Deloitte_Corporates_Using_NFTs_1687358408.pdf
5.6 MB
Corporates Using NFTs - Are They More Than a Passing Fad - Deloitte
NFTs, and the distributed blockchain networks behind them, represent a breakthrough in digital rights management as well as digital representations of assets. Here are just some of the other possible breakthroughs NFTs could drive:
1 Building a bridge between the digital and physical worlds to authenticate and provide evidence of a transfer
2 Democratising ownership of digital collectibles—for example, the creation of new ways to monetise art, photographs, music, intellectual property (IP), and more
3 Selling digital items—homes, high-end sneakers, streetwear, and more—for use with avatars in gaming and online worlds
4 Developing “super wallets” that allow an NFT owner to keep a verified record of all licenses and rights, along with product warranties, event tickets, access passes for secure locations for work or leisure, and more
5 Securing the ticketing industry against fraud, providing a percentage of secondary sales revenue to performers or venues, and creating unique keepsakes
6 Extending and monetising brands in new ways for both existing and new customer bases
7 Offering utility services—for instance, serving as a VIP card granting access to a secret concert, membership in an exclusive community, or special discounts on products.
NFTs, and the distributed blockchain networks behind them, represent a breakthrough in digital rights management as well as digital representations of assets. Here are just some of the other possible breakthroughs NFTs could drive:
1 Building a bridge between the digital and physical worlds to authenticate and provide evidence of a transfer
2 Democratising ownership of digital collectibles—for example, the creation of new ways to monetise art, photographs, music, intellectual property (IP), and more
3 Selling digital items—homes, high-end sneakers, streetwear, and more—for use with avatars in gaming and online worlds
4 Developing “super wallets” that allow an NFT owner to keep a verified record of all licenses and rights, along with product warranties, event tickets, access passes for secure locations for work or leisure, and more
5 Securing the ticketing industry against fraud, providing a percentage of secondary sales revenue to performers or venues, and creating unique keepsakes
6 Extending and monetising brands in new ways for both existing and new customer bases
7 Offering utility services—for instance, serving as a VIP card granting access to a secret concert, membership in an exclusive community, or special discounts on products.
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CVPR 2023 announced the Best Paper Awards! It's the world's most prominent computer vision conference, with citation impact just below Nature & Science.
- Best Paper 1: VisProg uses GPT to generate executable code that parses an image and does effective visual reasoning, even though GPT itself is blind. Similar principle as Voyager (executable code to play Minecraft).
VisProg: prior.allenai.org/projects/vispr…
Paper: arxiv.org/abs/2211.11559
Another paper with similar high-level idea is called ViperGPT, worth checking out: arxiv.org/abs/2303.08128
- Best Paper 2: Unified Autonomous Driving (UniAD), a comprehensive framework that incorporates full-stack driving tasks in one network.
Planning-oriented Autonomous Driving: opendrivelab.github.io/UniAD/
Paper: arxiv.org/abs/2212.10156
- Best Paper Honorable Mention: DynIBaR, a new state-of-the-art on synthesizing novel views from a monocular video of a complex dynamic scene.
DynIBaR, Neural Dynamic Image-Based Rendering: dynibar.github.io
Paper: arxiv.org/abs/2211.11082
- Best Student Paper: a new 3D point cloud registration technique that finds the optimal pose to align a pair of point clouds.
3D Registration with Maximal Cliques: arxiv.org/abs/2305.10854
- Best Student Paper Honorable Mention: a diffusion model that can be customized to a particular subject with only 3-5 example images.
DreamBooth: dreambooth.github.io
Paper: arxiv.org/abs/2208.12242
- Best Paper 1: VisProg uses GPT to generate executable code that parses an image and does effective visual reasoning, even though GPT itself is blind. Similar principle as Voyager (executable code to play Minecraft).
VisProg: prior.allenai.org/projects/vispr…
Paper: arxiv.org/abs/2211.11559
Another paper with similar high-level idea is called ViperGPT, worth checking out: arxiv.org/abs/2303.08128
- Best Paper 2: Unified Autonomous Driving (UniAD), a comprehensive framework that incorporates full-stack driving tasks in one network.
