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Introducing the Newly Formed National Data Asset Agency

Introducing the Newly Formed National Data Asset Agency

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The Hungarian Government, in order to join the world in data asset management and to set data economy in action in Hungary, has established the National Data Asset Agency, which commenced its activities on 1 October 2020.

The Hungarian Government adopted its Artificial Intelligence Strategy in September 2020, which includes the objective to launch Hungary’s data economy. According to Prof. Dr. László Palkovics Minister for Innovation and Technology, changes related to Artificial intelligence (AI) are inevitable in the 21st century. Nevertheless, the extent to which a country or community can exploit the AI related benefits merely depend on “forward-looking and comprehensive planning, ambitious goals and their methodical implementation”. As a consequence, the Hungarian Government plans to prepare the economy and the society for these changes by reaching the objectives set out in the Artificial Intelligence Strategy, which includes the creation of the National Data Asset Agency.

The tasks of the National Data Asset Agency cover on one hand the opening and utilisation of public data assets within an organised framework. This task is justified by the fact that different authorities already collect a great amount of data (to perform their tasks) which could be used for other purposes as well. On the other hand, the National Data Asset Agency will support public bodies in the possession of data assets, in keeping records of data inventories, in making them available for secondary use and in developing their business models.

The National Data Asset Agency will operate as part of Neumann Nonprofit Ltd., whose clients are primarily administrative organisations. The work of the National Data Asset Agency will also help businesses to develop high value-added products, such as applications, and the citizens as well, who will be able to draw benefits from the data by making their lives and work easier.

Data should not only be considered as information that needs be protected, but also as a negotiable asset. This however, requires the creation of a new concept on data assets, which system will be developed by the National Data Assets Agency. As a result, platforms that enable transparent, clean and fair trade of private data assets will be created soon.

By Rita Parkanyi, Partner, KCG Partners Law Firm

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

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