University of Waterloo in Ontario opens an Artificial Intelligence Institute

The University of Waterloo in Waterloo, Ontario, Canada has opened its Artificial Intelligence Institute. The institute will concentrate on foundational artificial intelligence (AI) and operational AI.

Foundational AI includes research on statistical learning, deep learning, game theory and data science. This is research that advances the whole technology industry. Operational AI research develops scalable, secure and transparent solutions for a wide range of applications.

Officials praise new institute

Feridun Hamdullapur, president and vice-chancellor of Waterloo University said: “The launch of Waterloo AI enhances Canada’s leadership in foundational and operational AI as it brings together world-renowned researchers with industry to accelerate innovation and prepare for future disruptions. By connecting research talent with industry expertise, Waterloo AI will identify problems and produce solutions that will actively benefit our society.”

Navdeep Bains, Minister of Innovation, Science and Economic Development said that as a world leader in AI, Canada's talent and expertise attract millions from foreign investors each year. AI is expected to contribute up to $15.7 annually to the world economy by the year 2030.

Waterloo AI will pursue new areas of research that have important societal and business effects. The areas include healthcare, environmental protections, urban planning, manufacturing, autonomous systems and human-machine interaction. It will provide access to expertise by individuals and industry.

Waterloo AI is a joint venture between the two faculties of science and engineering. However, it will also include researchers from other departments including arts, applied health sciences, environment and science. It is also affiliated with a number of existing labs and institutes at the university.

The University of Waterloo

UW or UWaterloo is a public research university with its main campus in the city of Waterloo Ontario. It has a large main campus if 404 hectares or 1,000 acres of land besides the uptown of Waterloo and Waterloo Park It has academic programs in six different faculties and ten faculty-based school. It also has three satellite campuses plus four affiliated colleges.

Waterloo is a member of a group of research intensive Canadian universities called U15.

The university is famous for its cooperative programs. These programs allow students to integrate their education with applicable work experiences. The university claims to have the largest coop program of this kind in the world with 17,000 undergraduate programs and over 140 cooperative programs.

According to Wikipedia: "The university operates and manages 41 research centres and institutes, including the Centre for Applied Cryptographic Research, the Waterloo Institute for Nanotechnology, the Centre for Education in Mathematics and Computing and the Institute for Quantum Computing. Official recognition and designation of all centres and institutes requires the approval of the university's Senate."

As discussed in a recent Digital Journal article the university has partnered with China in research on autonomous electric vehicles.

Previously published in DIgital Journal

Ontario Securities Commission (OSC) is examining the activities of cryptocurrency trading platforms in the province

The Ontario Securities Commission (OSC) is examining the activities cryptocurrency trading platforms that are operating in the province.

OSC claims that cryptocurrencies may qualify as securities

An OSC spokesperson, Kristen Rose reported that the OSC had received a number of complaints about platforms selling cryptocurrencies. She said that the cryptocoins could qualify as securities:"These platforms, and any businesses that allow coins/tokens that are securities to trade on them, may be offside securities laws."

The OSC also noted that any platform offering cryptocoin trading had to determine whether it was a marketplace. Marketplaces must comply with rules governing exchanges or alternative trading systems.

Ontario law on security exchanges

Security exchanges in Ontario must apply to the OSC for recognition. The applications ask firms to describe their business, including corporate governance, operations, access requirements as well as fees and financial viability.

None of the platforms that the OSC is examining have been recognized as exchanges. None have been exempted from regulation either.

The examination is not a full investigation. At the present stage the OSC is simply gathering information about the activities of the platforms. However, the OSC in a recent document for this year said that it would focus on cryptocurrencies. The OSC said that its aims were to provide consumer protection, while at the same time allowing innovation as well letting capital formation to go ahead without disruption.

OSC claims that Initial Coin Offerings ICO's in particular present investor protection issues. However, the OSC is not always hostile to ICOs. Last October it allowed a TokenFunder sale. ICOs are a way by which startups raise capital. Many worry that without regulation some ICO's could be financial scams.

The exchanges and ICO's are operating in grey areas as regulators have yet to define clearly which security laws and regulations apply to the new offerings.

Other jurisdictions cracking down on cryptocurrency exchanges

In the United States the Securities and Exchange Commission (SEC) has been investigating a number of cryptocoin exchanges and ICOs.

In February this year the SEC charged the former exchange BitFunder with fraud for operating without a licence when it was a securities exchange. The SEC said that any platform that engaged in the activities of a national security exchange must register and this included digital assets, tokens, or coins.

The SEC said at the time, that it would continue to focus on these types of platforms to ensure compliance with securities laws and protect investors.

Australia earlier this week released new regulations that will require all exchange platforms to register and comply with anti-money laundering regulations. If they do not they will face criminal offense and civil penalty charges.

Previously published in DIgital Journal