Planning-oriented Autonomous Driving: opendrivelab.github.io/UniAD/
Paper: arxiv.org/abs/2212.10156
- Best Paper Honorable Mention: DynIBaR, a new state-of-the-art on synthesizing novel views from a monocular video of a complex dynamic scene.
DynIBaR, Neural Dynamic Image-Based Rendering: dynibar.github.io
Paper: arxiv.org/abs/2211.11082
- Best Student Paper: a new 3D point cloud registration technique that finds the optimal pose to align a pair of point clouds.
3D Registration with Maximal Cliques: arxiv.org/abs/2305.10854
- Best Student Paper Honorable Mention: a diffusion model that can be customized to a particular subject with only 3-5 example images.
DreamBooth: dreambooth.github.io
Paper: arxiv.org/abs/2208.12242
arXiv.org
ViperGPT: Visual Inference via Python Execution for Reasoning
Answering visual queries is a complex task that requires both visual processing and reasoning. End-to-end models, the dominant approach for this task, do not explicitly differentiate between the...
Did you know 1/3 of the world uses 'tonal' languages? For example, the Mandarin word "Ma" may have 4 different meanings based on intonation.
Current english-based speech BCI decoding models could hardly detect tonal differences because they are produced by subtle movements of the larynx.
Published this week, a large consortium in Shanghai came together to overcome this shortcoming.
They also published their ECoG dataset.
Many African, Asian and South American nations are now a step closer to speech restoration.
Current english-based speech BCI decoding models could hardly detect tonal differences because they are produced by subtle movements of the larynx.
Published this week, a large consortium in Shanghai came together to overcome this shortcoming.
They also published their ECoG dataset.
Many African, Asian and South American nations are now a step closer to speech restoration.
Science Advances
Decoding and synthesizing tonal language speech from brain activity
Tonal language speech can be decoded and synthesized from direct neural recording using a modularized multi-stream neural network.
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Decentralised_Autonomous_Organisation_DAO_Playbook_EY_1687439192.pdf
1.4 MB
EY have created a playbook for DAOs - a new way to launch and run companies in Web3 (and Web2.5)
DAO treasuries now have around $25Bn in funding available to build new businesses, or fund growth of their platforms and products.
This report covers everything you need to know to understand the world of DAOs, how they create value, and what it takes to launch one. Including:
- History of DAOs (1991 to today)
- Statistics on the growth of DAOs and DAO members
- Case studies of Web3 and Web2 participation in DAOs
- Key characteristics of a DAO
- Classifications of DAOs (pooling funds, spending time, shared interest)
- DAO value drivers
- Critical success factors for DAOs
DAO treasuries now have around $25Bn in funding available to build new businesses, or fund growth of their platforms and products.
This report covers everything you need to know to understand the world of DAOs, how they create value, and what it takes to launch one. Including:
- History of DAOs (1991 to today)
- Statistics on the growth of DAOs and DAO members
- Case studies of Web3 and Web2 participation in DAOs
- Key characteristics of a DAO
- Classifications of DAOs (pooling funds, spending time, shared interest)
- DAO value drivers
- Critical success factors for DAOs
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Wow! Inflection-1 is a new best-in-class LLM powering Pi, outperforming GPT-3.5, Llama and PALM-540B on major benchmarks commonly used for comparing LLMs.
inflection.ai
Inflection-1: Pi’s Best-in-Class LLM
Inflection AI’s Inflection-1 LLM powers Pi, your personal AI, outperforming GPT-3.5 and LLaMA. Scalable, safe, and designed for everyone. Try Pi at Pi.ai!
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$1 billion AI venture fund offers elusive Nvidia chips to win deals
Nat Friedman and Daniel Gross, a pair of founders turned startup investors, set the venture capital world abuzz last week by announcing a novel tactic to win over
founders: offering them access to a huge number of free servers equipped with the most advanced chips for training machine-learning models.
