Tag: European Union

Greece Establishes High-Level Advisory Committee for Artificial Intelligence Strategy

by Blockchain News

Kyriakos Mitsotakis, the Prime Minister of Greece, made the announcement on the establishment of a High-Level Advisory Committee for Artificial Intelligence (AI) on October 19, 2023. The purpose of this group is to get Greece ready for the tremendous breakthroughs that are happening in artificial intelligence technology and its applications. This decision comes at a time when the European Union is in the midst of passing its Artificial Intelligence Act, which will be applicable to all 27 member states of the European Union, including Greece.

The group will give evidence-based advice and recommendations on how Greece may capitalize on the many possibilities presented by artificial intelligence technology. In addition to this, the establishment of a unified structure for the purpose of providing protection against probable difficulties, disparities, and dangers will be a primary priority. The key duties include the formulation of policy concepts and the elaboration of recommendations for a comprehensive national strategy for AI over the long term. The economy, society, productivity increases, innovation, infrastructure development, and the management of climatic crises will all be primary focuses of this plan.

Professor of Computer Science at the Massachusetts Institute of Technology (MIT) Constantinos Daskalakis will serve as the chair of the committee and lead its work. Other members include authorities in a wide variety of subjects, including technology, ethics, law, and scientific research. Notably, the committee’s work is backed by Accenture, a business that specializes in digital services and artificial intelligence expertise. Additionally, the committee’s operation is completely free of charge.

The Prime Minister of Greece, Mr. Mitsotakis, highlighted in his statement that the incorporation of AI technology is not a problem for the future but rather a reality that exists right now. “This is not about the future but rather the present,” he added, underlining the necessity for rigorous preparation before artificial intelligence becomes a part of everyday life. “This is not about the future but rather the present.”

The work of the committee will also contribute to Greece’s stance in the ongoing conversation on the regulatory framework for artificial intelligence that is taking place throughout Europe. Its goal is to identify industries in which Greece has a competitive advantage and has the potential to take the lead in worldwide talks on the use of AI.

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Google Assistant to Integrate Bard AI for Enhanced Capabilities

by Blockchain News

Bard, Google’s powerful artificial intelligence chat service, is going to be included into Google Assistant so that it can provide a wider variety of features. The news was shared on social media on October 4, 2023, by the Made by Google team, which served as the source of the announcement. The connection is designed to greatly improve Google Assistant’s capabilities, making it possible for the virtual assistant to carry out responsibilities such as organising emails, arranging holidays, and even producing papers.

Bard is an artificial intelligence chat programme that runs in a browser and is aimed to compete with OpenAI’s ChatGPT. In contrast to Google Assistant, which can only respond to the most basic questions, Bard is capable of a far wider range of more complicated activities. These may range from writing cover letters and computer code to providing detailed responses to queries on history and mathematics, among other things. Users will be able to submit a picture and then ask Google Assistant to provide a caption for it when the integration enables Google Assistant to accept photos as a form of input.

If the user gives Bard Assistant permission, Google has said that it will be able to access the user’s email account. This information was obtained from a report by ZDNet. The artificial intelligence would be able to filter through emails and report the contents to the user if this functionality was implemented. But Google has not yet announced a particular release date for this update; all they have said is that it is presently being tested.

Google has been putting a lot of effort into improving its standing in the artificial intelligence business. Bard was first made available on May 10 in a limited number of nations, then on July 14 it was made available to all member states of the European Union, despite the severe artificial intelligence laws in place in the EU. However, Bard is not perfect and does have certain shortcomings. According to a study published by Cointelegraph in June, the AI has been shown to provide recommendations for hotels that do not really exist.

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Breaking: Binance Sells Russian Operations to CommEX, Exits Market

by Blockchain News

Key Takeaways

  1. Binance to sell its entire Russia business to CommEX

  2. Off-boarding process for existing Russian users to take up to one year

  3. Binance cites compliance strategy as the reason for exit

Binance, the world’s largest cryptocurrency exchange, has announced that it will sell its entire Russia-based operations to CommEX. Noah Perlman, Binance’s Chief Compliance Officer, stated, “As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy.” The move comes as part of Binance’s broader focus on compliance and regulatory adherence in over 100 other countries where it continues to operate.

