Blockchain
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
The Hong Kong Securities and Futures Professional Association (HKSFPA) has recommended the creation of an independent self-governing organization for crypto regulation among others.
In an April 22 release, the body tipped self-regulation for the securities and futures industry, asset management, and cryptocurrencies. According to the statement, to boost the overall economic capability of the region, a form of crypto self-regulation is needed.
Comparing the proposal to other countries, the body added that jurisdictions that develop at a fast pace have some form of semi-official industry regulation to focus on development.
“The Association has discovered that many economically developed regions in the world, including my country, have established statutory semi-official industry self-regulatory institutions to focus on industry development and maintenance of market ecology. Therefore, the Association believes that Hong Kong can refer to a similar approach…”
Potential Market Utility
Per the release, the body focuses on the development of market structure and crypto regulation. If a sector becomes partially self-regulatory, some flaws will be detected internally between companies before getting to the financial regulator giving it an all-round flavor.
Also, the financial regulator will not be overburdened making it function better to protect investors in the market. This will promote a healthy competitive ecology through multiple proposed models. The body rolled out four methods for authorities to throw more light.
“The independent member self-regulatory organization model uses two methods to foster a competitive securities market: first, accelerate business focus, relieve some of the regulatory responsibilities of stock exchanges and regulatory agencies, make it more competitive, and promote securities trading can focus on business development..”
Crypto Firms Involved in Regulation
Stakeholders will be responsible for business conduct relating to adverts, a certain corporate governance level, and positioning the jurisdictions globally. In recent months, global regulators have ramped up efforts to protect investors with the increase of bad actors in the space.
These regulations rolled out by authorities are sometimes described as market stifling but an approach driven by participants will aid the development of the sector.
Also Read: Cardano Foundation Debut PRAGMA to Drive Open-Source Project Development
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Bangkok will host the Open AGI Summit on November 13 alongside DevCon 2024.
- The summit focuses on ethical AI development through decentralized governance models.
- Prominent speakers include Pramod Viswanath and Sandeep Nailwal from leading firms.
Bangkok is set to be the epicenter of innovation as it hosts the Open AGI Summit on November 13, 2024, in conjunction with DevCon, a major blockchain developer conference.
These unique events aim to explore the intersection of Artificial General Intelligence (AGI) and decentralized technologies, fostering dialogue about the ethical implications of AI in a rapidly evolving digital landscape.
Supported by flagship partners including Google Cloud, Sentient, Polygon Labs, and SCB 10X|SCBX, the Open AGI Summit promises to engage both AI and blockchain communities.
All eyes on the Open AGI Summit
As the world advances toward AGI, concerns about centralized control and potential societal risks are becoming increasingly prominent. The Open AGI Summit seeks to address these anxieties by examining how decentralized, blockchain-based governance models can lead to safer and more transparent AI development.
By emphasizing collaboration and ethical dimensions, the summit aspires to ensure that AGI serves as a tool for universal benefit and prosperity.
The summit will feature prominent voices from the fields of AI, blockchain, and web3, including Pramod Viswanath, a professor of engineering at Princeton University, and Sandeep Nailwal, co-founder of Polygon.
Nailwal highlights the critical decision society faces: to allow a handful of corporations to dominate AI technology or to embrace a future where AI is open, transparent, and accessible to all. He asserts that blockchain technology can ensure the equitable distribution of AI benefits, guided by collective values.
Discussions at the summit will cover essential topics, including advancements in AI safety research, decentralized governance structures, and ethical considerations in AI development.
Attendees can expect a deep dive into the innovative synergy between AI and blockchain, emphasizing emerging applications that could redefine industries.
Ultimately, the Open AGI Summit aims to bridge the gap between academia, industry, and the decentralized AI community, fostering collaboration towards responsible AGI development.
This convergence is essential for ensuring that AI technologies are built with a commitment to ethical principles and societal benefit, marking a significant step toward a safe and beneficial future for AGI.
- Bangkok will host the Open AGI Summit on November 13 alongside DevCon 2024.
- The summit focuses on ethical AI development through decentralized governance models.
- Prominent speakers include Pramod Viswanath and Sandeep Nailwal from leading firms.
Bangkok is set to be the epicenter of innovation as it hosts the Open AGI Summit on November 13, 2024, in conjunction with DevCon, a major blockchain developer conference.
These unique events aim to explore the intersection of Artificial General Intelligence (AGI) and decentralized technologies, fostering dialogue about the ethical implications of AI in a rapidly evolving digital landscape.
Supported by flagship partners including Google Cloud, Sentient, Polygon Labs, and SCB 10X|SCBX, the Open AGI Summit promises to engage both AI and blockchain communities.