It turns out the duo also quietly raised an investment fund with more than $1 billion in assets to invest in artificial intelligence and infrastructure startups.
Rival venture capitalists say they are closely watching Friedman, the former CEO of Microsoft-owned GitHub, and Gross, a former investment partner at startup accelerator Y Combinator, to see whether their server-chip offer to founders gives them an edge in landing AI startup deals.
The chips have been in extraordinarily short supply as demand for AI has heated up.
The move by Friedman and Gross comes as funding for young AI startups has ballooned, especially for those developing LLM that can automate tasks related to writing and software code.
Friedman and Gross said they recently acquired 2,512 Nvidia H100 server chips, which could be worth $100 million, that they said they would give to founders in exchange for equity—in addition to giving the startups capital from the duo’s venture fund.
The fund, C2 Investments, which started raising capital in the past two years, was managing assets valued at $1.1 billion as of March, according to the regulatory filing. It isn’t clear whether that figure includes the chips and servers.
Other VC firms have debated allocating part of their funds to purchasing chips to help them win deals. Spark Capital, a VC firm whose AI bets include OpenAI rival Anthropic, has discussed dedicating $50 million of the firm’s fund to providing founders with access to AI hardware, according to a person with direct knowledge of the matter.
OpenAI turned to Microsoft for access to graphics processing unit servers in exchange for equity in the startup and a share of OpenAI’s future profits, plus access to its technology.
Nat Friedman and Daniel Gross, a pair of founders turned startup investors, set the venture capital world abuzz last week by announcing a novel tactic to win over
founders: offering them access to a huge number of free servers equipped with the most advanced chips for training machine-learning models.
It turns out the duo also quietly raised an investment fund with more than $1 billion in assets to invest in artificial intelligence and infrastructure startups.
Rival venture capitalists say they are closely watching Friedman, the former CEO of Microsoft-owned GitHub, and Gross, a former investment partner at startup accelerator Y Combinator, to see whether their server-chip offer to founders gives them an edge in landing AI startup deals.
The chips have been in extraordinarily short supply as demand for AI has heated up.
The move by Friedman and Gross comes as funding for young AI startups has ballooned, especially for those developing LLM that can automate tasks related to writing and software code.
Friedman and Gross said they recently acquired 2,512 Nvidia H100 server chips, which could be worth $100 million, that they said they would give to founders in exchange for equity—in addition to giving the startups capital from the duo’s venture fund.
The fund, C2 Investments, which started raising capital in the past two years, was managing assets valued at $1.1 billion as of March, according to the regulatory filing. It isn’t clear whether that figure includes the chips and servers.
Other VC firms have debated allocating part of their funds to purchasing chips to help them win deals. Spark Capital, a VC firm whose AI bets include OpenAI rival Anthropic, has discussed dedicating $50 million of the firm’s fund to providing founders with access to AI hardware, according to a person with direct knowledge of the matter.
OpenAI turned to Microsoft for access to graphics processing unit servers in exchange for equity in the startup and a share of OpenAI’s future profits, plus access to its technology.
The Information
Billion-Dollar AI Venture Fund Offers Elusive Nvidia Chips to Win Deals
Nat Friedman and Daniel Gross, a pair of founders turned startup investors, set the venture capital world abuzz last week by announcing a novel tactic to win over founders: offering them access to a huge number of free servers equipped with the most advanced…
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Precision Neuroscience gets brainy - human brainy. First ever. Great coverage for the technology and the team
Founded in 2021 by a co-founder of Neuralink, Elon Musk's brain-computer interface startup, Precision Neuroscience is an industry competitor working to help patients with paralysis operate digital devices by decoding their neural signals.
Several companies like Synchron, Paradromics and Blackrock Neurotech have also created devices with this capability.
Founded in 2021 by a co-founder of Neuralink, Elon Musk's brain-computer interface startup, Precision Neuroscience is an industry competitor working to help patients with paralysis operate digital devices by decoding their neural signals.
