Chinese wave of ChatGPT rivals, Alibaba goes multi-channel: Asia Express
Our weekly East Asian news roundup features the most important developments in the industry.
Hong Kong Moves Closer to a Clear Path to Crypto RegulationA few months after major players in the industry failed to provide registration pathways for cryptocurrency exchanges in Hong Kong, some respite may finally be on the horizon. On April 27, Julia Leung, Chief Executive of Hong Kong's Securities and Futures Commission (SFC), said regulation of virtual asset trading platforms (VATPs) remains one of the commission's top priorities, saying :
“The SFC received over 150 responses to the consultation on the proposed regulatory requirements for TVAP licensed operators and will publish the final findings and guidelines in May before the new regime takes effect on June 1, 2023. "
Leung also said Web3 and blockchain technology will bring "huge benefits to the financial industry in terms of efficiency" and reiterated the commission's support for "the underlying distributed ledger technology and innovation responsible in relation". However, the SFC also issued the following warning:
“The regulator takes firm and prompt enforcement action against market manipulation activities, social media ramp and dump schemes, abusive behavior in listings, misconduct by intermediaries and related misconduct to virtual assets. The Amended Money Laundering Ordinance (AMLO) will give the SFC new powers to combat these scams.”
In February, the SFC launched a consultation on its proposed regulatory requirements for digital asset trading platforms. As of April 20, a released by the Hong Kong Stock Exchange, the daily trading volume of all Hong Kong crypto ETFs averaged around $1.19 million between December 2022 and early February.
Alibaba is interested in multi-channelOn April 26, Ant Financial, a subsidiary of Chinese e-commerce conglomerate Alibaba, announced at its annual digital technology developer conference that it will officially offer its cross-chain protocol AntChain Bridge to developers around the world.
The AntChain Bridge was designed based on the IEEE (Institute of Electrical and Electronics Engineers) Standard for Blockchain Interoperability, one of the first standardized communication protocols in this category.Yan Ying, Director technical expert from AntChain, said cross-chain technology "is critical to unlocking the full potential of Web3" and would enable "large-scale transfer of digital assets".
During a live demo, AntChain Bridge develops several commemorative NFTs on different blockchains. Developers can access its cross-chain systems or commercial smart contracts by downloading the cross-chain plugin from the AntChain Openlab Github repository page. Two months prior, the Chinese affiliate of the National Basketball Association (NBA) announced that it would expand its partnership with Ant Financial to mint more NFTs on its native AntChain. Blockchain was launched in 2017 with a focus on fintech.
On April 27, local media IThome reported that Chinese telecommunications conglomerate Huawei had filed a national trademark application titled "Huawei NetGPT" under the "scientific instruments" classification. Earlier this month, Huawei developers shared additional information about its other ChatGPT clone, "PanguGPT", claiming that:
"It has entered the field of intelligent document search, intelligent enterprise resource planning, and implemented scenarios such as enterprise financial anomaly detection, large-scale models in Arabic, etc."
Similar to Huawei, Chinese tech giant Baidu unveiled its answer to ChatGPT, Ernie Bot, on March 16. A month later, Alibaba also started testing rival ChatGPT dubbed "Tongyi Qianwen". Around the same day, American business mogul Elon Musk also revealed that he would create his own ChatGPT equivalent, TruthGPT, for apparently . Based on the cat...
Our weekly East Asian news roundup features the most important developments in the industry.
Hong Kong Moves Closer to a Clear Path to Crypto RegulationA few months after major players in the industry failed to provide registration pathways for cryptocurrency exchanges in Hong Kong, some respite may finally be on the horizon. On April 27, Julia Leung, Chief Executive of Hong Kong's Securities and Futures Commission (SFC), said regulation of virtual asset trading platforms (VATPs) remains one of the commission's top priorities, saying :
“The SFC received over 150 responses to the consultation on the proposed regulatory requirements for TVAP licensed operators and will publish the final findings and guidelines in May before the new regime takes effect on June 1, 2023. "
Leung also said Web3 and blockchain technology will bring "huge benefits to the financial industry in terms of efficiency" and reiterated the commission's support for "the underlying distributed ledger technology and innovation responsible in relation". However, the SFC also issued the following warning:
“The regulator takes firm and prompt enforcement action against market manipulation activities, social media ramp and dump schemes, abusive behavior in listings, misconduct by intermediaries and related misconduct to virtual assets. The Amended Money Laundering Ordinance (AMLO) will give the SFC new powers to combat these scams.”
In February, the SFC launched a consultation on its proposed regulatory requirements for digital asset trading platforms. As of April 20, a released by the Hong Kong Stock Exchange, the daily trading volume of all Hong Kong crypto ETFs averaged around $1.19 million between December 2022 and early February.
Alibaba is interested in multi-channelOn April 26, Ant Financial, a subsidiary of Chinese e-commerce conglomerate Alibaba, announced at its annual digital technology developer conference that it will officially offer its cross-chain protocol AntChain Bridge to developers around the world.
The AntChain Bridge was designed based on the IEEE (Institute of Electrical and Electronics Engineers) Standard for Blockchain Interoperability, one of the first standardized communication protocols in this category.Yan Ying, Director technical expert from AntChain, said cross-chain technology "is critical to unlocking the full potential of Web3" and would enable "large-scale transfer of digital assets".
During a live demo, AntChain Bridge develops several commemorative NFTs on different blockchains. Developers can access its cross-chain systems or commercial smart contracts by downloading the cross-chain plugin from the AntChain Openlab Github repository page. Two months prior, the Chinese affiliate of the National Basketball Association (NBA) announced that it would expand its partnership with Ant Financial to mint more NFTs on its native AntChain. Blockchain was launched in 2017 with a focus on fintech.
On April 27, local media IThome reported that Chinese telecommunications conglomerate Huawei had filed a national trademark application titled "Huawei NetGPT" under the "scientific instruments" classification. Earlier this month, Huawei developers shared additional information about its other ChatGPT clone, "PanguGPT", claiming that:
"It has entered the field of intelligent document search, intelligent enterprise resource planning, and implemented scenarios such as enterprise financial anomaly detection, large-scale models in Arabic, etc."
Similar to Huawei, Chinese tech giant Baidu unveiled its answer to ChatGPT, Ernie Bot, on March 16. A month later, Alibaba also started testing rival ChatGPT dubbed "Tongyi Qianwen". Around the same day, American business mogul Elon Musk also revealed that he would create his own ChatGPT equivalent, TruthGPT, for apparently . Based on the cat...
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