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PCC Publishes its Rules of Procedure

PCC Publishes its Rules of Procedure

The Philippine Competition Commission (PCC) has published its 2017 Rules of Procedure (Rules), which shall guide the PCC in the handling of complaints, referrals from regulatory agencies, and motu proprio inquiries, as well as in the conduct of its investigations. Under the Rules, the PCC, through the Enforcement Office, shall conduct a 90-day preliminary inquiry on the basis of a verified complaint, referral by a regulatory agency, or a directive from the Chairman and the Commissioners of the PCC 
(Commission), to determine whether there are reasonable grounds to conduct a full administrative investigation for any violation of the Philippine Competition […]

Asia Business Law Journal Interviews JJ Disini on Fintech

“Fintech”, short for financial technology, has become a major buzzword in recent years, especially in the most developed countries of the world. It is, however, still a relatively murky concept in some areas of the Asia-Pacific, even though it has already brought significant change to the economic landscape in the region. Many experts are seeing enormous fintech opportunities in the Asia-Pacific, and are also predicting the region to surpass the US and Europe in fintech innovations. Some say that government support, regulatory facilitation, consumer willingness, and easy access to capital are just a few of the reasons contributing to this […]

French Children Under 16 Now Need Parental Approval for Facebook Account

French Children Under 16 Now Need Parental Approval for Facebook Account

Last Wednesday, a draft legislation which requires French children under 16 to seek parental approval to create a Facebook account was submitted to the Parliament for approval. In presenting the outlines of a data privacy bill which includes the requirement, Justice Minister Nicole Belloubet revealed that such children who wish to get on Facebook or any similar social networks would have to confirm that they obtained parental approval by ticking a box which amounts to a declaration governed by law. However, some observers have noted that it is not clear how enforceable the process will be. Source: FirstPost

Denmark Eyes Cryptocurrency to Fund Humanitarian Aid

Denmark Eyes Cryptocurrency to Fund Humanitarian Aid

Last Thursday, the Danish Foreign Ministry, in collaboration with Sustainia and Coinify, revealed in a report that they are investigating the use of blockchain technology as a solution for providing financial aid for development. Coinify’s CEO Mark Hojgaard cited a concrete example on how cryptocurrency can be used in such applications and said that the company is currently working on using cryptocurrency to pay for off-grid renewable energy, instead of using monetary donations. Hojgaard added that using cryptos is a good way to control the flow of money and can ensure that the funds will go to where it is […]

Bitcoin Momentum Exposes Crypto-market Flaws

Bitcoin Momentum Exposes Crypto-market Flaws

Some investors have expressed their worries about the frailties of the cryptocurrency market’s infrastructure after a number of services recently went down due to the sudden influx of demand, driven by the surge in Bitcoin prices. Earlier this week, around 10 million customers were left unable to access their funds on Coinbase, one of the world’s biggest digital currency wallet providers. At the same time, the world’s biggest bitcoin exchange Bitfinex was crippled by a DDoS attack which took down its website and services. Last December 7, GDAX and Coinbase also went down around 10 times due to a flurry […]

Malaysia Central Bank Issues Guidelines for Country’s Cryptocurrency Businesses

Malaysia Central Bank Issues Guidelines for Country’s Cryptocurrency Businesses

Last Thursday, Malaysia’s Central Bank released for public consultation a draft of the guidelines which will set legal obligations, requirements, and standards for digital currency exchangers in the country. The guidelines shall designate such businesses as “reporting institutions” under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). However, Bank Negara Malaysia (BNM) reminded the public that digital currencies should not be considered as legal tender, and that the the draft regulations do not serve as endorsement of business that provide cryptocurrency services. Source: Reuters

