The
The proposals seek to "discourage cryptocurrency speculation by retail customers", in effect seeking to protect customers from spilling their wealth, in particular by:
- requiring customer's to pass a risk awareness assessment before accessing DPT services;
- refusing to offer any incentives to trade in cryptocurrencies;
- refusing to offer financing, margin or leverage transactions for DPT services;
- refusing to accept locally issued credit card payments; and
- limiting the value of cryptocurrencies in determining a customer's net worth (which is relevant to determining whether a customer passes the SGD$2M " accredited investor" test, similar to
Australia's "sophisticated investor" exemption to certain disclosure and reporting requirements).
The recent announcement and guidance release represents part two of
The measures also include service system availability and recoverability requirements for DPT service providers, in line with the current requirements imposed on systemically important financial institutions, but not payment service providers, meaning this is a special carve out specifically for cryptocurrency.
The release is not without controversy. Regulation that protects consumers without stifling innovation remains a Herculean task, especially with the inherent complexities of blockchain technology and fears arising from a lack of understanding. Posts on X expressed disappointment with the news, lamenting that the proposed new regulations fail to strike the appropriate balance, like a bouncer preventing the entry to the bar:
Although
DPT service providers have the obligation to safeguard the interests of consumers who interact with their platforms and use their services. While the business conduct and consumer access measures can help meet this objective, they cannot insulate customers from losses associated with the inherently speculative and highly risky nature of cryptocurrency trading. We urge consumers to remain vigilant and exercise utmost caution when dealing in DPT services, and to not deal with unregulated entities, include those based overseas.
The rules are set to be implemented in small sips starting from the middle of next year to provide an "adequate transitional period" for their enforceability.
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Austrian bank rolling out retail crypto trading in January
A declaration of intent has been signed between the parties, with an evaluation process for a specific offer being aimed for the end of the year.
Michael Höllerer, General Director of
The examination of the partnership The aim of
Making cryptocurrencies simple is a sentiment echoed by
The financial market is complex and sometimes exclusive. But we aim to make investing accessible to everyone. It's about simple, intuitive products for which you don't need an operating manual.
The companies will integrate trading into
In contrast to rapidly expanding access,
According to
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AI artistry wins:
In a world first, the Beijing Internet Court has granted copyright protection to AI-generated images, setting a notable precedent for the evolving landscape of technology and intellectual property rights (full decision). The case, involving plaintiff
The plaintiff's claim was made against an internet blogger who used the plaintiff's AI-generated images without permission and removed the plaintiff's watermark. The court ruled that the AI-generated images in question met the criteria of "originality" and reflected the plaintiff's "intellectual investment", therefore deeming them as works protected by Chinese copyright law. This decision stands in stark contrast to a recent decision by the
The plaintiff's case can be distinguished on the facts from the recent Thaler decision in
The court's reasoning provides insight into the creative process employed by the plaintiff, from conceiving the initial image to the final selection. The court noted that the plaintiff made "intellectual investments" in designing characters, selecting prompt words, arranging their order, and setting parameters.
The court's decision emphasised the need for protecting the rights of individuals utilising AI tools. In this case, the plaintiff not only owned the copyright to the images but also maintained control over the AI model used. Although the damages awarded in the matter were nominal (
This case prompts a broader discussion on the need for comprehensive and adaptive regulations surrounding AI-generated content. As technology continues to advance, legal frameworks must evolve to ensure fair attribution, protect intellectual property rights, and foster innovation. The Beijing Internet Court's decision sets a positive tone for the future, signaling a move towards harmonising technological adoption with legal protections for creative businesses in the modern digital age.
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The TLDR on AFCA and ASIC's MOU
Two key players in Australian financial services regulation jungle have signed a memorandum of understanding(MoU) focusing on fostering a fair and efficient financial services landscape and information sharing.
The MoU sets out a range of possible intertwined responsibilities, such as AFCA's responsibility to resolve complaints about financial firms, including firms regulated by ASIC, and ASIC providing regulatory oversight functions in relation to the AFCA scheme.
The commitment to inform, consult, collaborate and engage effectively with one another and share as much information as possible to assist in the proper function of their powers could play out in a better process for complaints to be dealt with more efficiently and for ASIC to better manage their enforcement function and learn about patterns of complaints.
The Chief Executive Officer and Chief Ombudsman of AFCA, Mr
This MoU reflects our already productive relationship and our intention to maintain that proactive, open and collaborative relationship in performing our respective functions
While the Chair of ASIC, Mr
We share a common interest in ensuring that financial firms treat consumers fairly and properly resolve issues when loss has been caused. We know that a well-regulated and stable financial services sector is important for promoting consumer confidence
The collaboration comes off the back of Anti-Scam Week in
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
Mr
Piper Alderman
Level 23
2000
Tel: 29253 9999
Fax: 29253 9900
URL: piperalderman.com.au
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