Several companies like Synchron, Paradromics and Blackrock Neurotech have also created devices with this capability.
CNBC
Neuralink competitor Precision Neuroscience conducts its first clinical study to map human brain signals
Founded in 2021 by a co-founder of Neuralink, Precision Neuroscience is an industry competitor that recently conducted its first-ever in-human clinical study.
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On Saturday a hackathon dedicated to AI agents organized by AGI House took place
One of the highlights was Jim Fan, senior AI scientist at Nvidia.
Here are his slides on open-ended agent learning:
- Voyager: GPT-4 lifelong learning agent
- MineDojo: open-source Minecraft AI framework
- MineCLIP: RLHF for embodied agents.
Video
One of the highlights was Jim Fan, senior AI scientist at Nvidia.
Here are his slides on open-ended agent learning:
- Voyager: GPT-4 lifelong learning agent
- MineDojo: open-source Minecraft AI framework
- MineCLIP: RLHF for embodied agents.
Video
YouTube
Jim Fan, NVIDIA (AGI House)
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New paper from the Meta AI Lab: “Dimensionality and ramping: Signatures of sentence integration in the dynamics of brains and deep language models”
They investigated how the brain represents the semantic composition of multiple words into a sentence using simultaneous MEG and intracranial EEG.
They introduced to language processing a neuroscience concept that was previously found useful to analyze neural responses to simpler stimuli: the intrinsic dimensionality of a neural manifold.
They predicted that as successive words are composed, the vector space spanned by a set of sentences should become exponentially larger, thus yielding a roughly linear increase in dimensionality. They verified this in simulations of large language models.
And they found the predicted increase in intrinsic dimensionality in both sEEG and MEG signals ! It is particularly large when the sentence is meaningful, relative to control stimuli made of letter strings or of pseudowords (Jabberwocky).
They further used decoding to dissect 3 types of processes that distinguish normal and jabberwocky sentences: phasic lexical access, sustained integration (ramping), and end-of-sentence wrap-up.
They found that different regions exhibit each pattern (red = phasic lexical, blue = ramping integration, green = end-of-sentence wrap up).
They investigated how the brain represents the semantic composition of multiple words into a sentence using simultaneous MEG and intracranial EEG.
They introduced to language processing a neuroscience concept that was previously found useful to analyze neural responses to simpler stimuli: the intrinsic dimensionality of a neural manifold.
They predicted that as successive words are composed, the vector space spanned by a set of sentences should become exponentially larger, thus yielding a roughly linear increase in dimensionality. They verified this in simulations of large language models.
And they found the predicted increase in intrinsic dimensionality in both sEEG and MEG signals ! It is particularly large when the sentence is meaningful, relative to control stimuli made of letter strings or of pseudowords (Jabberwocky).
They further used decoding to dissect 3 types of processes that distinguish normal and jabberwocky sentences: phasic lexical access, sustained integration (ramping), and end-of-sentence wrap-up.
They found that different regions exhibit each pattern (red = phasic lexical, blue = ramping integration, green = end-of-sentence wrap up).
Journal of Neuroscience
Dimensionality and ramping: Signatures of sentence integration in the dynamics of brains and deep language models
A sentence is more than the sum of its words: its meaning depends on how they combine with one another. The brain mechanisms underlying such semantic composition remain poorly understood. To shed light on the neural vector code underlying semantic composition…
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🔥The future of the оperating room
Animares and MagicLeap powered AR in the operating theater.
AR and VR are transforming healthcare by offering immersive experiences and revolutionizing medical training, patient care, and diagnostics, leading to remarkable advancements in the field.
Animares and MagicLeap powered AR in the operating theater.
AR and VR are transforming healthcare by offering immersive experiences and revolutionizing medical training, patient care, and diagnostics, leading to remarkable advancements in the field.
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⚡️ Biotech backed by Fosun Group says it has begun the first mid-stage human trial of a drug entirely "discovered and designed" by AI.
