Intellectual Property & Technology Archives

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Bitcoin halving event.The anticipated bitcoin halving event occurred on May 11, 2020. every 210,000 blocks mined, or about every four years, the reward given to bitcoin miners for processing transactions is cut in half (ie, “halved”). Eventually the mining rewards will decrease to zero, and the maximum of 21 million bitcoin will be fully released by 2140. At that point, miners will be rewarded solely with fees for processing transactions, which bitcoin network users would pay. The May 11 halving decreased the mining reward from 12.5 bitcoin per block to 6.25 bitcoin per block. to create a blockchain technology working group to evaluate the feasibility and efficacy of using blockchain technology to enhance the security of and increase protection for the state’s critical infrastructure, including utilities. Bitnomial is a bitcoin derivatives exchange, now permitted to trade in bitcoin futures and options.
In 2015, Tencent’s payment business was accelerated and developed into Tencent FiT . David Hanson develops robots that are widely regarded as the world’s most human-like in appearance, in a lifelong quest to create true living, caring machines. Since 2005, he has been Honorary Professor of Economics of Central Banking at the University of Groningen and since 2015 he is also Honorary Professor of Monetary Stability at the University of Amsterdam. Klaas has published several articles in leading journals in monetary and financial economics. Beer joined the firm in 2014, and was most recently the Chief Information Officer for the Corporate & Investment Bank . Prior to joining Citi, Peter served in senior roles at Deutsche Bank and Lazard, where he advised financial institutions across North America, Europe and Asia. Before his current role, Peter served as Global Head of the Financial Institutions Group.
He has been frequently featured in Time, The Washington Post, The New York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The Financial Times, The Business Times, The Straits Times and many media outlets worldwide. He has also appeared as a regular commentator and columnist in various media and has been a professor at Columbia University. No doubt, the computer program designed for the AI robot by the author is protectable under the copyright law. When considering this element, one must not separate the work into dissected parts and consider whether or not there is copyright in each of the parts (Ladbroke Ltd v William Hill Ltd 1 WLR 273 ). It was held in the Hong Kong case of Tai Shing Diary Ltd v Maersk Hong Kong Ltd 2 HKC 23 that “an author might draw on existing material, so long as more than negligible or trivial effort or relevant skill and judgment had been expended in the creation of the work.

  • It would also be fair to say that technological advancements, especially in relation to large data sets, are allowing this work to be carried out with minimal impact on day-to-day business.
  • Reactionary hiring across investment banks in KYC and AML has now reached a point where technology has caught up with regulation forcing firms to contemplate downsizing.
  • The wider ‘assurance’ functions have been left largely intact through cost-driven headcount cuts but as regulatory fines tail off it is estimated that lenders have paid over £250 billion globally in regulatory fines since these have become areas of potential saving.
  • Perhaps as a reflection of these concerns we are seeing an increase in requests for candidates with experience in creating training regimes aimed at regulatory and ethical awareness of the business and whistleblowing ‘champions’ to safeguard the process.
  • During several meetings across Europe and Asia the automation of the more process driven, data-heavy compliance functions have never been far from the conversation.
  • The main take-home from this is that increased regulation alone will not ensure a morally proper financial services industry.

If the new method of compliance is adopted, photocopying charges and administrative costs would be significantly reduced. After all, it is the court’s opinion that charges for compliance with disclosure orders should not be a profit-making part of a bank’s business. In light of such, suggestions were made to the court to make good use of modern technology in improving procedural fairness and efficiency. In June 2020, ONC Lawyers pushed the bounds of existing civil procedures to by obtaining an order from the Court that data rooms could be used for service of legal documents . The Government targets to implement the Madrid Protocol in Hong Kong as soon as possible. Further, in Tang Qiong v Zhang Tingtnig HKCFI 1388, the Master held that, despite all witnesses are residents in Fujian, taking evidence by VCF are not uncommon nowadays and would not cause any inconvenience. The Master therefore refused the Defendant’s application to stay the action on the ground of forum non conveniens. It can be foreseen that VCF hearing would be increasingly used in the Court and it would help expedite the case management process.

