Why Hong Kong is still bullish on crypto
This story first appeared in China Report, MIT Technology Review’s newsletter about technology in China. Sign up to receive it in your inbox every Tuesday.
We were far from the courtroom where Sam Bankman-Fried was found guilty on seven criminal charges, but everyone still wanted to talk about him. That said, I have a feeling the conversations I heard last week were pretty different from the ones in the US.
The day after his conviction, I was at Hong Kong FinTech Week 2023, a new annual conference hosted by the local government. Unlike people in the US, where the SBF trial is just one more episode in the prolonged crypto winter, those in Hong Kong were feeling much more optimistic about all things Web3.
The city’s top official, Chief Executive John Lee, was there to discuss how the city could reinvent itself as a technology hub and capitalize on the big bets it has made over the past year on blockchain and cryptocurrencies. Yat Siu, founder of Animoca Brands, a homegrown Web3 startup that was clearly the star of the two-day event, told the audience on Friday, “This is the closing of a dark chapter of the industry … now we can start moving forward.”
I attended panel after panel where people discussed the future of tokenized assets, central-bank digital currencies, and even NFTs—beaming with hopes that’d be hard to find in the US. It felt as if I’d jumped into a time machine; the executives of international crypto heavyweights like Crypto.com and Bored Ape Yacht Club attended the conference in person, while the CEO of Coinbase videoed in for a fireside chat. (I have to say I’m glad I didn’t go to the BAYC party, a side event happening at the same time, which apparently left many attendees with “severe eye burn.” Ouch.)
For these execs, Hong Kong is a rare place where the government is welcoming them. Following major crypto failures last year like the collapse of FTX and Terra, and reports about the worthlessness of NFTs, many governments and observers have grown wary of the industry. But for Hong Kong, this new digital frontier seems like an opportunity to rewire its economy.
The city used to punch above its weight in finance and trade, but its importance in these sectors has been falling. And as tech industries have powered exponential growth in places like Shenzhen (which is right across the border in mainland China), Hong Kong has missed out on much of that boom. Crypto, though, could offer a relatively easy pivot.
During the FinTech Week last year, the local government released its own NFTs and a tokenized bond. Since then, leaders of global Web3 projects have visited Hong Kong and explored investing there, says Gary Liu, founder of two Hong Kong–based Web3 startups, Terminal3 and Artifacts Lab. “While everyone else is in a bear market, Hong Kong is rising up,” he says.
What arguably matters most to these international crypto players is that Hong Kong has been busy creating a framework allowing them to legally provide services there. In May, Hong Kong introduced a licensing regime for retail crypto exchanges, and two companies have already been approved to operate. At the conference last week, speakers kept bringing up the prospect that Hong Kong would soon issue more legislation on stablecoins—which will be an important bridge between fiat money and cryptocurrencies, and provide a foundation for many Web3 services.
Compared with other governments, Hong Kong has been moving faster in crypto legislation while being consistently more friendly. It is not the first government to try crafting crypto regulation; Europe started exploring its Markets in Crypto Assets Regulation in 2020, and Singapore and Japan also started years ago. But Hong Kong has made significant progress in catching up in just the last year, says Linda Jeng, the head of global Web3 strategy at the DC-based industry group Crypto Council for Innovation.
“I anticipate Hong Kong to probably be finished with putting in place all the legal regulatory framework way ahead of Europe,” she told me at the conference. “It can literally leapfrog Europe.” That could entice more Web3 companies and investors to set up shop in the city.
But as with anything in this space, moving this fast is a high-risk bet. Crypto may turn out to be less transformative than initially promised, and there’s also the chance of inadvertently enabling more scams and traps. Just in September, the local crypto scene was shaken by the collapse of JPEX, a crypto exchange that defrauded investors of $192 million worth of assets in Hong Kong.
But so far, the city’s government seems undeterred. In a keynote speech, Christopher Hui, Hong Kong’s secretary for financial services and the treasury, said: “We have been asked many times whether JPEX will affect our determination to grow Web3, the answer is a clear no.”
Beijing’s attitude toward crypto
————
By: Zeyi Yang
Title: Why Hong Kong is still bullish on crypto
Sourced From: www.technologyreview.com/2023/11/08/1083098/hong-kong-crypto-web3-regulation/
Published Date: Wed, 08 Nov 2023 10:00:00 +0000
Tech
The Download: inside the first CRISPR treatment, and smarter robots
This is today’s edition of The Download our weekday newsletter that provides a daily dose of what’s going on in the world of technology.
