Author Archives: Jennifer Komlyk

Hong Kong Continues Developing Its Virtual Asset Framework

by Simon Hawkins and Adrian Fong

The latest statements from the government and regulators indicate that Hong Kong is moving forward with enhancing its virtual asset regulatory and legal regime.

The Hong Kong government and the Securities and Futures Commission (SFC) announced their policy stances and further measures to support the development of virtual assets (VA) in Hong Kong at the Hong Kong Fintech Week 2022. Senior government officials and regulators expressed support for Hong Kong to continue to establish a responsible legal and regulatory framework to develop its VA industry.

The Financial Services and the Treasury Bureau (FSTB) published a policy statement recognizing that VAs were “here to stay” and would create opportunities in finance, e-commerce, Web3, and the Metaverse for Hong Kong. Consistent with the policy approach that Hong Kong’s financial services regulators previously mentioned, the government intends to adopt the “same activity, same risks, same regulation” principle to manage risks alongside innovation.

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AI Regulation in Europe

by Patricia Ernst, Alistair Maughan, and Georgia Wright

It has been a busy summer for followers of the various European regulatory proposals to introduce a regulatory framework for the use of artificial intelligence in Europe. The EU is trying to resolve internal differences in approach to regulation, while the proposals published by the UK overtly take a more light-touch, pro-innovation approach.

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California’s Age-Appropriate Design Code Act Expands Businesses’ Privacy Obligations Regarding Minors

by Avi Gesser, Johanna N. Skrzypczyk, Michael R. Roberts, Michael J. Bloom, Martha Hirst, and Alessandra G. Masciandaro

On September 15, 2022, California Governor Gavin Newsom signed into law the bipartisan AB 2273, known as the California Age-Appropriate Design Code Act (“California Design Code”). The California Design Code aims to protect children online by imposing heightened obligations on any business that provides an online product, service, or feature “likely to be accessed by children.” Governor Newsom stated that he is “thankful to Assemblymembers Wicks and Cunningham and the tech industry for pushing these protections and putting the wellbeing of our kids first.”  The California Design Code’s business obligations take effect on July 1, 2024, though certain businesses must complete Data Protection Impact Assessments “on or before” that date.

In this post, we outline the California Design Code and its compliance requirements, compare it to pre-existing privacy regimes, and conclude with key takeaways for businesses to keep in mind as they adapt to the ever-changing privacy landscape.

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