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WEF_Top_10_Emerging_Technologies_of_2023_1687855556.pdf
8.7 MB
The latest report by the World Economic Forum entitled "Top 10 Emerging Technologies of 2023" outlines the technologies poised to positively impact society in the next three to five years.
Among them, the Metaverse for mentalhealth: "Excess screen time and social media can decrease psychological well-being, but they can also enhance well-being when used responsibly. Screen time spent building connections in shared virtualspaces might help combat the growing mental health crisis as opposed to contributing to it."
Among them, the Metaverse for mentalhealth: "Excess screen time and social media can decrease psychological well-being, but they can also enhance well-being when used responsibly. Screen time spent building connections in shared virtualspaces might help combat the growing mental health crisis as opposed to contributing to it."
The NHS is rolling out its first AI program as a medical imaging device to save clinicians time and improve radiotherapy outcomes.
The head and the prostate are two locations where particular care is needed during radiotherapy to avoid accidental damage to surrounding tissue, which could lead to long-term neurological damage or incontinence.
And as each tumour has a unique shape, this requires up to 2 hours of consultants' time to carefully plan each patient's therapy.
AI has been shown to accelerate this process considerably by suggesting a first pass of the contours for treatment.
Clinicians will always check the outputs, but in 2/3 of cases they approve its suggestion without needing any corrections.
Following successful trials and safety checks in Cambridge, the cloud-based program is now going to be offered at cost price to hospitals across England.
The head and the prostate are two locations where particular care is needed during radiotherapy to avoid accidental damage to surrounding tissue, which could lead to long-term neurological damage or incontinence.
And as each tumour has a unique shape, this requires up to 2 hours of consultants' time to carefully plan each patient's therapy.
AI has been shown to accelerate this process considerably by suggesting a first pass of the contours for treatment.
Clinicians will always check the outputs, but in 2/3 of cases they approve its suggestion without needing any corrections.
Following successful trials and safety checks in Cambridge, the cloud-based program is now going to be offered at cost price to hospitals across England.
BBC News
AI cuts treatment time for cancer radiotherapy
The technology will be offered at cost price to all NHS trusts in England, following successful pilot studies.
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Passionate about solving Loneliness & Social Connection with cutting-edge AI? Amorai are hiring a Head of Operations
Founded by former Tinder CEO, Renate Nyborg, and backed by Andrew Ng’s AI Fund, Amorai’s mission is to help one billion people master the skill of social connection.
As Amorai prepare to launch first product - an AI-powered coaching app tackling Gen Z loneliness, and relationship health - they are seeking a dynamic Head of Operations to lead and optimize day-to-day activities.
Founded by former Tinder CEO, Renate Nyborg, and backed by Andrew Ng’s AI Fund, Amorai’s mission is to help one billion people master the skill of social connection.
As Amorai prepare to launch first product - an AI-powered coaching app tackling Gen Z loneliness, and relationship health - they are seeking a dynamic Head of Operations to lead and optimize day-to-day activities.
🔥Shanghai released a plan to build out its culture and tourism metaverse projects into an industry generating an annual revenue of 50 billion yuan (US$6.9 billion) by the end of 2025.
Hong Kong rating agency HKVAC announced its virtual asset index, in addition to BTC ETH stablecoins, including:
WBTC, BTCB, stETH, BCH, LTC, BNB, MATIC, ADA, ATOM, FIL, NEAR, ALGO, ICP, XRP, DOGE, DOT, WTRX, SHIB, TRX, LINK, LEO, XMR, XLM, OKB, LDO, HBAR, VET, QNT, FTM, EOS.
This institution is supported by Hong Kong legislators Johnny Ng, Huobi, KuCoin and others.
However, the listed tokens include platform tokens, privacy tokens, and a large number of tokens listed as securities by the US SEC, so the Hong Kong community believes that the reference value is not high.
The Hong Kong SFC requires retail-tradable tokens to be included in at least two indices. This index is non-governmental, and its judging criteria are simple, that is, the top 30 by market capitalization.
