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EU Drafts AI Bill to Address Copyright Concerns

by Blockchain NewsApril 29, 2023

Concerns over the usage of copyrighted material have risen to the forefront as the use of artificial intelligence (AI) in the production of content becomes more commonplace. In response to these concerns, legislators in the European Union have approved a draft law with the intention of regulating both the firms that produce the technology and the technology itself.

The law, which is a component of the Artificial Intelligence Act of the EU, intends to categorize AI technologies according to the amount of danger they pose. The risk categories range from acceptable to unacceptable, with unacceptable being the highest. The use of high-risk instruments won’t be completely outlawed, but rather they’ll be subject to more stringent disclosure rules. It will soon be necessary for generative AI tools such as ChatGPT and Midjourney, among others, to report any usage of copyrighted resources made in the course of their AI training.

During the subsequent phase of debates among the legislatures and member states, the particulars of the law will be refined to their final form. According to Svenja Hahn, a member of the European Parliament, the bill in its current form strikes a balance between excessive levels of monitoring and excessive levels of regulation. This balance protects people while also encouraging innovation and contributing to economic growth.

The data watchdog for the European Union has voiced worry about the possible difficulties that artificial intelligence (AI) businesses in the United States may have if they do not comply with the General Data Protection Regulations.

Additionally, the European think tank known as Eurofi, which is comprised of organizations from both the public and private sectors, has published a magazine that features an entire section devoted to the applications of AI and machine learning in the financial sector of the EU. All of the mini-essays featured in this section touched on the forthcoming Artificial Intelligence Act in some way. They were on the topic of artificial intelligence (AI) innovation and regulation inside the EU, namely for usage in the financial sector.

One of the authors, Georgina Bulkeley, who is also the director for EMEA financial services solutions at Google Cloud, stressed the significance of AI regulation by stating that the technology is “too vital not to regulate. In addition to this, it is of insufficient significance to not properly regulate.”

In general, the proposed legislation represents a substantial advance toward the goal of regulating the use of AI and works protected by copyright in the EU. As the technology continues to improve and become more widespread in a variety of sectors, it is essential to ensure that it is used in a transparent and ethical manner in order to safeguard both customers and companies.

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EU Passes Vote for Digital Wallet

by Blockchain NewsMarch 16, 2023

A majority of members of the European Parliament voted in support of establishing a mandate for interinstitutional discussions to bring about a digital wallet that is applicable throughout the whole EU. The new European Digital Identification (eID) framework plans to develop what will be known as the European Digital Identity Wallet. This wallet will be a digital one that EU people and enterprises may use (EDIW). The digital wallet gives individuals and businesses in the EU the ability to store their identity information, such as names and addresses, as well as digitized documents, such as data from bank accounts, birth certificates, diplomas, and other documents that can be used across international borders.

The eID modifications that were proposed by the ITRE committee contain the norm of zero-knowledge proofs. This provides EU individuals with complete control over their identification data. This would make it possible for individuals to identify and verify themselves online without having to rely on commercial providers, which is the practice that is now being followed and which has given rise to problems over trust, security, and privacy.

The electronic identification legislation proposal is scheduled to be presented in June 2021. Its purpose is to provide EU residents an approach to accessing internet services that is both safe and simple to use. The development of a digital wallet would make it possible to store personal data in a way that is both safe and secure, and it would also give an alternative to using commercial providers. The modifications that were approved in February by the ITRE committee will serve as the foundation for the stance that the European Parliament takes throughout the negotiating process.

The transition toward a unified digital wallet throughout the EU has the potential to improve the efficiency of online services and make it simpler for individuals and companies to use services that are offered in other member states. The implementation of zero-knowledge proofs would result in an increased degree of security and privacy for people, who would retain complete control over the information pertaining to their identities. The formation of a European Digital Identity is one step closer to becoming a reality as a result of the negotiations that are due to begin immediately on the final form of the law.

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Tagged : DIGITAL WALLET / EID / Eu / EUROPEAN DIGITAL IDENTITY / News / ZERO-KNOWLEDGE PROOFS

Huobi And Solaris Offer EU Crypto-To-Fiat Debit Cards

by Blockchain NewsJanuary 16, 2023

As the cryptocurrency market continues to expand into the mainstream, several legacy financial institutions have made it a priority to work toward closing the gap that exists between digital and traditional currencies. The [crypto] industry is steadily making its way into the mainstream markets.

An announcement on a partnership between the cryptocurrency exchange Huobi and the European provider of financial services Solaris has been made public. The partnership will result in the creation of a debit card that can convert cryptocurrencies into fiat currency.

