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culture-cryptocurrency-nft-blockchain--might-are-nfts-investment-hongkong-600x337

NFTs: Future of investment or another bubble waiting to burst?

<div style="width: 640px;" class="wp-video">
<video class="wp-video-shortcode" id="video-67758-1" width="640" height="360" autoplay="1" preload="metadata" controls="controls"><source type="video/mp4" src="https://www.igafencu.com/video/2209/2209_GMHK_Interview_AlbertSo.mp4?_=1" /><a href="https://www.igafencu.com/video/2209/2209_GMHK_Interview_AlbertSo.mp4">https://www.igafencu.com/video/2209/2209_GMHK_Interview_AlbertSo.mp4</a></video></div>
Law practitioner, regulator, professor and technology whizz, multifaceted legal brain Albert So talks arbitration, money-laundering within the blockchain and robo-law, a deep learning AI technology&#8230;
<img decoding="async" loading="lazy" class="aligncenter size-full wp-image-67898" src="//www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-1.jpg" alt="people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-1" width="466" height="600" srcset="https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-1.jpg 466w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-1-200x258.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-1-217x280.jpg 217w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-1-120x155.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-1-400x515.jpg 400w" sizes="(max-width: 466px) 100vw, 466px" />
How did you get into law? 
My first degree was in computer science, but I took some elective social science subjects including law. It was then that I discovered my interest in the subject and pursued a second degree in law at King’s College London before studying business law at the University of Cambridge. I then went on to Harvard Kennedy School in the US for my research degree in investment law.
You are the founder and Chief Executive of the Hong Kong Mediation and Arbitration Centre. How did that come about? 
I started my professional experience in Canary Wharf, London, where I learnt about regulatory issues and commonwealth jurisdictions, then I returned to Hong Kong just before the global economic crisis and the collapse of the Lehman Brothers. At the time, I was a regulator doing investigative work on money laundering and financial disputes, but because the incident involved so many complainants and victims, and the caseload was tremendous, and nobody knew then what financial dispute resolution or mediation were, it called for civil justice reform.
That was when [in 2009] the Hong Kong Mediation and Arbitration Centre (HKMAAC) was founded. Traditionally these cases would have been brought to court for litigation; however, with the founding of the HKMAAC, we would instead try to settle disputes by arbitration, or alternative dispute resolution. It’s a means to handle financial disputes to omit the high legal costs of going to court, the long waiting time, and overall, coming to a solution that would be beneficial for all parties.
At the time of its inception, we were only 15 regulators, today we are probably more than 40,000 students, mediators, arbitrators, as well as graduates that have undertaken our arbitration training. We also provide about 10 scholarships at different local universities including the University of Hong Kong (HKU), the Chinese University of Hong Kong (CUHK) and the Hong Kong Polytechnic University.
<img decoding="async" loading="lazy" class="aligncenter size-full wp-image-67896" src="//www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-3.jpg" alt="people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-3" width="466" height="600" srcset="https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-3.jpg 466w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-3-200x258.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-3-217x280.jpg 217w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-3-120x155.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-3-400x515.jpg 400w" sizes="(max-width: 466px) 100vw, 466px" />
You also teach law. Is teaching something you have always been passionate about? 
Soon after founding the HKMAAC, I took up teaching posts at several universities in Hong Kong, including teaching anti-money laundering at HKU, and teaching students and doctors at CUHK about the legalities of wealth succession planning. I love to teach, but I also want to share my own practical experience from work. I can see the value in sharing first-hand experiences, real case studies, market trends, and the challenges, questions and objections of clients and how to solve problems effectively given each unique situation.
So, this is why I love teaching, however if I had to choose [between teaching and practising the law], I don’t think I could do one without the other. If I were solely a practitioner, it would be a waste not to share my professional knowledge. On the other hand, I could not do traditional teaching work at the university without any practical experience. Anybody can teach theories, but I believe a good educator is very likely a very good practitioner as well.
<blockquote>
“Anybody can teach theories, but I believe a good educator is very likely a very good practitioner as well”
</blockquote>
You have since co-founded your own law firm and followed paths outside the courtroom. Tell us more. 
I co-founded AC Lawyers with my partner Carina Chan. I am Chairman of the Wealth Succession Planning Association, and Dean of the California University School of Business Law and Technology. I’m also an honorary legal advisor for several NGOs in the city and I am leading a few legal robo-advisory services for the community. I currently fund a legal technology project for the Hong Kong University of Science and Technology. It is basically a robo-lawyer.
