EU’s new anti-money laundering law to impact crypto exchanges
The new legal regulations would affect cryptoasset service providers centered around the exchanges under the EU framework. The European Parliament has adopted new regulations establishing rigorous due diligence obligations for cryptocurrency entities to suppress money laundering. Crackdown on crypto money laundering The law provides new activities focused on the role of “due diligence measures and […]
Crypto Company Strike Rolls Out Payment Services in Europe
The United States-based popular crypto payments company, Strike, has officially launched services in Europe, a statement on Wednesday says. Nevertheless, these services are not yet provided in many European nations. Residents in the countries where the services are available are now able to buy, sell, deposit, and withdraw funds using the platform. The company has […]
EU Parliament Approves Landmark AI Legislation
In a significant milestone for the global technology landscape, the European Union Parliament has passed the EU AI Act after three years of extensive negotiations. This move solidifies a new era in AI regulation, shifting the discourse from theory to tangible policy implementation and setting a precedent for responsible AI governance worldwide. IBM applauds EU […]
ESMA’s resource constraints hinder the EU’s crypto regulation efforts
The European Union (EU) faces a significant hurdle in establishing a robust regulatory framework for cryptocurrencies as the European Securities and Markets Authority (ESMA) grapples with resource constraints. This obstacle potentially puts the EU at risk of lagging behind other global markets in adopting cryptocurrencies and blockchain technology. ESMA’s resource challenges ESMA, the Union’s premier […]
EU lawmakers pass legislation extending anti-money laundering controls to crypto
Two committees within the European Parliament have recently approved key components of a wide-ranging anti-money laundering legislative package that includes measures applicable to the cryptocurrency sector. This legislative progress follows a January agreement on the Anti-Money Laundering Regulation (AMLR), which mandates that crypto service providers adhere to customer verification protocols and monitor transactions involving self-hosted […]
EU Launches Investigations into AliExpress and LinkedIn Compliance with Digital Services Act
The European Commission has initiated investigations into the Chinese e-commerce platform AliExpress and the Microsoft-owned social network LinkedIn for their compliance with the Digital Services Act (DSA). This move underscores the EU’s commitment to enforcing regulations to safeguard consumer rights and address potential risks associated with digital technologies. AliExpress probe: Ensuring consumer protection AliExpress, a […]
EU financial regulators introduce new stablecoin regulation guidelines
To bolster the regulatory framework surrounding stablecoins, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have collaborated to introduce new guidelines. The European Union (EU) financial regulators aim to enhance consumer protection and market integrity within cryptocurrency through the Markets in Crypto-Assets (MiCA) regulatory framework. EU guidelines for complaint resolution […]
Crypto service providers on notice as EU enforces new sanctions laws
The European Parliament has approved a sweeping set of sanctions laws aimed at harmonizing enforcement measures across the EU’s 27 member states. This move comes as a response to concerns over violations of EU financial sanctions, particularly in light of Russia’s invasion of Ukraine. EU Parliament’s unified sanctions approach In a decisive vote, Parliamentarians representing […]
EU fines Apple €1.84B for App Store antitrust violations
The European Union has imposed a €1.84 billion ($2 billion) fine on Apple (NASDAQ: AAPL) for limiting competition in the music streaming market through its App Store policies. This marks the first instance where Apple has been penalized for contravening EU rules. The fine is a response to practices that prevented rivals, notably Spotify, […]
EU Consortium PREVAIL Set to Accelerate Edge-AI Technologies
Europe leaps forward in cutting-edge technology as the newly formed consortium, PREVAIL, spearheads the development of next-generation edge-AI technologies. Coordinated by the EU’s foremost research and technology organizations (RTOs) – CEA-Leti, Fraunhofer-Gesellschaft, imec, and VTT, the project aims to revolutionize the landscape of artificial intelligence through collaborative efforts and state-of-the-art infrastructure. Empowering innovation through collaborative […]
Frankfurt to host EU’s new anti-money laundering authority for crypto oversight
The European Union has announced the establishment of its new Anti-Money Laundering Authority (AMLA) in Frankfurt, Germany. This decision positions Frankfurt at the forefront of the EU’s efforts to regulate the crypto sector to ensure uniform compliance across its 27 member states. Establishing a unified regulatory framework The AMLA, structured to include both the authority […]
EU Takes Firm Stance on Deepfake Regulation Amid Rising Concerns
In the wake of mounting apprehension over the proliferation of deepfake technology and its potential to wreak havoc on democratic processes and public trust, the European Union (EU) has intensified its efforts to combat this emerging threat. With a focus on transparency, accountability, and legal frameworks, the EU aims to navigate the intricate landscape of […]
EU Digital Markets Act Forces Apple to Adjust App Store Policies
In anticipation of the forthcoming European Union Digital Markets Act, set to take effect in March, Apple has made significant changes to its App Store policies. The legislation mandates that Apple permit developers to create and distribute new apps, including alternative app stores, outside of the confines of the App Store ecosystem. In response, Apple […]
New EU crypto regulation papers seek stakeholder feedback