US Regulators Vote Against Net Neutrality Rules, Supporters Vow to Retaliate

US Regulators Vote Against Net Neutrality Rules, Supporters Vow to Retaliate

Last Thursday, the US Federal Communications Commission voted 3-2 to undo net neutrality rules that were introduced in 2015. The vote is said to be a victory for internet service providers which now have the power to block content from consumers. However, opponents of FCC chief Ajit Pai’s approved proposal said right after that they will be taking steps to undo the decision. Senator Edward Markey, along with 15 other senators, revealed that they will be introducing a resolution to restore the rules. A trade group called the Internet Association, which Alphabet and Facebook is a member of, said that […]

Cryptojacking Scripts Found on Video Streaming Sites, GitHub, Starbucks WiFi

Cryptojacking Scripts Found on Video Streaming Sites, GitHub, Starbucks WiFi

A number of users have recently called attention to the presence of “cryptojacking” scripts embedded in unlikely places such as Starbucks’ WiFi network and GitHub repositories. In an incident involving a Starbucks branch in Buenos Aires last December 2, a founder of an NY startup tweeted to Starbucks that he had found a Coinhive miner in the store’s wifi. Meanwhile, Sucuri researchers found cryptojackers to be hosted and loaded on legitimate websites from GitHub repositories. Coinhive in-browser miners are still typically found on pirate sites and video streaming sites such as Openload, Streamango, Rapidvideo. A list of popular sites that […]

ROBOT Cryptographic Attack Can be Used to Decrypt HTTPS

ROBOT Cryptographic Attack Can be Used to Decrypt HTTPS

A three-man research team recently discovered that a variation to a cryptographic attack from 19 years ago can be used to decrypt HTTPS traffic on a number of popular sites such as Facebook and Paypal. Called ROBOT (Return Of Bleichenbacher’s Oracle Threat), the attack is able to bypass security countermeasures used by the TLS standard. The team revealed that under certain conditions, the ROBOT attack can be used to exploit flaws in products offered by companies like Cisco, Citrix, F5, and Radware. 27 out of Alexa’s Top 100 websites are also vulnerable to the attack. The team also published a […]

Phishing Sites Now Abusing Extended Validation (EV) Certificates to Gain User Trust

Phishing Sites Now Abusing Extended Validation (EV) Certificates to Gain User Trust

New research released last Wednesday established that Extended Validation (“EV”) SSL certificates may not protect from online fraud and are increasingly being abused to create convincing phishing sites.    Phish Labs said in their report last week that one out of four phishing sites now use HTTPS. In addition to this, researcher Ian Carroll proved that it is fairly easy to obtain an EV SSL certificate using the name of an existing legitimate business when he incorporated a business called “Stripe, Inc.” in Kentucky. While the real company is incorporated in Delaware, browsers would display the identical company name which […]

Singapore Launches Bug Bounty Programme, Calls on Hackers to Breach Systems

Singapore Launches Bug Bounty Programme, Calls on Hackers to Breach Systems

Singapore’s Ministry of Defence (Mindef) recently launched a bug bounty programme via HackerOne and invited ethical hackers around the world to penetrate its systems. Mindef chief David Koh said that the first-ever crowdsourcing effort will kick off on January 15 and end on February 4 next year. The programme will be run by global bug bounty vendor HackerOne and will reward hackers for every valid and unique vulnerability. Koh added that it is impossible for any organization to fully secure their systems on its own, which is why the ministry sought help from the global community of ethical hackers to […]

Ad-tech Firm Behind Intrusive Mac Adware Insists Product is Not Malware

Ad-tech Firm Behind Intrusive Mac Adware Insists Product is Not Malware

An Israeli ad-tech firm TargetingEdge was recently revealed to have sent cease-and-desist letters to researchers at Cybereason, threatening to take legal action if the security researchers publish their findings on the “sneaky” OSX.Pirrit adware. Last Tuesday, principal researcher at Cybereason Amit Serper divulged in his writeup how the OSX.Pirrit tricks users into providing root privileges to the adware’s installer, which downloads files used to maintain the malware’s persistence on the infected computer. The adware also attempts to appear as a legitimate macOS function and uses AppleScript to inject ads directly into the browser. Serper was also able to establish that […]