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Crypto potentiates a return to honoring producers, and not the parasites of the world. Private OTC trading is under attack worldwide, as are attempts to keep one’s own hard-earned value from the prying hands of tax officials hellbent on paying for more bombs to drop on pine nut farmers in the Middle East. The real revolution of crypto is that it potentiates subversion of governments and banks. Governments and banks who, until now, have been able to keep a fairly tight leash on the tax livestock and control the flow of money to their benefit. The “unlimited crypto world” McAfee speaks of is the free market of independent actors trading value for value, absent the coercion necessary to uphold fiat garbage like the USD. It’s very easy to talk about “Bitcoin revolutions” or the groundbreaking technology crypto in general represents. It’s also easy to speak in loud, blustery tones about the necessity of mainstream adoption, and the benefits institutional money and regulation can bring to the table. Bakkt’s launch on Monday was not under-hyped by any means, for example, so the ensuing fizzle of an opening came as a bit of a shock to many. Bakkt could do very well in the future, and more institutional cash will likely flow in, but McAfee’s point is that it doesn’t matter as much as other factors.
While it is arguable that the process of generating AI-generated contents is “purely mechanical”, one cannot deny that “skill and judgment” are the two main elements forming part of the creation of AI-generated works. It therefore remains arguable as to whether AI-generated works satisfy the basic requirement of “originality”. In fact, as the application of AI continues to develop and is expected to become more advanced and complicated in the near future, it is inevitable that the issue of “originality” will be open to more debate. Note that there should be a separate data room for each individual bank, such that the bank account information of different banks will not be accessible by other banks, ensuring proper protection of their clients’ confidentiality. Accordingly, in the 15 June 2020 Decision, respective banks are given a choice to provide the necessary documents to the Plaintiffs’ solicitors in soft copies if such way is preferred or is deemed more economical and environmentally friendly by them.
In this connection, practitioners of virtual medical consultation should remain mindful of the Ethical Guidelines on Practice of Telemedicine which had been published by the Medical Council of Hong Kong in December 2019 (the “Guidelines”). have a registered office or principal place of business within the EU/EEA. Mr Justice Coleman has outlined some useful principles for employing innovative methods in effecting substituted service in the present proceedings, and has made more room for the use of technology in civil litigation going forward. It remains to be seen whether QR code has further use in civil litigation, but the Court’s openness to using different technologies will certainly lead to cost-effectiveness in litigation procedures bitcoin revolution bonus and is to be welcomed. Cryptocurrency trading has always been sitting in a grey area in many places including Hong Kong. Whilst the growth of Bitcoin seems to suggest an almost miraculous way to fortune, investors must be aware of the risks behind. Unexperienced investors eyeing on crypto funds should also remember they are two-edged swords that may sometimes lead to more losses than gains. Whilst there are possible legal recourses in case if things took a wrong turn, investors are still reminded to exercise care when making their investment choice and seek legal opinion when necessary. As it is not backed by any physical items or real economy, it has no fixed value and therefore fall outside the regulatory ambit of the authority.
In addition, “We also need to step up our thinking on a central bank digital currency,” he suggested. France’s Finance Minister Bruno Le Maire said last week that the European Union should create a common set of rules for cryptocurrencies to counter the risks posed by Libra. Coeure told the press Friday that Libra had revived efforts of an ECB-backed project for real-time payments in the eurozone, the Target Instant Payment Settlement . The project could allow consumers to use electronic cash, directly deposited at the ECB without the need for bank accounts, financial intermediaries or clearing counterparties. Just like with Facebook’s plans, financial intermediaries will be unnecessary in this new ECB system. “TIPS offers final and irrevocable settlement of instant payments in euro, at any time of day and on any day of the year,” the ECB described. Facebook’s proposed Libra digital currency has given governments worldwide a run for their money. European Central Bank board member Benoit Coeure calls Libra “a wake-up call,” after discussing it at last week’s meeting of eurozone finance ministers in Helsinki. Amid concerns over a sovereign threat, 26 regulators worldwide, including the Bank of England and the U.S.
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The trouble this might create for the big-government-doting exchanges would be interesting to watch. The upcoming U.S. legal compliant iteration of trading behemoth Binance won’t be a haven for privacy seekers, either, judging by the looks of things. With registration beginning on September 18, users will be greeted with a whittled down assortment of trading pairs, and the assets under consideration conspicuously do not include regulator-shunned monero. Furthermore, some laws pertaining to cryptocurrency have changed worldwide since the IMC report was compiled. In June, the Financial Action Task Force released its new guidance for crypto assets and service providers, and the G20 countries, including India, met and declared their commitments to following the FATF standards on crypto assets.