WBTC, BTCB, stETH, BCH, LTC, BNB, MATIC, ADA, ATOM, FIL, NEAR, ALGO, ICP, XRP, DOGE, DOT, WTRX, SHIB, TRX, LINK, LEO, XMR, XLM, OKB, LDO, HBAR, VET, QNT, FTM, EOS.
This institution is supported by Hong Kong legislators Johnny Ng, Huobi, KuCoin and others.
However, the listed tokens include platform tokens, privacy tokens, and a large number of tokens listed as securities by the US SEC, so the Hong Kong community believes that the reference value is not high.
The Hong Kong SFC requires retail-tradable tokens to be included in at least two indices. This index is non-governmental, and its judging criteria are simple, that is, the top 30 by market capitalization.
Muscle sensor company sees early promise in a pig
Phantom Neuro, a small startup working on a muscle sensor to allow better control of prosthetic limbs, has tested its device on a pig and found that could decode the pig's movements in real time.
The device would communicate the amputated limb's movements to the person's phone, and after that, to the prosthetic.
The company team will continue working on making the sensor communication more seamless, and eventually testing it on sophisticated robotic limbs.
In the meantime, Phantom Neuro has built out its board with Thomas Oxley, CEO of brain-computer interface company Synchron, and Joshua Duyan, former Chief Strategy Officer of CTRL labs. The company has raised around $9 million, according to AlphaSense.
Phantom Neuro, a small startup working on a muscle sensor to allow better control of prosthetic limbs, has tested its device on a pig and found that could decode the pig's movements in real time.
The device would communicate the amputated limb's movements to the person's phone, and after that, to the prosthetic.
The company team will continue working on making the sensor communication more seamless, and eventually testing it on sophisticated robotic limbs.
In the meantime, Phantom Neuro has built out its board with Thomas Oxley, CEO of brain-computer interface company Synchron, and Joshua Duyan, former Chief Strategy Officer of CTRL labs. The company has raised around $9 million, according to AlphaSense.
Phantom Neuro
Phantom Neuro | Redefining Human Capability
Phantom Neuro develops neural-control systems redefining human capability. Our technology unites biology and precision engineering to enhance human performance.
Google has killed its Project Iris AR smart glasses. It’s now focused on building an AR software platform for 3rd party device makers (and not just Samsung).
Business Insider
Google killed its Iris augmented-reality smart glasses as it shifts attention to building AR software
Google shelved plans for a pair of AR smartglasses and is instead focusing on building a software platform to court headset makers like Samsung.
Fintech_Regulation_Supervisory_Monitoring_1687880933.pdf
1.2 MB
The IMF has released a paper on 'Institutional Arrangements for Fintech Regulation : Supervisory Monitoring.'
Highlights
The impact of fintech is growing rapidly worldwide, although this growth is uneven across jurisdictions.
Depending on the effect of fintech, authorities may adopt a passive approach of monitoring fintech, try and capture new business models in existing regulatory frameworks, develop bespoke regulation, or adopt test and learn policies through institutional arrangements like innovation hubs and sandboxes.
The test and learn approach is relatively unique to fintech in financial regulation and supervision and has advantages and disadvantages. While it can help authorities monitor and respond to the challenges of fintech in some scenarios, in others it could lead to risks to consumers and markets, particularly when designed poorly or with an unclear use case.
Ultimately, the aim for authorities should be to consider fintech regulation part of the mainstream, where fintech expertise is embedded throughout an organization and not siloed to specific fintech units.
Highlights
The impact of fintech is growing rapidly worldwide, although this growth is uneven across jurisdictions.
Depending on the effect of fintech, authorities may adopt a passive approach of monitoring fintech, try and capture new business models in existing regulatory frameworks, develop bespoke regulation, or adopt test and learn policies through institutional arrangements like innovation hubs and sandboxes.