The lucky break behind the first CRISPR treatment
The world’s first commercial gene-editing treatment is set to start changing the lives of people with sickle-cell disease. It’s called Casgevy, and it was approved last month in the UK. US approval is pending this week.
The treatment, which will be sold in the US by Vertex Pharmaceuticals, employs CRISPR, which can be easily programmed by scientists to cut DNA at precise locations they choose.
But where do you aim CRISPR, and how did the researchers know what DNA to change? That’s the lesser-known story of the sickle-cell breakthrough, which doesn’t rely on fixing the genes responsible for the mutation that leaves patients’ hemoglobin molecules misshapen. Instead, it’s a kind of molecular bank shot—thankfully, one with a happy ending. Read the full story.
—Antonio Regalado
Read more about the sickle-cell breakthrough:
+ I received the new gene-editing drug for sickle cell disease. It changed my life. As a patient enrolled in a clinical trial for Vertex’s new exa-cel treatment, Jimi Olaghere was among the first to experience CRISPR’s transformative effects. Read the full story.
+ The first CRISPR cure might kick-start the next big patent battle. Vertex Pharmaceuticals plans to sell a gene-editing treatment for sickle-cell disease. A patent on CRISPR could stand in the way. Read the full story.
These robots know when to ask for help
The news: A new robot training model, dubbed “KnowNo,” aims to teach robots to ask for our help when orders are unclear. At the same time, it ensures they seek clarification only when necessary, minimizing needless back-and-forth. The result is a smart assistant that tries to make sure it understands what you want without bothering you too much.
Why it matters: While robots can be powerful in many specific scenarios, they are often bad at generalized tasks that require common sense. That’s something large language models could help to fix, because they have a lot of common-sense knowledge baked in. Read the full story.
—June Kim
Medical microrobots that travel inside the body are (still) on their way
The human body is a labyrinth of vessels and tubing, full of barriers that are difficult to break through. That poses a serious hurdle for doctors. Illness is often caused by problems that are hard to visualize and difficult to access. But imagine if we could deploy armies of tiny robots into the body to do the job for us. They could break up hard-to-reach clots, deliver drugs to even the most inaccessible tumors, and even help guide embryos toward implantation.
We’ve been hearing about the use of tiny robots in medicine for years, maybe even decades. And they’re still not here. But experts are adamant that medical microbots are finally coming, and that they could be a game changer for a number of serious diseases. Read the full story.
—Cassandra Willyard
This story is from The Checkup, our weekly biotech newsletter. Sign up to receive it in your inbox every Thursday.
The must-reads
I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.
1 Use of deepfake pornography apps is soaring
Links to the disturbing AI ‘nudifying’ services are rife on X and Reddit. (Bloomberg $)
The viral AI avatar app Lensa undressed me—without my consent. (MIT Technology Review)
2 TikTok is embarking on an anti-hate speech campaign
Spurred by the criticism the platform received over Israel-Hamas videos (The Information $)
TikTok’s algorithm means everyone’s feed is siloed, though. (The Verge)
The conflict has forced Meta’s oversight board to investigate two posts. (Wired $)
Republicans are repeating bogus claims to try and get TikTok banned. (Motherboard)
3 A major Abu Dhabi-based AI company is cutting ties with China
G42 is ditching its Chinese hardware contracts in favor of US suppliers. (FT $)
4 We’re learning more about how vaping affects us
It’s better than smoking. But that doesn’t mean it’s good for you, either. (New Scientist $)
Social media is full of posts promoting vaping to young users. (The Guardian)
5 The US wants to build the next revolutionary particle collider
But it could take years to get the project off the ground. (NYT $)
6 The Milky Way is likely to devour the galaxies surrounding it
It’s looking like dark matter could have something to do with it. (Ars Technica)
7 Our microbiomes aren’t diverse enough
And our sedentary lifetimes and antibiotics are to blame. (Proto.Life)
We’re learning a lot more about the vaginal microbiome. (Scientific American $)
How gene-edited microbiomes could
————
By: Rhiannon Williams
Title: The Download: inside the first CRISPR treatment, and smarter robots
Sourced From: www.technologyreview.com/2023/12/08/1084760/the-download-inside-the-first-crispr-treatment-and-smarter-robots/
Published Date: Fri, 08 Dec 2023 13:10:00 +0000
Tech
The lucky break behind the first CRISPR treatment
The world’s first commercial gene-editing treatment is set to start changing the lives of people with sickle-cell disease. It’s called Casgevy, and it was approved last month in the UK. US approval is pending this week.
