In a recent announcement published on the official website of The Intellectual Property Office of Singapore [IPOS], it stated that Fintech companies residing in Singapore will have patents approved as soon as six months and not wait for two years anymore.
The statement read:
“The incorporation of blockchain technology to improve the security and efficiency of clearing and settlement across borders for transaction and payment is deemed as a Fintech invention.”
In order to be eligible for the express approval, the blockchain patent applicants must file documents in Singapore first and must contain less than twenty claims per application.
This new initiative comes weeks after the Singapore government organized a blockchain competition with government funding in an effort to remunerate and select prospective blockchain startups.
The initiative which is a part of the Republic’s Smart Nation agenda will motivate fintech enterprises and startups to innovate solutions to match the rising demand for fintech solutions in ASEAN [Association of Southeast Asian Nations] and operate effectively within Singapore’s financial infrastructure and regulatory policies.
Daren Tang, Chief Executive of IPOS, says,
“By significantly reducing the time needed for grant of a fintech patent, our innovative enterprises will be able to compete effectively through their intellectual property and use these intellectual assets to scale up and enter the world’s market, at the same time, we hope to see the emergence of more fintech innovations that will improve the way we transact in our daily lives, bringing greater value and convenience to our people, and paving the way to achieve our national goal of becoming a smart nation.”
Sopnendu Mohanty, Chief Fintech Officer of MAS says,
“In an industry where time-to-market is critical, the expedited process for fintech patents will enable businesses to commercialize their products and services more quickly the fintech fast track will make Singapore more attractive as a destination for fintech firms, and help further strengthen Singapore’s fintech ecosystem”
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Cryptopia: New Zealand Court grants 10 extra working days to present its first liquidators report
Cryptopia, the defunct New Zealand cryptocurrency exchange, announced that there was an update with regard to the first liquidation report. The exchange stated that the New Zealand Court grated the platform ten extra days to present the report, with the date now scheduled to 4th June 2019.
The exchange stated on its official Twitter handle,
“The New Zealand Court has granted a 10 working day extension on the initial Cryptopia Ltd Liquidators report. It is now due on 4 June and will be available on the New Zealand Companies website when it is submitted”
Sean Crypto Phillips, a Twitter user stated,
“I hope that the liquidators understand that the coins are funds held in trust, not general assets of Cryptopia, so should be returned in full and without conversion. Also, I will be interested in any news of recovery from amounts sent to Huobi, although my balance was intact.”
Currently, the exchange’s website continues to be under maintenance, with the site displaying the press release pertaining to the liquidation process. According to that announcement, the liquidation process is handled by David Ruscoe and Russell Moore, representatives of Grant Thornton.
The exchange had decided to take this path because of the security breach that occurred earlier this year in January. Notably, the exchange fell victim to two attacks with the hacker gaining control over all of its Ethereum funds. At present, “the liquidators are focusing on securing the assets for the benefit of all stakeholders.” The investigation conducted by Grant Thornton was reported to take months instead of weeks, with the first report set to be released in the coming month.
Aside from this, the exchange also made headlines when the attacker had started to move the stolen Ethereum funds to different wallets and exchanges, which includes Huobi and EtherDelta. Huobi, a leading centralized exchange, released a statement concerning this incident on its official social media handle. The platform stated that the stolen funds were automatically detected by its system, following which it was immediately frozen.
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