Users of Huobi now have the ability to make use of their digital assets at points of sale anywhere in the globe as a result of a program that has been given permission to operate by Visa.

Beginning in the second quarter of 2023, users who are situated inside the European Economic Area (EEA) will be able to have access to the card. The European Economic Area (EEA) is comprised of all 27 nations that are participants in the European Union (EU), in addition to Norway, Iceland, and Liechtenstein.

Citizens of countries that are members of the European Union have access to more than one crypto-to-fiat card at this time. In the year 2020, cryptocurrency exchange Binance launched its very own crypto-to-fiat card, which received Visa’s stamp of approval. European users now have the ability to withdraw fiat cash straight from their Binance accounts using this card. Outside of the European Union, Visa has been a strong advocate for bridging the gap between digital money and traditional currencies such as dollars and euros.

In October 2022, Blockchain.com made public their partnership with Visa to produce a debit card that could be used to purchase cryptocurrencies. The usage of this card is strictly limited to inside the boundaries of the United States of America.

Most recently, the supplier of financial services and a company in the financial technology industry called ZELF worked together to offer customers a debit card that protects their anonymity and can be filled with cryptocurrencies.

A function that would allow customers to automatically pay bills from their bitcoin wallet is another feature that Visa has suggested it may roll out before the beginning of 2023.

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Tagged : #Huobi / CRYPTO-TO-FIAT / Debit Card / Eu / News / SOLARIS

NFTs And Crypto Will Benefit From Apple Allowing Third-Party App Stores

by Blockchain NewsDecember 15, 2022

Apple will be forced by forthcoming EU rules to allow alternative app stores and applications without the need that they go via Apple’s App Store. This will be a positive development for crypto app creators.

At least in Europe, the tech giant Apple is getting ready to allow third-party app stores on its devices in order to comply with new anti-monopolistic requirements that have been imposed by the European Union. This could be seen as a huge victory for app developers working on cryptocurrencies and non-fungible tokens.

At the moment, Apple has stringent rules for NFT apps, which practically compel users to make in-app purchases subject to Apple’s 30% commission, while apps are not permitted to support cryptocurrencies as a form of payment. Apple’s rules also prohibit apps from supporting third-party payment systems.

According to Coinbase, Apple’s implementation of its regulation resulted in the blocking of Coinbase’s self-custody wallet app update on December 1. This occurred because Apple sought to collect thirty percent of the gas cost via in-app sales, which Coinbase claims is not feasible.

Apple’s decision to open its ecosystem is a response to the EU’s Digital Markets Act, which aims to regulate so-called “gatekeepers” and ensure platforms behave fairly, with one of the measures allowing third parties to inter-operate with the gatekeeper’s own services. Apple’s move to open its ecosystem comes as a result of the EU’s Digital Markets Act.It will become effective beginning in May of 2023, and all firms will be required to comply in full by the end of 2024.

Apple has not yet made a decision about whether or not it would comply with a provision of the Act that permits app developers to install non-Apple-related alternative payment systems inside their own apps. In the event that it does comply, it may pave the way for payment systems that accept cryptocurrency.

In an effort to shield consumers from potentially dangerous applications, the tech giant is mulling over the possibility of enforcing some security measures for software that is not sold in its own store, such as certification from Apple.

Changes to Apple’s closed ecosystem would only take effect within the EU. Other regions would need to pass similar laws, such as the proposed Open App Markets Act in the United States Congress from Senators Marsha Blackburn and Richard Blumenthal. In order for these changes to take effect in other regions, similar laws would need to be passed.

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Tagged : Apple / CRYPTO APP / Ecosystem / Eu / News

European Parliament Ratifies MiCA Framework in Landslide Vote

by Blockchain NewsOctober 11, 2022

The long-awaited Markets in Crypto Assets (MiCA) regulation has just scaled through the European Parliament as MPs voted massively in favour of the bill.

As reported by the Economic Committee Press, the bill received a 28:1 vote to scale, completing the tripartite deal needed to push the bill into its next implementation phase.

The European Parliament vote comes after the European Council also voted to pass the bill last week. As it stands, the European Union will now be more focused on perfecting the bill’s details to add it to the EU Journal, where the official implementation process will begin.

“It is important to ensure that the [European] Union’s financial services legislation is fit for the digital age and contributes to a future-ready economy that works for the people, including by enabling the use of innovative technologies,” said the MiCA text as of Oct. 5.

The MiCA bill has been the talk of the crypto world for a while now, and with the Parliament’s approval, the bill is one step closer to being implemented across the board.