The European Securities and Markets Authority (ESMA), the principal regulator of the European Union’s financial markets, has recently announced the initiation of two significant consultation papers under the Markets in Crypto Assets Regulation (MiCA). These consultations aim to refine guidelines on reverse solicitation and classifying cryptocurrencies as financial instruments. This move is part of the […]
Poland set to introduce comprehensive crypto regulation bill in line with EU standards
The Polish government is poised to introduce a comprehensive crypto regulation bill In a significant move towards aligning with European Union (EU) standards. However, this initiative, expected to be unveiled in the second quarter of the year, aims to strengthen the Polish Financial Supervision Authority (KNF) oversight capabilities. It marks a pivotal shift in Poland’s […]
Digital Euro moves forward in ECB’s two-year preparation phase
The European Central Bank (ECB) has entered a decisive stage in developing the digital euro, moving from the investigative phase to active preparation. This phase, which began in November 2023, marks a significant step forward in the ECB’s commitment to introducing a digital version of the euro. The preparation phase, slated to span two years, […]
Ripple advances in EU with central bank of Ireland approval
In a significant development for the blockchain industry, Ripple Markets Ireland Limited, a subsidiary of Ripple (XRP), has been granted registration by the Central Bank of Ireland as a Virtual Asset Service Provider (VASP). This move marks a crucial step in Ripple’s expansion strategy in the European market, particularly following the recent implementation of the […]
The AI Act – Navigating the Grey Areas of Deregulation
In a move late on Friday, the European Union institutions achieved a provisional agreement on the much-anticipated AI Act after intense trilogue negotiations. Yet, amidst the celebration of this significant step forward, concerns arise regarding potential loopholes that could transform this regulatory milestone into a disguise for deregulation. The AI Act, aimed at establishing a […]
EU’s AI Act Sparks Human Rights Concerns
The European Union (EU) recently witnessed a contentious debate among its member states, the European Commission, and the European Parliament regarding the landmark Artificial Intelligence (AI) Act. This pivotal legislation, which aims to regulate the deployment of AI technologies within the EU, has drawn both praise and criticism. Mher Hakobyan, an Advocacy Advisor on Artificial […]
EU Countries, MEPs Strike Political Deal on Landmark AI Act to Regulate ChatGPT
In a historic moment for the regulation of artificial intelligence (AI), European Union (EU) member states and Members of the European Parliament (MEPs) have forged a groundbreaking political deal on the AI Act after 36 hours of rigorous negotiations in Brussels. The agreement signifies a crucial step towards regulating AI models, including the widely recognized […]
EU Legislators Seal the Deal on AI Act
In a pivotal development, European Union lawmakers in Brussels have achieved a significant breakthrough by reaching a “provisional agreement” on the long-anticipated Artificial Intelligence Act (AI Act). This landmark legislation is poised to establish a comprehensive set of rules that will govern AI within the EU, potentially serving as a precedent for other nations navigating […]
EU lawmakers push for leadership in shaping the Metaverse to reduce technological dependencies
In a resounding call to action, European Union lawmakers have asserted the need for the 27-nation bloc to take a prominent role in shaping the metaverse, emphasizing the importance of reducing technological dependencies on non-EU nations and supporting European businesses. This significant move was part of a comprehensive report by the European Parliament’s Committee on […]
EU AI Act Faces Backlash from Tech Industry Stakeholders
Stakeholders in the tech industry are raising concerns over the potential consequences of the upcoming EU AI Act, warning that it could stifle innovation and drive AI startups out of existence. The proposed regulations categorize AI models based on their risk factors, with startups developing high-risk foundation models facing additional requirements. Tech policy group DigitalEurope […]
EU backs PREDICTOM’s mission to transform Alzheimer’s care
The European Union has allocated €21 million in funding to PREDICTOM, an ambitious collaborative project focused on the early detection of Alzheimer’s disease. With dementia cases projected to double to 14 million in the EU by 2050, PREDICTOM’s mission is to address this growing healthcare burden by identifying individuals at risk even before symptoms manifest. […]
Global Accord Unites China, US, and EU for AI Safety at Bletchley Summit
Leaders from China, the United States, and the European Union have assembled at Bletchley Park, the historic site of Britain’s World War Two code-breakers, to collectively tackle the urgent challenge of AI safety. The Bletchley Declaration, signed by over 25 countries, outlines a collaborative effort to manage the risks posed by the rapid development of […]
Setback for UK’s Ambition: International AI Safety Agreement Faces Challenges
Prime Minister Rishi Sunak’s ambition to establish a new international scientific body focusing on the risks associated with powerful AI systems has encountered a setback, according to a final summit communiqué obtained by POLITICO. While acknowledging the potential for “serious, even catastrophic, harm” from advanced AI, participating nations are leaning toward further scientific study through […]
EU proposes Pioneering AI Laws to Delve into the Dynamics of Ethics and Risk, Says Credo AI CEO
In a groundbreaking move towards regulating artificial intelligence (AI) applications, the European Union (EU) is spearheading efforts to implement stringent AI laws. The proposed EU AI law, which is currently under debate, places significant emphasis on transparency and risk management. Navrina Singh, the Founder and CEO of Credo AI, a leading authority on AI governance […]