<img decoding="async" loading="lazy" class="aligncenter size-full wp-image-67897" src="//www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-2.jpg" alt="people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-2" width="466" height="600" srcset="https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-2.jpg 466w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-2-200x258.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-2-217x280.jpg 217w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-2-120x155.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-2-400x515.jpg 400w" sizes="(max-width: 466px) 100vw, 466px" />
That sounds intriguing. Could you explain what exactly is a robo-lawyer? 
Since my first degree was in technology, I am still very interested in this field. A robo-lawyer is basically a deep-analysis AI that will allow potential clients to enquire about legal matters, and practitioners to do the most value-added legal work. It does the more tedious and routine tasks such as drafting contracts from scratch and answering questions regarding the law, for example, if it is possible to settle different assets in various countries with one will, or if one is required to pay inheritance tax in a certain country. Of course, this won’t replace the practitioners and the paperwork that requires careful attention to detail, but it will help save precious time, lower legal costs, and reduce embarrassing situations in some cases.
How far away are we from having a robo-lawyer? 
We still have a long way to go. The project is not mature enough to commercialise. Unlike customer-service AI and concierge support which utilise simple AI technology for answering questions and providing information without much deep analysis, in law, questions and answers are not straightforward. It may be for the better that we have this time to explore and continue to improve the development of this kind of technology – but I think it would be an amazing thing for the law industry.
<blockquote>
“A robo-lawyer won’t replace the practitioners, but it will help save precious time, lower legal costs, and reduce embarrassing situations in some cases”
</blockquote>
As a former regulator, what is your opinion of cryptocurrency investments? 
It’s a very hot topic in the industry, not only for citizens but for corporations as well, and in particular in the wealth succession planning industry because before the emergence of cryptocurrency, we would do a lot of traditional investment in antiques, art, gold and diamonds.
However, investing in NFTs and cryptocurrency can be too volatile to predict. The value fluctuates a lot and makes it difficult for investors to foresee the future of this new investment method.
I personally love blockchain technology and the idea of decentralisation behind it, but from a regulatory perspective, there can be challenges and loopholes that raise alarms, especially when it comes to criminal activities and money-laundering issues. The problem arises when tracking the transactions of these individuals or syndicates as the blockchain is anonymous in nature. So, from a regulatory perspective, appropriate or suitable regulations may be a good thing for future development.
<img decoding="async" loading="lazy" class="aligncenter size-full wp-image-67895" src="//www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-4.jpg" alt="people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-4" width="466" height="600" srcset="https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-4.jpg 466w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-4-200x258.jpg 200w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-4-217x280.jpg 217w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-4-120x155.jpg 120w, https://www.gafencushop.com/wp-content/uploads/2022/09/people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-4-400x515.jpg 400w" sizes="(max-width: 466px) 100vw, 466px" />
What can the Hong Kong government do to further progress the cryptocurrency market? 
I think the government can further the progress of cryptocurrency in the city by minimising platform risk. Platforms at the moment will hold cryptocurrency and NFT assets for clients. However, there is a chance that they can mismanage the assets or lose the device which holds the assets, which is why we need consumer protection.
There is also the issue of money laundering due to the anonymity of the transactions within the blockchain, which poses a problem for the government and regulators, but if we have suitable supervision, we can do things well. The Securities and Futures Commission’s proposed licensing registration for platforms running crypto businesses is a good solution, as this doesn’t strictly prohibit NFTs and cryptocurrency investments, but provides some degree of consumer protection. It strikes a fair balance for both sides to get the best of both worlds.
What’s your favourite way to relax? 
Before the Covid-19 pandemic, I loved travelling. It’s very important to go outside the bounds of what you are familiar with to see more things, meet more people and broaden your perspective. It’s not only good for your health, but also for your way of thinking and assimilating ideas. It would be pointless, however, for me to take a long vacation because clients will always call for decisions and advice, so I remind myself to take time for myself and that rest is for the longer journey ahead.
I love working in the city, but living in the countryside. Some of the activities I enjoy are punting, canoeing, boating and generally being out in nature.
Thank you.
&nbsp;
Interview by: Roberliza Eugenio; Photographer: Jack Law; Art Direction and Styling: Jhoshwa Ledesma; Videographer: Jackie Chan; Venue: Farrington Interiors Ltd.

