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.
Belgium takes over president of the EU Council in 2024, saying it plans to revive the region's blockchain project to boost privacy, transparency, and security.
Bundestag's Joana Cotar argues that BTC is a better alternative to cash than a CBDC, citing the possibility of regulators to heavily monitor the digital euro and misuse data.
The European Parliament voted 481 to 31 to back the Data Act, which requires smart contracts to have a kill switch and allow users to access the data they generate from smart devices.
As the European Union makes headways in its CBDC exploration, Spain formally voices its support for the digital euro, which it says would help build trust and financial independence in the digital realm.
Greece ventures into AI with an advisory committee and national strategy, joining the EU's AI landscape under the influence of the forthcoming EU AI Act.
MiCA was crafted to boost regulatory oversight on unlicensed asset-related activities, but the ESMA said holders won't be protected under the latest regime until December 2024 and potentially longer.
The two reports published by ESMA warned of the "serious risks" DeFi poses to investors, including those related to DEXs and wash trading, and outlined a methodology for categorizing smart contracts.
EU is in talks for stricter AI regulations, focusing on large firms while considering startups with rules addressing privacy, intellectual property, and rules against discrimination.
