EU Parliament passes landmark AI Act
The European Union parliament has approved the AI Act, which will introduce a regulatory framework that categorizes artificial intelligence apps based on their risks.
The European Union parliament has approved the AI Act, which will introduce a regulatory framework that categorizes artificial intelligence apps based on their risks.
Meta has invested more than $20 billion into AI safety and security and quadrupled the size of its global team working in this area.
Frankfurt beat bids from Madrid, Paris, Rome, and five other cities to host AMLA, a new 400-member agency whose anti-money laundering mandate will include digital assets.
EU inches closer to having a CBDC after 48 LIBE members voted in favor of the digital euro, but it likely won't be until June 2024 before a full EU Parliament vote is heard.
While critics think that the European Union is over-regulating again with its AI Act, others see this as an advantage but admit that the rules may need to be updated in line with future AI developments.
Under MiCA, a stablecoin is regarded as of systemic importance if it has over 10 million holders, has over €5 billion in reserves, or €500 million daily transactions.
While the EU remains behind in AI adoption compared to other economic powerhouses, the region leads in blockchain adoption, launching various initiatives and regulations to strengthen its game.
The days of U.S. tech bullying the ‘little guys’ around the globe may be numbered, at least in the EU and U.K., where new laws are being introduced to prevent them from abusing their dominant positions.
The AML regulation is part of an increased effort to combat sanctions evasion, terrorist financing, and money laundering, which was given urgency in light of Hamas financing through digital assets.
The European Union is one of the first movers in its attempt to shape the global landscape of artificial intelligence governance with the recent agreement that the 27-nation bloc reached on the AI Act.
Legislators in the European Union reached an agreement on the Artificial Intelligence Act, which aims to ensure that "fundamental rights, democracy, the rule of law and environmental sustainability are protected from high-risk AI."
Members of the European Parliament gave a nod to an EU report proposing the development of virtual world technologies, such as the metaverse, that align with the region's values and aid businesses.