Perfecting Individual Regulatory Roles

Despite the passage of the MiCA, each body of the European Union is making further studies into the industry. Based on this, the European Commission has put out a call for participation in a pilot trial in which it seeks to offer more in-depth monitoring of the Ethereum protocol and the Decentralized Finance (DeFi) activities running on it.

According to the European Commission’s document, the body’s top focus through this trial/study is hinged on the “automated supervisory data gathering directly from the blockchain to test the technological capabilities for supervisory monitoring of real-time DeFi activity.”

The DeFi world is quite advanced, and the industry is most expressive on the Ethereum blockchain. Notably, the European Commission’s move will help tame the growing industry and ensure comprehensive oversight on the industry.

The call for participation is out, and submissions are expected until December 1.

Image source: Shutterstock

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Tagged : Digital Currency / Eu / EUROPEAN COUNCIL / European Union / MICA / Regulation / Stablecoin

Dapper Labs Restricts Russian-based NFT Accounts, Abides by EU Sanctions

by Blockchain NewsOctober 10, 2022

Dapper Labs – a company behind NFTs like CryptoKitties, NBA Top Shot, NFL All Day, UFC Strike, and the Flow blockchain – has confirmed it is cutting off payment services for non-fungible owners with links to Russia – said the move is due to new EU sanctions on Russia.

The NFT company said it is blocking Russian accounts from being able to purchase, sell or gift NFTs, as well as make other NFT purchases or withdrawals from the platform. Dapper stated: “It is now prohibited to provide crypto-asset wallet, account or custody services of any value to accounts with connections to Russia.”

Dapper explained that the sanctions prohibit companies from providing crypto wallet and custody services to accounts associated with Russian users. The company said its business service offering is based in the EU, which has ordered it to comply with the sanctions.

The Vancouver-based firm said while affected users cannot move funds, gift tokens, sell NFTs or purchase new ones, they still own their assets on the platform and can continue viewing them.

The announcement comes after several crypto users raised complaints that they could not access their accounts and even showed email communication from Dapper Labs about the restrictions.

Last Thursday, the European Union introduced another wave of sanctions against Russia due to the prolonged invasion of Ukraine. The new sanctions enforced a complete ban on cross-border crypto payments between Russians and the EU. The ban prohibits all crypto-asset wallets, accounts, or custody services, regardless of the amount of funds in the wallet.

The EU introduced the new sanctions in response to Russia’s continued escalation of conflicts in Ukraine. Following Russia’s invasion of Ukraine on February 24, the EU has continued evolving packages of sanctions on Russia in a bid to close potential loopholes which could allow Russians to move funds abroad.

The latest sanctions come shortly after Russian officials approved cryptocurrency usage for cross-border payments. Late month, Russia’s Central Bank of Russia and the Ministry of Finance approved crypto payments for cross-border use. This way will help the country evade the multiple financial sanctions that have been levied against it.

Image source: Shutterstock

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Tagged : Dapper Labs / Eu / NFT / Politics / Restriction / Russia / SACTION

Dapper Labs Restricts NFT Accounts Associated with Russian Users

by Blockchain NewsOctober 10, 2022

The Vancouver-based firm said while affected users cannot move funds, gift tokens, sell NFTs or purchase new ones, they still own their assets on the platform and can continue viewing them.

The announcement comes after several crypto users raised complaints that they could not access their accounts and even showed email communication from Dapper Labs about the restrictions.

Image source: Shutterstock

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Tagged : Dapper Labs / Eu / NFT / Politics / Restriction / Russia / SACTION

Crypto Regulation Takes New Leap as European Council Adopts MiCA

by Blockchain NewsOctober 6, 2022

The European Union is drawing closer to adopting the comprehensive Markets in Crypto Assets (MiCA) regulation as the European Council has passed the framework through voting on Wednesday.

Regarded as a landmark move toward a regulated future in the European Union, the passage of the guidelines by the Council leaves the European Parliament as the only bridge toward the final adoption of the bill before the targeted implementation commences. The Parliament is billed to meet on October 10, where the body’s economic affairs committee is expected to vote on the proposals.

Should the Parliament pass the proposals, the next official move will be to integrate them into the official journal of the European Union to begin the process of its enforcement.

As noted, many details will still be analyzed as EU officials work up additional focal points in the proposal. Once settled, these additional statutes will be unveiled to the appropriate stakeholders.

