REGULATION
UK Legislators Advocate for Treating Crypto Trading Similar to Gambling Regulations
The report also calls for a shift in the regulatory approach towards unbacked cryptoassets, such as Bitcoin and Ether. Due to their volatility and lack of intrinsic value, the committee argues that these assets pose substantial risks to consumers, likening speculation in these assets to gambling.
Australian Crypto Community Remains Enthusiastic Despite Regulatory Concerns
Despite regulatory concerns dominating discussions at recent crypto conferences in the US and Australia, the crypto community remains enthusiastic about the potential of digital assets. Attendees are more focused on discussing intelligent questions around regulation and tax rather than the extravagances of past events. Interest in crypto remains high, and the rise in the price of Bitcoin is encouraging the crypto-curious to attend conferences and ask beginner-level questions.
Crypto Conferences Scale Back
Crypto conferences have toned down the extravagance in response to the extended crypto winter, with attendees focusing on discussing regulation and tax. The XRP Las Vegas conference for XRP enthusiasts and the “XRP Army” highlighted frustration over regulatory clarity in the United States. Meanwhile, regulation was the primary topic at a recent Binance Australia meetup event, where attendees asked intelligent questions despite the ongoing bear market. Interest in crypto remains strong, even as conferences scale back.
Japan Concerned About AI Chatbots
A new survey in Japan reveals that 69.4% of the population wants stricter regulation in the development of AI chatbots. This comes as Japanese officials consider integrating AI into their systems.
US Bank Regulators Confess Mistakes
US bank regulators have admitted to errors in supervision after high-profile bank failures, with the New York Department of Financial Services publishing its review of Signature Bank and the US Federal Reserve Board releasing its review of Silicon Valley Bank.
EU Drafts AI Bill to Address Copyright Concerns
The European Union has passed a draft bill that will classify AI tools according to their risk level and impose stricter transparency procedures for high-risk tools. The bill is part of the EU’s Artificial Intelligence Act and aims to address concerns around the use of copyrighted materials in AI training.
US House Committees To Hold Joint Hearings On Digital Asset Regulations
The US House Financial Services and Agriculture Committees, along with the Digital Assets, Financial Technology and Inclusion Subcommittee, and the Commodity Markets, Digital Assets, and Rural Development Subcommittee will hold joint hearings in May to establish regulatory clarity for the digital asset ecosystem. Representative Patrick McHenry, the House Financial Services Committee chairman, has announced that the hearings aim to establish a bill providing regulatory clarity to the crypto sector, which adds to the work on a bipartisan bill led by crypto-friendly Senator Cynthia Lummis and Senator Kirsten Gillibrand.
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.
Blockchain Fights Climate Change
The World Economic Forum (WEF) has published a white paper outlining how blockchain technology can aid in the fight against climate change. Blockchain can improve market transparency, enhance trust and ambition within climate negotiations, democratize access to climate action, and funnel more funds to project developers. The WEF also stressed the need for constructive regulation to support digital climate innovation.
South Korea Grants Central Bank More Power Over Crypto
The Bank of Korea (BoK) has been given more power to investigate cryptocurrency service providers, including the ability to request transaction data from crypto exchanges. The move comes amid ongoing discussions on virtual asset legislation in South Korea, with the Financial Services Commission (FSC) holding the final say on the regulation of the digital asset sector. The two institutions have been at odds for several years over crypto regulations.