Landmark Singapore Court of Appeal Case on Autonomous Algorithmic Trading

In Quoine Pte Ltd v B2C2 Ltd, the Singapore Court of Appeal affirmed the Singapore International Commercial Court's ruling that Quoine was in breach of contract by unilaterally reversing B2C2's digital token trades. In its ruling, the SGCA provides guidance on how traditional doctrines of breach of contract and unilateral mistake can be applied to contracts involving autonomous algorithmic processes.

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Singapore releases Second Edition of the Model Artificial Intelligence Governance Framework

Singapore released the Second Edition of the Model Artificial Intelligence Governance Framework on 21 January 2020. The second edition incorporates the experiences of organisations that have adopted AI and feedback from Singapore's participation in leading international platforms on AI.

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MAS Consults on the Proposed Regulatory Approach for Derivatives Contracts on Payment Tokens

On 20 November 2019, the Monetary Authority of Singapore published a consultation paper on its proposed approach under the Securities and Futures Act (SFA) for derivative contracts that uses payment tokens as underlying assets (Payment Token Derivatives). It also seeks the view of the public on the proposed amendments to the SFA that will reflect the intended regulatory scope of Payment Token Derivatives.

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Indonesia Implements E-Commerce Regulations

Indonesian authorities recently passed a new law on the regulation of E-Commerce activities that covers a broad scope of market players. The new law requires entities to obtain an e-commerce business licence and comply with personal data protection standards, among other requirements. Foreign Business Actors with a customer base in Indonesia may also face taxation or additional regulatory implications under this new law.

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Key Announcements in Singapore FinTech Festival 2019

Singapore FinTech Festival 2019, held from 11 to 15 November 2019, was attended by over 60,000 people from about 140 countries. During the festival, Singapore's regulatory authorities made several key announcements on projects and national strategies that are currently being undertaken to benefit and enhance Singapore's financial technology (FinTech) industry, including initiatives in FinTech investments, technology innovation collaboration, artificial intelligence projects and cybersecurity cooperation.

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