ESMA claims DeFi does not currently present a substantial threat to financial stability
The European Securities and Markets Authority (ESMA) has issued a report on the status of decentralized finance (DeFi) within the European Union. Titled “Decentralized Finance in the EU: Developments and Risks,” the report provides insights into the current state of the DeFi ecosystem and its potential implications for financial stability. ESMA’s key finding is that […]
U.S. Criticizes Europe’s AI Law, Citing Concerns over Vagueness and Impact on Small Firms
In a move that underscores growing transatlantic tensions over artificial intelligence (AI) regulations, the U.S. State Department has expressed reservations about the European Union’s (EU) AI Act. According to undisclosed documents obtained by Bloomberg, the U.S. government analysis contends that the AI Act, approved by the European Parliament in June, contains terms that are “vague […]
ASEAN’s Unique AI Rules Pose a Challenge to EU’s Unified Vision
In a strategic move that challenges the European Union’s ambitious pursuit of globally harmonized AI rules, the Association of Southeast Asian Nations (ASEAN) is taking a business-friendly approach to artificial intelligence (AI) regulation. A confidential draft of the ASEAN’s “guide to AI ethics and governance,” reviewed by Reuters, reveals a divergent path that emphasizes cultural […]
EU Central Banks to Announce Wholesale CBDC Plans in Weeks
The European Union (EU) is set to unveil its plans for a wholesale Central Bank Digital Currency (CBDC) within the next few weeks, according to François Villeroy de Galhau, the governor of France’s central bank. This initiative is aimed at modernizing how financial institutions settle securities and foreign exchange transactions, offering a glimpse into the […]
EU Identifies Critical Technologies in Economic Security Strategy
The European Union (EU) has unveiled its economic security strategy with a laser focus on four critical technology categories. Advanced semiconductors, artificial intelligence (AI), quantum technologies, and biotech have been pinpointed as the initial areas of concern due to their potential to bolster rival industries, military capabilities, and impact on human rights. This move underscores […]
European report calls for tighter oversight of global crypto market
In a recent report issued by the European Parliamentary Research Service (EPRS), concerns were raised over the need for stricter oversight from non-European Union (EU) regulators to ensure greater stability and development in the global cryptocurrency market. The report comes as the Markets in Crypto-Assets Regulation (MiCA) Act progresses toward implementation by December 2024, prompting […]
CySEC approves eToro’s CASP registration ahead of MiCA 2024
The Cyprus Securities and Exchange Commission (CySEC) has approved crypto-friendly trading and investment platform eToro to register as a Crypto Asset Service Provider (CASP) in Europe. This approval marks a significant step for eToro, positioning it to offer regulated crypto services across the European Union (EU). The development comes ahead of establishing the region’s Markets […]
Malta revamps crypto regulations in anticipation of EU’s MiCA laws
Malta’s Financial Services Authority (MFSA) has initiated significant amendments to its existing crypto guidelines to align with the European Union’s upcoming Markets in Crypto-Assets (MiCA) regulations. The changes, open for public consultation until September 29, aim to facilitate a smooth transition for Virtual Financial Assets (VFA) providers when MiCA takes effect in December 2024. Streamlining […]
Upbit releases translated version of EU’s MiCA: will South Korea follow suit?
South Korea’s largest cryptocurrency exchange, Upbit, has recently made a significant move by releasing a comprehensive Korean-language version of the European Union’s Markets in Crypto-Assets (MiCA) legislation. This development suggests that Korean exchanges are keeping a close eye on the regulatory landscape in Europe and preparing for the potential adoption of rules based on MiCA […]
EU regulator issues dire warning on crypto
The European Securities and Markets Authority (ESMA) has issued a warning to the cryptocurrency industry following the release of its initial proposals for the Markets in Crypto-Assets (MiCA) regulation. The proposed regulations primarily focus on conflict-of-interest rules and the handling of customer complaints by crypto-asset service providers (CASPs). Verena Ross, the chairperson of ESMA, emphasized […]
EU watchdogs demand Action: investigating the risks of AI chatbot algorithms
Thirteen consumer advocacy organizations within the European Union (EU) have called for authorities to scrutinize the AI algorithms that power popular chatbots. Concerned about the potential risks of generative AI, the groups have contacted their respective national consumer, data protection, competition, and product safety agencies. They aim to investigate the underlying artificial intelligence systems, including […]
EU’s crypto licensing rules take effect with MiCA law publication
The European Union’s Markets in Crypto Assets law (MiCA) has been published in the Official Journal of the European Union (OJEU), signaling the start of implementing comprehensive crypto licensing rules. The law mandates that crypto wallet providers identify their customers during fund transfers and offers a license for crypto companies to operate across the EU. […]
EU officials push for transparency in AI-generated content to combat disinformation
European Union (EU) officials advocate for additional measures to promote transparency in artificial intelligence (AI) tools, including OpenAI’s ChatGPT, to tackle the spread of disinformation. Vera Jourova, the vice president for values and transparency at the European Commission, emphasized the need for companies deploying generative AI tools to label their content and implement safeguards against […]