While Russia is tightening regulations on crypto exchanges, the U.S. is simultaneously investigating Binance for potential violations of U.S. sanctions against Russia.

On May 6, 2023, the U.S. Department of Justice’s national security division initiated an inquiry into Binance. The investigation focused on whether the exchange allowed Russian customers to access its platform in violation of U.S. sanctions, which were imposed in response to Russia’s invasion of Ukraine. This inquiry was not an isolated incident; it followed a 2021 joint investigation by the Department of Justice and the Internal Revenue Service into the global exchange. Additionally, the U.S. Securities and Exchange Commission (SEC) has been probing Binance’s relationship with two firms owned by its founder, Changpeng Zhao, since early 2022.

Earlier this year, on April 25, 2023, Binance quietly lifted restrictions it had placed on Russian citizens and residents over a year ago. These restrictions were initially imposed in March 2022 after the European Union sanctioned Russia for its invasion of Ukraine. At that time, Binance had stopped supporting deposits from Visa and Mastercard cards issued in Russia. However, by April 2023, users were able to deposit Russian rubles and other currencies from bank cards issued in Russia. The exchange also lifted limits for accounts with balances larger than 10,000 euros for users in Russia.

The European Union had broadened its sanctions last year, making it impossible for Russian citizens and residents to use any crypto service registered in the EU. This led to immediate actions from other crypto platforms like LocalBitcoins, Crypto.com, and Blockchain.com, which notified Russian users that their accounts would soon be discontinued.

To facilitate a seamless transition, Binance and CommEX have outlined an orderly process for the migration of users and their assets. Existing Russian users have been assured that their assets are secure and will be protected throughout the transition period, which is expected to last up to one year. A portion of new user registrations from Russia will be immediately redirected to CommEX, scaling up over time.

While the financial terms of the deal remain undisclosed, it is noteworthy that Binance will not have any ongoing revenue split from the sale. Additionally, the company does not retain any option to buy back shares in the business, marking a complete exit from the Russian market.

Although exiting Russia, Binance remains optimistic about the growth prospects of the Web3 industry globally. The company plans to “focus our energy on the 100+ other countries in which we operate,” according to Perlman.

These regulatory pressures and policy shifts provide a broader context for understanding Binance’s decision to exit the Russian market. The sale to CommEX can be seen as a strategic move by Binance to navigate a complex and evolving regulatory landscape, both in Russia and globally.

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EU to Regulate AI Use of Copyrighted Material

by Blockchain News

The use of artificial intelligence (AI) in content creation has led to controversies regarding its use of copyrighted material. In response, the European Union (EU) has passed a draft bill aimed at regulating the use of AI tools in such scenarios. The bill is part of the EU’s Artificial Intelligence Act and was proposed as draft rules almost two years ago.

The new bill will classify AI tools according to their risk level, ranging from minimal and limited to unacceptable. High-risk tools will not be banned outright but will be subjected to stricter transparency procedures. The bill will also oblige generative AI tools, including ChatGPT and Midjourney, to disclose any use of copyrighted materials in AI training.

The legislation has been seen as a middle ground between too much surveillance and over-regulation that protects citizens while also fostering innovation and boosting the economy. Svenja Hahn, a member of the European Parliament, commented on the bill’s current status, stating that it strikes a balance between protecting citizens and fostering innovation.

The use of AI in the financial industry was also discussed in the latest edition of Eurofi, a European think tank composed of enterprises in the public and private sectors. The publication included a section on AI and machine learning applications in finance in the EU, which included five mini-essays on AI innovation and regulation within the EU. All of the essays touched on the upcoming Artificial Intelligence Act.

