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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 […]

Connected Alarm System Flaw Leaves Cars Completely Vulnerable to Hackers

Connected Alarm System Flaw Leaves Cars Completely Vulnerable to Hackers

Two researchers disclosed this week that a bug in a popular internet-connected vehicle management system could give hackers enough access to track a vehicle’s location, collect user information, and even cut out the engine. The system, developed by a telematics company called Calamp, is said to be used in a good portion of  modern vehicles which owners may not even be aware of. One such app called Viper SmartStart, which allows users to locate, start, and control their car from their phone, uses a Calamp modem to connect to its cloud-based servers The researchers also said that they were able […]

China’s Blockchain Index Ranks Ethereum First, Bitcoin at 13th

China’s Blockchain Index Ranks Ethereum First, Bitcoin at 13th

In the newly released Global Public Chain Assessment Index of the Chinese government, Ethereum was voted as the top public blockchain in the cryptocurrency space, while Bitcoin came only in 13th place. The index, which has 28 blockchain projects with their corresponding cryptocurrencies, ranked Steem, Lisk, NEO and Komodo in second, third, fourth, and fifth places respectively. Created and released by the China Center for Information Industry Development, which is part of the Ministry of Industry and Information Technology in Beijing, the index evaluates each blockchain according to usefulness, innovativeness, and technological capability. Source: Reuters

Google Drops “Secure” HTTPS Indicator

Google Drops “Secure” HTTPS Indicator

Google announced last Thursday that it will stop marking https pages as secure, pointing out that users should expect the web to be safe by default. The change, which will be rolled out in Chrome 69 in September, will include the removal of the green padlock and “secure” wording from the address bar. Additionally, it was revealed that http pages will be marked as “not secure” starting around October with Chrome 70. Google reasoned that the usage of http before was too high which is why they did not mark it with a strong red warning. Source: ZDNet

New Report Says $1 Billion Already Invested in Fraudulent ICOs

New Report Says $1 Billion Already Invested in Fraudulent ICOs

A new report from the Wall Street Journal said that investors had already put in around $1 billion into initial coin offerings that bore a number of red flags for fraud. According to the WSJ, 271 out of 1,450 digital coin offerings raised red flags such as fake executive information or plagiarized documents, while 111 had re-written or fully plagiarized white papers. In one case, a Polish banker named Jenish Mirani even said that his photo was used to portray the co-founder of an online payment project called Denaro. It is said that while coin sales or initial coin offerings […]

NoKor Hackers Use Google Play and Facebook to Steal Personal Information

NoKor Hackers Use Google Play and Facebook to Steal Personal Information

McAfee researchers published in a blog post last Thursday that hackers with ties to North Korea were able to upload at least three apps designed to steal personal information on Google Play. The malicious Android apps were then spread to defectors via Facebook. Two of the apps were made to look like security apps, and the third a nutritional app. The researchers said that the apps had been present on Play Store since January and were only taken down last March. It is said that state-backed espionage campaigns such as the one mentioned often keep a small number of targets […]

US Senate Votes in Favor of Net Neutrality

US Senate Votes in Favor of Net Neutrality

The US Senate voted in favor of retaining the Obama-era open internet rules last Wednesday. The move, which seeks to overturn the FCC’s decision, is said to have a slim chance of approval in the House of Representatives of the White House. Three Republicans, John Kennedy, Lisa Murkowski and Susan Collins, and two independents, were seen voting with 47 Democrats to reverse the Trump administration’s decision. Senate Democratic Leader Chuck Schumer reasoned out that the internet should be treated like the public good that it is. Schumer pointed out that water companies or phone companies are not allowed to discriminate […]

Twitter’s Jack Dorsey Supports Adoption of Bitcoin

Twitter’s Jack Dorsey Supports Adoption of Bitcoin

Twitter CEO Jack Dorsey recently expressed his interest in cryptocurrencies such as Bitcoin and said that he would like to see it adopted as global means of payment. Dorsey, who is also CEO of Square, said that he believes Bitcoin, or another cryptocurrency, will become the internet’s native currency. It is said that Dorsey wants to have his company at the forefront of cryptocurrency adoption as it would lower the barrier for Dorsey’s payments company to enter new markets. According to Nomura Instinet, Square’s mobile payment app, which was launched in January, is growing faster than PayPal’s Venmo partly due […]

Tianjin Announces $16 Billion AI Fund

Tianjin Announces $16 Billion AI Fund

Last Thursday, China’s northern port city of Tianjin announced that it will be allocating around 100 billion yuan ($16 billion) to support the growth of country’s artificial intelligence sector. The funds will be used for the development of intelligent robots and hardware and software while around 30 billion will go to intelligent devices and upgrades for traditional industries. A separate fund of 10 billion will be set up to promote intelligent manufacturing. Tianjin vice mayor Sun Wenkui also pledged around 30 million yuan for each scientific research institution, whether a provincial- or national-level body, that sets up in the province. […]

FBI Chief Warns Against Companies Like ZTE

FBI Chief Warns Against Companies Like ZTE

Last Wednesday, FBI Director Christopher Wray told a Senate panel that his agency is “deeply concerned” about companies like ZTE gaining a foothold in the US market. Wray also questioned Trump’s change in tone with regards to the company, saying that he was not aware if the president had tried to consult them before promising on Twitter to help ZTE restore jobs after it was found to have violated US trade restrictions. Wray also said that companies such as ZTE that do not hold the same values should not be allowed to gain position within the country’s telecommunications network as […]

Crypto Payments Still Not Legal Under Russia’s “Digital Law”

Crypto Payments Still Not Legal Under Russia’s “Digital Law”

Izvestia, the news portal of the Russian Ministry of Information Technologies, recently reported that cryptocurrencies will still not be considered a legitimate method of payment under the country’s “digital bill” which is expected to establish a legal basis for digital rights and digital transactions. President Vladimir Putin had previously ordered the central bank and the government to submit an assessment of cryptocurrency, including the risks involved and the technological solutions it may offer in banking. However, it may follow from the bill that such currencies may be used as payment “in controlled quantities” in the future. It is said that […]