The test and learn approach is relatively unique to fintech in financial regulation and supervision and has advantages and disadvantages. While it can help authorities monitor and respond to the challenges of fintech in some scenarios, in others it could lead to risks to consumers and markets, particularly when designed poorly or with an unclear use case.
Ultimately, the aim for authorities should be to consider fintech regulation part of the mainstream, where fintech expertise is embedded throughout an organization and not siloed to specific fintech units.
The Law Commission of England and Wales has today published recommendations for reform and development of the law relating to digital assets.
Digital assets – which include crypto-tokens and NFTs – are used for an increasing variety of purposes in modern society, such as for investment, for making payments, and for linking to or embodying debt and equity securities.
Over the last 15 years, personal property law in England and Wales has proven sufficiently flexible to accommodate digital assets. However, as the digital asset market and related continue to change, there remains some residual legal uncertainty and complexity.
The Government therefore asked the Law Commission to carry out a first-ever rigorous common law analysis, showing how the law in England and Wales can respond to this kind of emerging technology.
The Commission’s recommendations for reform and development of the law aim to provide a comprehensive legal foundation for digital assets which will allow these new technologies to flourish, enabling a diverse range of market participants to interact with and benefit from them.
In its report, the Commission shows that the common law of England and Wales is well placed to provide a coherent and globally relevant regime for existing and new types of digital asset.
Because digital assets are not tangible and differ significantly from physical assets, and from rights-based assets like debts and financial securities, they do not fit within traditional categories of personal property. Nonetheless, the Commission argues that the flexibility of common law can accommodate a distinct category of personal property to better recognise and protect their unique features.
The Commission also recommends legislation to confirm the existence of this category and remove any uncertainty.
To ensure that courts can respond sensitively to the complexity of emerging technology, the Commission calls on Government to create a panel of industry experts who can provide guidance on technical and legal issues relating to the control of digitalassets.
The Commission also makes recommendations to provide market participants with legal tools that do not yet exist in England and Wales, such as new ways to take security over crypto-tokens and tokenised securities.
The Commission’s recommendations for reform and common law development aim to create a clear and consistent framework for digital assets that will provide greater clarity and security to users and market participants. The recommendations also support the Government’s goal of attracting technological development to cement the position of England and Wales as a global hub for crypto-tokens and crypto-assets.
Digital assets – which include crypto-tokens and NFTs – are used for an increasing variety of purposes in modern society, such as for investment, for making payments, and for linking to or embodying debt and equity securities.
Over the last 15 years, personal property law in England and Wales has proven sufficiently flexible to accommodate digital assets. However, as the digital asset market and related continue to change, there remains some residual legal uncertainty and complexity.
The Government therefore asked the Law Commission to carry out a first-ever rigorous common law analysis, showing how the law in England and Wales can respond to this kind of emerging technology.
The Commission’s recommendations for reform and development of the law aim to provide a comprehensive legal foundation for digital assets which will allow these new technologies to flourish, enabling a diverse range of market participants to interact with and benefit from them.
In its report, the Commission shows that the common law of England and Wales is well placed to provide a coherent and globally relevant regime for existing and new types of digital asset.
Because digital assets are not tangible and differ significantly from physical assets, and from rights-based assets like debts and financial securities, they do not fit within traditional categories of personal property. Nonetheless, the Commission argues that the flexibility of common law can accommodate a distinct category of personal property to better recognise and protect their unique features.
The Commission also recommends legislation to confirm the existence of this category and remove any uncertainty.
To ensure that courts can respond sensitively to the complexity of emerging technology, the Commission calls on Government to create a panel of industry experts who can provide guidance on technical and legal issues relating to the control of digitalassets.
The Commission also makes recommendations to provide market participants with legal tools that do not yet exist in England and Wales, such as new ways to take security over crypto-tokens and tokenised securities.
The Commission’s recommendations for reform and common law development aim to create a clear and consistent framework for digital assets that will provide greater clarity and security to users and market participants. The recommendations also support the Government’s goal of attracting technological development to cement the position of England and Wales as a global hub for crypto-tokens and crypto-assets.
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