The treatment, which will be sold in the US by Vertex Pharmaceuticals, employs CRISPR, the Nobel-winning molecular scissors that have had journalists scrambling for metaphors: “Swiss Army knife,” “molecular scalpel,” or DNA copy-and-paste. Indeed, CRISPR is revolutionary because scientists can so easily program it to cut DNA at precise locations they choose.
But where do you aim CRISPR? That’s the lesser-known story of the sickle-cell breakthrough. The disease is caused by faulty hemoglobin, the molecule that carries oxygen in the blood. To cure it, though, Vertex and its partner company, CRISPR Therapeutics, aren’t fixing the genes responsible for the mutation that leaves those molecules misshapen. Instead, the new treatment involves a kind of molecular bank shot—an edit that turns on fetal hemoglobin, a second form of the molecule which we have in the womb but lose as adults.
You can think of how the edit works as a kind of double negative. It adds a misspelling to the turbo-booster of another gene, BCL11A, that is itself what inhibits the production of fetal hemoglobin in adult bodies. Without that booster, there’s less inhibition, and more fetal hemoglobin. Got it?
“When you inhibit the enhancer, you inhibit the inhibitor,” says Daniel Bauer, a professor at Boston Children’s Hospital and Harvard University, who helped work it out. “It is kind of complicated.”
The important thing is a happy ending—and this edit really works. Some patients say they lived in fear of dying, either from an acute attack of sickling (when their red blood cells start blocking vessels) or from slow, insidious organ damage. Now early volunteers say they’re grateful—and, after living with disease their whole lives, even a little shocked—to be cured.
Newborn theory
The idea that fetal hemoglobin can protect against the disease is an old one. Sickle-cell is most common in people with African ancestry. A doctor on Long Island, Janet Watson, had noticed in 1948 that newborns never showed its signs—the main one being misshapen, crescent-shaped red blood cells. That was pretty odd for an inborn condition.
“Sickle-cell disease should occur in infancy as often as later in life,” Watson wrote. But since it didn’t, Watson hypothesized that the fetal form of the molecule, active in the womb, was protecting babies for a few months after birth, until it was replaced by the adult version: “The theory that at once presents itself is that fetal hemoglobin is unable to produce sickling.”
She was right. But it took another six decades to learn how the switch-over worked—and how to flip it back. Many of those discoveries were made in the laboratory of Stuart Orkin, a Harvard researcher who published his first paper in 1967 and who’s lived through several eras of research on blood diseases, starting near the dawn of molecular biology.
“I am one of the last men standing,” Orkin told me with a grin when I met him for a corned-beef sandwich.
Stuart Orkin analyzing DNA from individuals with blood disorders in his lab in 1985.BOSTON CHILDREN’S HOSPITAL
He’s a clever scientist who a long time ago decided to study how the blood system is regulated. Logistically, it was a great topic; blood cells are easy to get hold of and study.
“I like to solve a problem, and here is a problem that could be solved,” Orkin says. “How does the system work, and then can you do anything about it?”
Special sauce
Bill Lundberg, the former chief scientific officer of CRISPR Therapeutics, the biotech that first started developing the treatment eight years ago (Vertex later joined as a partner), says the company’s sickle-cell project directly made use of Orkin’s findings. “Stu’s role is really underappreciated,
————
By: Antonio Regalado
Title: The lucky break behind the first CRISPR treatment
Sourced From: www.technologyreview.com/2023/12/07/1084629/lucky-break-crispr-vertex/
Published Date: Thu, 07 Dec 2023 14:00:09 +0000
Did you miss our previous article…
https://mansbrand.com/the-download-googles-gemini-is-here-and-sundar-pichai-talks-ai/
Tech
The Download: Google’s Gemini is here, and Sundar Pichai talks AI
This is today’s edition of The Download our weekday newsletter that provides a daily dose of what’s going on in the world of technology.
