Accuracy p.921 10. Blockchain p.922 10.1 Use of Blockchain in the Financial Services Industry p.922 10.2 Local Regulators’ Approach to Blockchain p.922 10.3 Classification of Blockchain Assets p.922

10.4 Regulation of “Issuers” of Blockchain Assets p.923 10.5 Regulation of Blockchain Asset Trading Platforms p.924 10.6 Staking p.924

10.7 Crypto-Related Lending p.924 10.8 Cryptocurrency Derivatives p.924 10.9 Decentralised Finance (DeFi) p.925 10.10 Regulation of Funds p.925 10.11 Virtual Currencies p.925 10.12 Non-Fungible Tokens (NFTs) p.925 11. Open Banking p.926 11.1 Regulation of Open Banking p.926 11.2 Concerns Raised by Open Banking p.926 12. Fraud p.927 12.1 Elements of Fraud p.927

12.2 Areas of Regulatory Focus p.927 12.3 Responsibility for Losses p.928

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