AI
Artificial Intelligence (AI), a branch of computer science, is concerned with developing computers capable of doing tasks that would typically need human intelligence. Such tasks include learning from and adjusting to new facts or situations, reading human language, discovering patterns, problem-solving, and decision-making.
US Bank Failures Shock Regulators
The New York Department of Financial Services and the US Federal Reserve Board have published their internal reviews on the handling of Signature Bank and Silicon Valley Bank's failures. The string of bank failures, including Silvergate Bank's voluntary liquidation, has prompted regulators to re-evaluate their supervision.
Mastercard Launches Web3 Solution for Crypto Verification
Mastercard has launched a new Web3 solution called "Mastercard Crypto Credential" aimed at enhancing user verification standards in the digital asset space. The solution is designed to provide a unique identifier to users, enabling them to instantly verify that an address they want to send funds to has been vetted by Mastercard and has been operating in compliance with the firm's standards. The solution will support compliance through the exchange of metadata and help reduce the opportunities for bad actors.
ChatGPT Ban Lifted in Italy
Italy's data protection agency banned OpenAI's ChatGPT chatbot in March 2023 for allegedly violating GDPR. The ban was lifted in April after the company complied with the regulator's transparency demands and implemented age-gating measures.
Tencent Cloud Launches Deepfake Generator
Tencent Cloud, the cloud services provider arm of Tencent, has released a new deepfake generator platform for creating fake videos of individuals using AI capabilities based on a three-minute video clip and 100 voice clips. The service costs approximately $145.
JPMorgan Develops AI Tool for Federal Reserve Analysis
JPMorgan has created an AI tool using a ChatGPT-based language model to analyze Federal Reserve statements and speeches to detect trading signals. The tool assigns a Hawk-Dove Score to Fed policy signals and can predict changes in central bank tightening. The bank has reportedly found the preliminary applications of the tool to be encouraging.
UK Considers New DeFi Tax Regime
The UK's taxation arm of the Treasury, HM Revenue and Customs, has launched a consultation seeking input from individuals and entities engaged in DeFi activities on a possible new tax regime. Under the proposed changes, crypto used in DeFi transactions would not be treated as a disposal for tax purposes, but a Capital Gains Tax would be triggered when cryptocurrencies are disposed of in a non-DeFi transaction.
EU to Regulate AI Use of Copyrighted Material
The European Union has passed a draft bill to regulate AI use of copyrighted materials. AI tools will be classified according to their risk level, with high-risk tools subjected to stricter transparency procedures. The bill is part of the EU's Artificial Intelligence Act and aims to strike a balance between protecting citizens and fostering innovation.
Hong Kong to Release Cryptocurrency Exchange Licensing Guidelines
The Hong Kong Securities Futures Commission (SFC) plans to release guidelines for cryptocurrency exchange licensing next month, in support of trading services to retail investors by June 1. AML/KYC regulatory requirements were key considerations in the consultation process. Some trading platforms have already received licenses, while others have chosen to cease operations.
Google Ads Used in $4M Crypto Phishing Scam
Scammers have stolen over $4 million in cryptocurrency from users falling for phishing websites promoted on Google Ads, according to blockchain analytics by ScamSniffer. The fraudulent websites prompt wallet login signature requests that compromise users’ addresses, and have targeted decentralized finance protocols, websites and brands. Metadata from some of the phishing websites has been linked to advertisers in Ukraine and Canada, who bypass Google’s ad review process by manipulating the Google Click ID parameter and using anti-debugging methods. ScamSniffer estimates that scammers spent around $15,000 on advertising which provided a return on their investments of 276%, given the $4 million stolen to date.
Bitget Pledges $10 Million for Fetch.ai Ecosystem
Bitget, a cryptocurrency derivatives exchange, has pledged $10 million towards the development of the Fetch.ai ecosystem. Fetch.ai provides infrastructure for autonomous services and features an AI agent network and smart wallet.