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This rapid evolution is felt the most in finance and payment sector with cryptocurrency being seen taking an ever more centre stage in our lives. We are dedicated to produce world-class research, deliver first-rate finance education, and contribute to the financial developments in Hong Kong, Mainland China and the Asia-Pacific region. On balance, though, the world seems to believe cryptocurrencies have a glaringly bright future. Since Bitcoin’s debut in 2009, thousands of cryptocurrencies have come onstream. Investors have piled into them, although they collectively remain a speculative market just now. All transactions on the blockchain are recorded and verified by owners of the nodes. This is done in various ways; the classic method is by “mining,” a competitive process in which the winning node receives a reward — a bounty of bitcoin, for example — for solving a complex cryptographic problem using their computing power. “Blockchain” is one of those quintessentially 21stcentury words that buzz around us frequently. It’s even been touted as the future of finance and an essential tool for business success. The project was launched last year and could last months or even years, Coeure revealed, adding that the technical feasibility remains to be seen and opposition from banks is likely.
Dr. Kai-Fu Lee is the Chairman and CEO of Sinovation Ventures (/) and President of Sinovation Venture’s Artificial Intelligence Institute. Sinovation Ventures, managing US$2 billion dual currency investment funds, is a leading venture capital firm focusing on developing the next generation of Chinese high-tech companies. Prior to founding Sinovation in 2009, Dr. Lee was the President of Google China, and senior executives at Microsoft, SGI, and Apple. Dr. Lee received his Bachelor degree from Computer Science from Columbia University, Ph.D. from Carnegie Mellon University, as well as Honorary Doctorate Degrees from both Carnegie Mellon and bitcoin revolution bonus the City University of Hong Kong. After attending Yale and Oxford University, Rogers co-founded the Quantum Fund, a global-investment partnership. During the next 10 years, the portfolio gained 4200%, while the S&P rose less than 50%. Continuing to manage his own portfolio, Rogers kept busy serving as a full professor of finance at the Columbia University Graduate School of Business, and, in 1989 and 1990, as the moderator of WCBS’s ‘The Dreyfus Roundtable’ and FNN’s ‘The Profit Motive with Jim Rogers’. Jim Rogers, a native of Demopolis, Alabama, is an author, financial commentator, adventurer, and successful international investor.
In CSFK, the Court of Appeal further held that physical presence of the parties in a courtroom for civil business was not indispensable because a VCF hearing would allow parties to address the Court as effectively as an ordinary physical hearing. The hearing by VCF permitting members of the public and the public media to come to Court to observe the proceedings also duly served the requirement of open justice and right to public hearing. An official and accurate record of the hearing and the integrity of the same could still be maintained. The Court of Appeal held that it was permissible and lawful to conduct remote hearings through VCF. It seems that a form of sports cannot be directly recognised as an intellectual property right protectable under the current Hong Kong laws regarding intellectual properties. Nonetheless, new sports games creators may try to protect the derivatives of their creations. For instance, sports games creators may try to register the names, logos, or even slogans of the games they invented as trademarks, which may in turn enable the creators to build brands and to distinguish themselves from other competitors in the sports market. Sports broadcasts are also protectable pursuant to the Copyrights Ordinance.
Earlier this year, the Ministry of Commerce of the People’s Republic of China launched a pilot scheme for digital currency (e-RMB) in major cities including Shenzhen, Suzhou, Chengdu and Beijing in preparation for the 2022 Beijing Winter Olympics. Notably, some civil servants in those cities have started to receive part of their salaries in the form of e-RMB. To date, corporations in Hong Kong have yet to pay its employees, wholly or partially, in cryptocurrency. However, large corporations worldwide have started remuneration schemes in cryptocurrency as early as 2013. The Danish company SC5 was one of the first companies in the world to pay their employees in Bitcoin.
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The proposed changes are likely to be well received by those considering issuing tokens. against Daniel Fingerhut, Tal Variola and Itay Barak, and three affiliated companies for soliciting tens of millions of customers to open and fund off-exchange binary options and digital asset trading accounts. The scheme allegedly caused more than 59,000 customers to open and fund accounts, generating more than $20 million in commissions to the defendants. The CFTC seeks restitution, disgorgement, civil monetary penalties, registration and trading bans and injunctions.