Georgina Bulkeley, the director for EMEA financial services solutions at Google Cloud, stated that AI is too important not to regulate and that it is too important not to regulate well. These developments come after the EU’s data watchdog expressed concerns about potential issues that AI companies in the United States may face if they do not comply with the EU’s General Data Protection Regulations.

In conclusion, the EU’s move to regulate AI use of copyrighted material is an attempt to strike a balance between protecting citizens and fostering innovation. With the increasing use of AI in various industries, it is important to have regulations in place to ensure that AI tools are used ethically and responsibly.

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European Union Introduces Comprehensive Crypto Law

by Blockchain News

The European Union (EU) has made history by introducing the world’s first comprehensive crypto law. Lawmakers in the EU voted 517-38 in favor of the Markets in Crypto-Assets (MiCA) licensing regime, with 18 abstentions. The new law requires crypto wallet providers and exchanges to seek a license to operate across the bloc, and issuers of stablecoins tied to the value of other assets to maintain sufficient reserves. The EU also voted in favor of a separate law known as the Transfer of Funds regulation, which requires crypto operators to identify their customers in a bid to halt money laundering.

The new regulations have been introduced to protect consumers and safeguard financial stability and market integrity. They are expected to apply from next year. In a tweet, the European Commission’s Mairead McGuinness hailed the vote as a “world first” for crypto rules.

According to Stefan Berger, the lawmaker who led negotiations on the law, the EU’s crypto-asset industry now has regulatory clarity that does not exist in countries like the US. “The sector that was damaged by the FTX collapse can regain trust,” Berger said in a statement released by the European Parliament.

The introduction of MiCA puts the EU “at the forefront of the token economy,” said Berger. The EU’s move towards regulating the crypto industry is seen as a positive step in preventing fraudulent activities such as money laundering, which has been a growing concern in the industry. The Transfer of Funds regulation requires crypto operators to identify their customers, which should help to prevent the use of crypto assets for illicit purposes.

However, the European Securities and Markets Authority (ESMA) warned that investing in crypto assets is still a risky endeavor with limited safeguards at this stage. The EU agency added that it would announce its timetable for drafting secondary legislation under MiCA in due time.

The introduction of comprehensive crypto regulations by the EU is likely to have implications beyond Europe. Other major jurisdictions may also follow suit, as governments around the world grapple with the challenge of regulating the fast-evolving crypto industry.

In conclusion, the introduction of the Markets in Crypto-Assets licensing regime and the Transfer of Funds regulation by the European Union represents a significant milestone in the regulation of the crypto industry. The move is expected to provide greater regulatory clarity and protection for consumers, while also safeguarding financial stability and market integrity. The EU’s decision to introduce comprehensive crypto regulations is likely to be closely watched by other major jurisdictions around the world.

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EU Proposes Cap on Anonymous Crypto Transfers

by Blockchain News

The European Union has taken a step towards greater financial transparency with a proposal to limit anonymous crypto transfers to 1,000 euros ($1,083) to combat money laundering and terrorist financing. According to a statement from the European Parliament published on March 28, the new limit would apply to transfers where a customer cannot be identified. Cash transactions would also be capped at 7,000 euros ($7,585).

The proposal is part of the Anti-Money Laundering and Countering the Financing of Terrorism package and is expected to be confirmed in a plenary session in April. Negotiations on the final shape of the bills will then begin. The new regulations will be enforced by the European Anti-Money Laundering Authority (AMLA), which was formed in June 2022.

The AMLA’s co-rapporteur, Emil Radev, stressed the importance of close cooperation between the new authority and national supervisors. He also called for the AMLA to directly supervise the riskiest crypto asset service providers and companies in the financial sector that operate in several member states.

Lawmakers overwhelmingly approved the text relating to anonymous instruments, including crypto assets, with 99 votes in favor, eight against, and six abstentions. The move is part of a wider push towards greater transparency in the financial sector, with the EU seeking to tackle the threat of money laundering and terrorist financing.