The EU has been quite fragmented regarding the approach toward digital currencies, with most member nations issuing licenses and permitting crypto based on the approach and guidelines that are best known to their officials. The trend will change with the advent of MiCA as every member state in the EU will be guided by the common laws enshrined in the bill.

The entire offshoot of the digital currency ecosystem is billed to be impacted by the proposal in MiCA. There are concerns bordering on the suitability of provisions in the bill concerning non-Euro-denominated stablecoins. The bill puts a cap that might significantly impose systemic censorship on transactions conducted through the non-Euro-backed stablecoin.

The clause remains a volatile subject of discourse and French officials are particularly bent on maintaining the status quo in order to help bolster the sovereignty of the Euro currency.

Image source: Shutterstock

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Tagged : Digital Currency / Eu / MICA / Regulation / Stablecoin

EU Policymakers Vote for Blockchain Use to Fight Tax Evasion, Crypto Asset Non-Taxation

by Blockchain NewsOctober 5, 2022

On Tuesday, the members of the European Parliament (MEPs) voted in favour of a resolution that calls for the use of blockchain technology to fight tax evasion and urges member states to coordinate more on the taxing of crypto assets.

The resolution, drafted by Lídia Pereira (a member of the European Parliament), was adopted in Parliament’s plenary session on Tuesday with 566 votes in favour, 7 votes against, and 47 abstentions.

The resolution sets out a framework through which both EU regulators and the member states can achieve the goals of uniformly taxing crypto assets and using blockchain in taxation.

However, the proposal calls for both a clear definition of crypto assets and what would constitute a taxable event. Certainly, a taxable event is any action or transaction that may result in taxes owed to the government. Nevertheless, the recommendation calls for the taxation of crypto assets to be fair, transparent, and effective. It also invites authorities to consider a simplified tax treatment for occasional/small traders and small transactions.

Regarding a taxable event, the proposal considers converting a crypto asset into a fiat currency as a more appropriate choice. It identifies blockchain as one of the major instruments that national administrations can use to facilitate efficient tax collection.

According to the resolution, blockchain’s unique features could offer a new way to automate tax collection, fight corruption, and better identify ownership of tangible and intangible assets, thus allowing for better taxing of mobile taxpayers.

The proposal calls on the EU regulators and member states to better integrate the use of blockchain into different programmes dealing with taxation and cooperation in the field. Member states should also enhance efforts to reform their tax authorities through their modernization efforts, the proposal further urged.

In short, as cryptocurrencies gain more mainstream attraction, it is not a surprise that regulation efforts emerge. Regulators, such as the EU, the IRS, and other agencies, nowadays expect taxpayers and businesses to pay regular capital gains tax on their crypto earnings. This implies that concrete regulations on digital assets are evolving rapidly.

Image source: Shutterstock

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Tagged : Blockchain / Crypto / DIGITALASSET / Eu / PARLIEMENT / Regulation / Tax

ECB to Warn Countries in the Eurozone about Crypto Regulation

by Blockchain NewsJuly 5, 2022

The European Central Bank is reportedly on track to issue warnings to national authorities within the Eurozone about individual handling of the crypto ecosystem.

The European Commission, Parliament, and Council trilogy have agreed on the comprehensive cryptocurrency framework, Markets in Crypto Assets (MiCA), and a whole new set of concerns has been pointed out by the ECB.

This concern stems from the likelihood of national regulators within the Eurozone formulating and implementing a make-shift law to guide the interactions with the nascent asset class in the interim. While MiCA has been given the green light, its passage into law is scheduled for 2023, with implementation billed to commence 18 months after that.

That time is a very long one for most countries who may feel the urgency to protect their consumers and investing public.

“It makes sense that the ECB would want to prevent a collection of national laws on cryptocurrencies. For one thing, it could lead to operators shopping for favourable jurisdictions. Beyond that, it will create confusion for multinational operators and create an uneven playing field within the EU. On the other hand, MiCA is so very far away. That it has come so far is a positive sign. However, eighteen months is an eternity in the crypto space,” said Richard Gardner, CEO of Modulus.

The cryptocurrency ecosystem has witnessed many upheavals this year with the hacking of Crypto.com, the collapse of Terraform Labs LUNA and UST stablecoins, and the liquidations of Three Arrows Capital amongst others. Gardner noted that countries want answers to what will happen to investors who can be affected by the ongoing turmoil in the space, adding that he does not think countries will be waiting 18 months to get such answers.

In the ECB’s argument, only a unified implementation of MiCA will bring about the intended result of protecting investors and fueling growth across the board.

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Tagged : Bank / Crypto / Eu / EUROZONE / MICA / Regulation