Bitcoin Rises Above $28,000 Usd And Then Falls, Market Fears About

Under his leadership, Citi attained a leading position in the sector and participated in numerous landmark transactions globally. Peter Babej is CEO of Citi Asia Pacific, responsible for all businesses in the 17 countries and jurisdictions where Citi is present. Sophia has also received the title of Innovation Champion for the United Nations Development Programme to promote sustainable development with the use of technology and innovation in developing countries. Sophia became a much-sought-after media personality, advocating for AI research and the role of robotics and AI in people’s lives. She has appeared on CBS 60 Minutes with Charlie Rose, the Tonight Show Starring Jimmy Fallon, GoodMorning Britain, and has been a keynote speaker and panel member at some of the world’s most prestigious conferences. Sophia is Hanson Robotics’ most bitcoin revolution bonus advanced human-like robot, created by combining break-through innovations in robotics, AI, and artistry. She is endowed with remarkable expressiveness, aesthetics and interactivity, and can simulate a full range of facial expressions, track and recognize faces, and hold natural conversations with people. Calvin was named 2019 “Asia FinTech Leader” by the Singapore Fintech Association, selected as a “Young Global Leader” by the World Economic Forum in 2017, and awarded by the Institutional Investor magazine as one of the global “Fintech Finance 35” in 2016. He moved to Hong Kong in 1989 with the international law firm Herbert Smith, practicing corporate and business law. He was Executive Director of Corporate Finance at the SFC from 2001 to 2004, before returning to Herbert Smith, where he became head of the firm’s Asia Region.
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E-money must enable users to make payment transactions with third parties, so must be accepted by more parties than just the issuer. It includes fiat balances in various types of online wallets or prepaid cards. Rights to or interests in certain investments, including those listed above from shares to units in a collective investment scheme, also constitute Specified Investments under the RAO. The Specified Investment category is ‘units in a collective investment scheme’. A virtual asset which confers rights in relation to tokenised shares or debentures, including depositary receipts, is likely to be a Specified Investment.
Meanwhile in manufacturing and industry, the Blockchain Research Institute, the founders of which include IBM, Pepsi Co and FedEx, say it expects blockchain to become the “second generation” of the digital revolution following the development of the internet. It has highlighted work by electronics manufacturer Foxconn to use blockchain to track transactions in its supply chain. While it’s implications for the financial sector might seem most apparent, any industry or organization in which recording and oversight of transactions is necessary could benefit. They believe that Hong Kong lags behind in fostering a technology and innovation culture. It holds the second fastest global average internet connection speed at more than 140 mbps. The move is sure to encourage increased levels of private investment, said EY.
to Bitnomial Exchange, LLC, approving Bitnomial as a designated contract market . For related information regarding digital transformation, please see our monthly bulletin, eSignature and ePayment News and Trends. No payments had been sent to the bitcoin wallet provided as of Saturday noon. Kong said the police were investigating the cases and treated them as a priority. A screenshot of the messages shared online, written in Chinese, showed that the group used a Chinese name that would translate to “Valiant Defend Hong Kong Alliance.” The group has never been heard of before, but was first mentioned by state-run newspaper Ta Kung Pao on October 6.

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The standard required was a low one, but the effort must not be so trivial as to be characterised as a purely mechanical exercise. The skill and effort protected was not only that expended on its manner of presentation, but of collecting, selecting, arranging and presenting the available information in an intelligible manner”. In general, AI generates works under prescribed programs and through the application of machine learning algorithms provided by programmers or designers. For example, Shimon the robot was provided with datasets of 50,000 lyrics from jazz, prog rock, and hip-hop, and was “trained” to imitate the workings of the human brain in processing data and creating patterns for use to create melodies and lyrics, i.e. using deep learning.

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