Crypto assets have long been seen as a potential haven for illicit activities due to the ease with which they can be transferred anonymously. The new regulations seek to address this issue by increasing transparency and accountability in the crypto sector.

The proposal is part of a wider push by the EU towards greater financial regulation. The European Central Bank has previously called for a global approach to regulating cryptocurrencies, warning that they could pose a threat to financial stability. The EU’s proposals also follow recent moves by other countries, such as China, to tighten regulations on crypto assets.

While the EU’s proposals have been welcomed by many in the financial sector, some have raised concerns about the potential impact on privacy and the practicalities of enforcing the new regulations. Nonetheless, the EU remains committed to tackling money laundering and terrorist financing, and the new regulations are just one step towards achieving this goal.

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Ethics of Web3 Discussed at Paris Blockchain Week

by Blockchain News

Web3 technology is becoming increasingly pervasive in mainstream industries, raising important questions about the ethics needed to operate in the space. During the second day of Paris Blockchain Week 2023, a panel of professionals from the Web3 ecosystem took to the Venus de Milo stage to discuss the “Ethics of Web3.”

The panel was moderated by Moojan Ashghari, co-founder of Thousand Faces Web3 investment club. Ashghari opened the discussion by stating that the ethical framework or standard of technology will always lag behind the introduction of the technology. He emphasized that the biggest challenge of ethics is determining the right questions to ask in order to ensure that the technology does not harm us in the near or far future.

The panelists unanimously agreed that innovation typically comes before any ethical standard is implemented. Margaux Frisque, co-founder of and legal adviser to the Women in Web3 Association, highlighted the upcoming Markets in Crypto-Assets (MiCA) framework in the European Union as an example of turning ethics into law to protect people and innovation.

Frisque explained that the MiCA framework was inspired by feedback from past operations and will soon oblige businesses to segregate the funds of their clients from other bank accounts. She praised this as an example of good behavior that has been turned into hard law to protect people and innovation.

Paris Blockchain Week also hosted an entire panel discussion on the upcoming MiCA regulations, during which industry experts and regulators discussed the implications of European lawmakers’ proposals. While the proposal has faced several delays, it is set for a final vote in April 2023.

Loic Brotons, CEO of Galeon, echoed the sentiment that behavior influences ethics. He pointed out that “mixing innovation and ethics is a bit complicated” and that innovation typically comes first. He used the FTX scandal as an example, where the lack of verification led to problems. He stated that exchanges are now providing proof-of-reserves so that people can follow the money and verify their trust.

In conclusion, the Ethics of Web3 panel at Paris Blockchain Week highlighted the importance of implementing ethical frameworks in the Web3 ecosystem to protect people and innovation. The MiCA framework in the European Union was cited as an example of turning ethics into law to achieve this goal. As the Web3 ecosystem continues to grow and evolve, it is crucial to consider the ethical implications of new technologies to ensure their responsible and sustainable use.

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The European Commission Announces the Launch of the European Blockchain Regulatory Sandbox

by Blockchain News

On February 15, the European Commission made the announcement that it will be launching the European Blockchain Regulatory Sandbox. The regulatory sandbox will serve as a forum for discussion around 20 new projects each year until the year 2026.

The sandbox was first announced in the year 2020, and it is now being managed by a number of private companies who were successful in winning bids in the year 2022. The Digital Europe Program will be responsible for providing the funding. Use cases from the public and commercial sectors that include “Blockchain and other Distributed Ledger Technologies” will be considered for the selection of projects, which will be done on a competitive basis by an impartial panel of academic experts.

Applicants from the public sector that have initiatives relating to the European Blockchain Services Infrastructure (EBSI) will be taken into consideration. The European Blockchain Standard Initiative (EBSI) is a pan-European blockchain that is managed by a coalition of EU nations, together with Norway and Lichtenstein.

Participants in the yearly sandbox cohort will be paired with national and European Union regulators in order to get private legal counsel and regulatory assistance. At the same time, regulators will have the chance to become familiar with cutting-edge blockchain technology.