Google DeepMind’s new Gemini model looks amazing—but could signal peak AI hype
Hype about Gemini, Google DeepMind’s long-rumored response to OpenAI’s GPT-4, has been building for months. Now, the company has finally revealed what it has been working on in secret all this time. Was the hype justified? Yes—and no.
Gemini is Google’s biggest AI launch yet—its push to take on competitors OpenAI and Microsoft in the race for AI supremacy. There is no doubt that the model is pitched as best-in-class across a wide range of capabilities—an “everything machine.”
But while it’s a big step for Google, but not necessarily a giant leap for the field as a whole. Judging from its demos, it does many things very well—but few things that we haven’t seen before. Read the full story.
—Melissa Heikkiläa & Will Douglas Heaven
Google CEO Sundar Pichai on Gemini and the coming age of AI
This last year has largely been defined by the AI releases from one company: OpenAI. The rollout of DALL-E and GPT-3.5 last year, followed by GPT-4 this year, dominated the sector and kicked off an arms race between startups and tech giants alike
Now, with the release of Gemini, Google has thrown its hat into the ring. The new AI model reflects years of efforts from inside Google, overseen and driven by its CEO, Sundar Pichai.
Our editor-in-chief Mat Honan sat down with Pichai at Google’s offices in Mountain View, California, on the eve of Gemini’s launch to discuss what it will mean for the company, its products, AI, and society writ large. Read the full interview.
How carbon removal technology is like a time machine
By burning fossil fuels, we’ve released greenhouse gases by the gigaton. There’s a lot we can (and need to) do to slow and eventually stop these planet-warming emissions. But carbon removal technology has a different promise: turning the clock back.
Well, sort of. Carbon removal can’t literally take us back in time. But this time-machine analogy for thinking about carbon removal—specifically when it comes to the scale that will be needed to make a significant dent in our emissions—is a favorite of climate scientist David Ho.
Casey Crownhart, our climate reporter, has taken a look at what it might take for carbon removal to take us back far enough in time to reverse our mistakes—well, the emissions-related ones, anyway. Read the full story.
This story is from The Spark, our weekly climate and energy newsletter. Sign up to receive it in your inbox every Wednesday.
The must-reads
I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.
1 The EU is racing to regulate AI
Meanwhile, it seems like the US Congress is forging a very different regulatory path. (WP $)
EU lawmakers are believed to have made a provisional deal. (Reuters)
AI advances far more rapidly than policy. (NYT $)
2 Celebrities have been tricked into recording Russian propaganda
Trolls paid famous faces to record supportive clips for ‘Vladimir’ over the Cameo app. (WSJ $)
The clips rapidly spread across Russian networks and news organizations. (NYT $)
3 Startups are imploding all over the place
Once-promising multi-million dollar ventures are failing—and it’s only getting worse. (NYT $)
4 This man blew the whistle on Amazon’s abuse of teenager labor
But four years on, nothing has changed. (FT $)
5 A load of EVs are due to lose their tax credits
Cars with battery materials sourced from China will lose out on the $7,500 credit. (The Verge)
Ford doesn’t think its Mustang electric cars will qualify. (Reuters)+ EV tax credits could stall out on lack of US battery supply. (MIT Technology Review)
6 Building a gaming empire is seriously hard work
Just ask the TV streaming giants who are trying, and failing. (The Information $)
7 Forget microplastics—it’s time to worry about nanoplastics
Because they’re even smaller, they’re potentially even worse for our health. (Motherboard)
Microplastics are everywhere. What does that mean for our immune systems? (MIT Technology Review)
8 It’s time to revive the humble dry stone wall
Concrete isn’t great for the environment. Can stone walls take over? (The Atlantic $)
Inside a high-tech cement laboratory. (MIT Technology Review)
9 An AI drive-thru needed humans to handle 70% of its orders
It raises questions over how capable AI really is at these kinds of tasks. (Bloomberg $)
Even McDonald’s wants a slice of the generative AI pie. (The Verge)
10 Space telescopes are getting even bigger
Move over JWST—the Extremely Large Telescope is here. (Economist $)
Quote of the day
“Even if Musk were
————
By: Rhiannon Williams
Title: The Download: Google’s Gemini is here, and Sundar Pichai talks AI
Sourced From: www.technologyreview.com/2023/12/07/1084648/the-download-googles-gemini-is-here-and-sundar-pichai-talks-ai/
Published Date: Thu, 07 Dec 2023 13:10:00 +0000
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