people-interview-albertso-mediation-and-arbitration-centre-nfts-robo-lawyer-hongkong-600x337

Civil justice champion Albert So on arbitration, blockchain, AI, and more…

Unlike vintage wine, classical art and centuries-old antiques that can cost an arm and leg to invest in, alternative collectables such as whiskys, sneakers and the burgeoning NFTs are easier (and relatively less expensive) to enter into the market and starting investing in now for higher returns in the future. Here are six types worth considering&#8230;

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<ol>
<li>Whisky 
In over an eight-year period, the value of single malt whisky has risen by 361.09% in value with particular interest in rare and special edition collections. Last October the oldest Japanese whisky Yamazaki-55 fetched a whopping HK$6.2 million while a collection of six-special edition Macallan single malt whiskys went under the hammer for an astounding HK$20.65 million, proving to be a lucrative investment.</li>
<li>Chinese antiques 
Chinese antiques such as rare porcelains, jades, sculptures, bronzes and traditional works of art and calligraphy spanning 4,000 years reflect a rare part of Chinese history and heritage that is highly valued for its provenance and the fact that many of these artefacts were produced by high-ranking officials or housed within Chinese imperial quarters. Sotheby’s alone held a total of 23 live and online auctions across 3 continents for Chinese Art which altogether realised over US$193 million last year.&nbsp;With sales of Chinese art and antiques surging over the last decade, investments in Chinese traditional art and antiques have proven to be of high value and worth in the marketplace.&nbsp;</li>
<li>Vintage handbags 
Vintage handbags, dating over 20 years back, are known to fetch a sum on auction blocks. According to the Knight Frank Luxury Investment Index, handbags performed better than art two years ago, profiting with 13% gain in overall returns. World renowned luxury houses such as Hermès, Chanel and Louis Vuitton are known to have produced limited and highly exclusive hand bag models, such as&nbsp;Hermès Birkin, Chanel Flap Bag and Louis Vuitton Neverfull,&nbsp;often going under the gavel for hundred thousands and even millions (USD).&nbsp;</li>
<li>Comic books 
Once deemed as a pastime for the pre-pubescent, comic books — particularly rare first editions — have burgeoned into an unexpected investment opportunity in the last year or two. Their investment value have seen jaw-dropping returns such is the case of the record-breaking DC Comics Superman-debuting Action Comics #1 from 1938 which sold for a staggering HK$25 million, while the original artwork of the fifth instalment of the Tintin series from 1936, The Blue Lotus, fetched a whopping HK$31.75 million.</li>
<li>Sneakers 
When it comes to the hypebeast culture — specifically sneakers —the truth of the matter is that although these footwear, at face value, don’t hold much value in themselves, their demand in the market have driven its worth through the roof. Rare or limited edition sneakers commonly resell for over 50 times its original cost. A case in point is the latest sale of a Yeezy at Sotheby&#8217;s, the original Nike Air Yeezy 1 that was worn by the artist Kanye West himself during his performance at the 50th Grammy Awards which sold for a jaw-dropping US$1.8 million, and this is just one example of many sneaker editions that have made headlines in the past.</li>
<li>NFTs 
Non-fungible tokens are unique and new to the world of investment yet it is the talk of the town. One-of-a-kind and irreplaceable certifications of authenticity of any digital work from musical albums to digital art have proven to be worth millions at auctions as seen by the ground-breaking sales of two digital works in two different areas of the creative industry. Digital artist Beeple&#8217;s Everydays: The First 5,000 Days collection of illustrations went under the gavel for nearly US$70 million at Christie&#8217;s, while American producer and DJ 3LAU&#8217;s Ultraviolet music album fetched an astonishing US$11.7 million, and it is not likely to stop there.</li>
</ol>

gafencu collectible invesments high returns

Tag: nfts

NFTs: Future of investment or another bubble waiting to burst?

Civil justice champion Albert So on arbitration, blockchain, AI, and more…

Collectible Investments: Opportunities to grow your portfolio…

Tag: nfts

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NFTs: Future of investment or another bubble waiting to burst?

Civil justice champion Albert So on arbitration, blockchain, AI, and more…

Collectible Investments: Opportunities to grow your portfolio…