All eyes on the Open AGI Summit
As the world advances toward AGI, concerns about centralized control and potential societal risks are becoming increasingly prominent. The Open AGI Summit seeks to address these anxieties by examining how decentralized, blockchain-based governance models can lead to safer and more transparent AI development.
By emphasizing collaboration and ethical dimensions, the summit aspires to ensure that AGI serves as a tool for universal benefit and prosperity.
The summit will feature prominent voices from the fields of AI, blockchain, and web3, including Pramod Viswanath, a professor of engineering at Princeton University, and Sandeep Nailwal, co-founder of Polygon.
Nailwal highlights the critical decision society faces: to allow a handful of corporations to dominate AI technology or to embrace a future where AI is open, transparent, and accessible to all. He asserts that blockchain technology can ensure the equitable distribution of AI benefits, guided by collective values.
Discussions at the summit will cover essential topics, including advancements in AI safety research, decentralized governance structures, and ethical considerations in AI development.
Attendees can expect a deep dive into the innovative synergy between AI and blockchain, emphasizing emerging applications that could redefine industries.
Ultimately, the Open AGI Summit aims to bridge the gap between academia, industry, and the decentralized AI community, fostering collaboration towards responsible AGI development.
This convergence is essential for ensuring that AI technologies are built with a commitment to ethical principles and societal benefit, marking a significant step toward a safe and beneficial future for AGI.
LocaChain, the pioneering blockchain platform designed for the digitization and management of tangible assets, has officially launched its mainnet. This marks a significant leap in blockchain technology with applications spanning various sectors, including real estate, bonds, and other high-value assets. LocaChain aims to build a complete ecosystem focused on advanced, sustainable solutions to meet global economic development needs through tokenized assets.
Revolutionizing Real-World Asset Management
With its mainnet platform, LocaChain offers a secure, scalable, and efficient infrastructure that facilitates the digitization and management of tangible assets like real estate and bonds. This allows for fast and transparent transactions, enabling investors and businesses to save both time and costs. Asset tokenization provides superior asset management solutions with transparency and traceability, building strong trust among all participants.
Key Features of LocaChain
Beyond asset management, LocaChain offers a diverse suite of features, positioning the platform as a comprehensive solution for businesses, developers, and users. LocaChain’s core functionalities include:
Core Infrastructure & Application Development
- DApp Development: LocaChain supports an environment for decentralized application (DApp) development, enabling businesses and developers to create real-world blockchain applications across various sectors.
- Wallet Integration: Securely store and manage assets on LocaChain.
- Token and NFT Transactions: Smooth token and NFT exchanges within the ecosystem.
User Engagement & Social Features
- SocialFi Integration: Adds social finance features to enhance user engagement on LocaChain.
Asset Management & Product Traceability
- Real-World Asset Digitization: Tokenize high-value assets such as real estate and bonds for secure and efficient management.
- Product Traceability: Provides end-to-end product traceability, ensuring the reliability and authenticity of goods across various industries.
- NFT Vouchers: Businesses can issue and manage NFT-based vouchers, offering a dynamic, digital way to reward customers and build flexible loyalty programs.
Marketplace & Transactional Features
- NFT Marketplace: Integrates an NFT marketplace where users can trade digital assets using LCG as the main token and LCC as the gas fee.
- E-commerce and Auction Applications: Supports e-commerce and auction platforms, enabling businesses to list, sell, and manage products transparently on the blockchain for enhanced transaction credibility.
Advanced Token & Financial Tools
- Multisend Token Feature via TrustKeys: Facilitates multi-token transfers, allowing users to efficiently distribute tokens to multiple recipients.
- Multi-Token Staking: Users can stake various tokens within the LocaChain ecosystem to earn rewards.
- Bridge to BSC: Provides a bridge for seamless asset transfers between LocaChain and Binance Smart Chain (BSC), enhancing interoperability with decentralized financial services.
- Crypto Payment Gateway: Supports integrated crypto payment gateways, allowing businesses to accept cryptocurrency payments and optimizing global transactions in a digital-first economy.
LocaChain in LocaGo Ecosystem
LocaChain serves as the blockchain backbone of the LocaGo ecosystem, designed to connect users and businesses through blockchain and AI technology. The LocaGo ecosystem encompasses multiple applications to enhance interaction between businesses and customers while increasing community engagement in real-world economic activities.
With its mainnet launch, LocaChain goes beyond asset management to become a vital part of a comprehensive digital ecosystem, offering optimal solutions for businesses and users in managing tangible assets and conducting transparent transactions.
For more details on LocaChain and LocaGo ecosystem, please visit the official website at https://locachain.io.
Contact
For media inquiries, partnerships, or further details, please contact:
LocaGo Media Relations
- Email: contact@locago.tech
- Website: https://locachain.io
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