The deadline for applications to participate in the first round of projects is April 14. The projects need to have a proof of concept that has been verified according to the standards, and they need to have a dimension that crosses borders.

The projects that have already been selected for deployment by public authorities will be given precedence. The European Economic Area is where a company’s headquarters should be located (EEA). As long as the EEA-based firm is the one to ultimately benefit from the initiative, these companies are allowed to work in partnership with enterprises headquartered outside of the EEA. Participants should not expect to have any of their costs repaid.

The chosen projects will each be provided with a written legal evaluation, which will be followed by two virtual meetings with the involved regulators. Additionally, applications are being accepted for the EBSI Early Adopters incubator program, which is now in its third cohort.

In the Financial Services Innovation bill that was being introduced in the United States House of Representatives by Patrick McHenry, a comparable sandbox program was suggested. In the next iteration of the United Kingdom’s changes to its financial services industry, a sandbox program of a similar kind may also be included.

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Banks Holding Cryptocurrencies Face Strict New Regulations in European Parliament

by Blockchain News

A report on a draft measure that would require banks that hold cryptocurrencies to put aside a significant amount of capital in an attempt to mitigate possible risk has been published by the European Parliament.

EU lawmakers stated in a notice dated February 9 that any framework that is applied to crypto assets should “adequately mitigate the risks of these instruments for the institutions’ financial stability.” These lawmakers proposed that banks apply a risk weight of 1250% on their exposure to digital assets, which is one of the highest risk ratings for investments. The regulations were not supposed to take effect until the 30th of December in 2024, according to the draft legislation.

According to the report, “the rapid increase in the activity of financial markets on crypto-assets and the potentially increasing involvement of institutions in crypto-assets related activities should be thoroughly reflected in the Union prudential framework,” with the goal of “adequately mitigating the risks of these instruments for the institutions’ financial stability.” This recommendation was made in light of the fact that “the rapid increase in the activity of financial markets on crypto-assets and the potentially increasing involvement of institutions in crypto-asset “In view of the recent unfavorable events in the markets for crypto-assets, this matter is far more pressing than it already was.”

The parliament said that the proposed modification was in accordance with the recommendations made by the Basel Committee on Banking Supervision, also known as the BCBS, regarding the mitigation of possible risks. The legislators agreed that these guidelines have to be put into effect before the year 2025.

A vote on the legislation is anticipated to take place in April. The draft law said that the European Commission should present a proposal on the crypto framework by the 30th of June, taking into consideration the criteria under the EU’s Markets in Crypto-Assets framework, or MiCA. After then, it is probable that the whole parliament will be given the option to vote on whether or not the proposed measure should be made into law.

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Bitstamp acquires a Spanish crypto licence

by Blockchain News

Bitstamp said that it has been granted a licence to do business in the crypto sector in Spain.

Since it was founded in 2011, the exchange has been primarily concentrating on the market in the European Union. This permission comes from yet another European jurisdiction.

The information on the company’s Spanish licence was made public on November 17th.

The authorization granted by the Bank of Spain to Bitstamp’s local subsidiary enables the company to provide digital currency exchange services for fiat money as well as electronic wallet custody services to customers located in Spain.

Following in the footsteps of companies like as Binance and Bitpanda, Bitstamp was granted a licence in Spain, making it the 46th virtual asset supplier to do so.

Recent developments in Spain have shown a moderate attitude to crypto legislation, which coincides with the rapid speed of adoption of cryptocurrencies throughout the nation.

By the autumn of this year, the nation had established what is now the third-largest network of automated teller machines that dispense Bitcoin and other cryptocurrencies, behind only the United States and Canada.

It presently has 215 crypto ATMs, putting it in fourth place, after El Salvador (which only has 212 ATMs) since it has surpassed the nation in terms of the number of ATMs.

Over the last several years, Bitstamp’s compliance efforts have been steadily growing.

In April, it made the request for users to modify the origin of cryptocurrencies that were being kept on the site so that it could comply with regulations.

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