by Chelsea Florence | Mar 28, 2024 | Technology
Key Points
- Biden’s administration has laid out new regulations to monitor Artificial Intelligence technology usage and safety within government organizations and agencies.
- In the new rules, all agencies must establish specific safeguards for AI applications that could impact the safety of Americans or their rights.
The US government has increased its efforts to regulate Artificial Intelligence usage within it by releasing a set of new regulations that all its agencies must abide by. The administration has given them till December 1 to comply with the set regulations fully.
US government doubles down on Artificial Intelligence usage within its agencies
A March 28 White House Memorandum has come out alongside an inaugural comprehensive policy for managing risks associated with Artificial Intelligence Technology. The memo asks all federal agencies to appoint Chief AI officers, disclose all AI usages and integrate protective measures to control the use of AI within them.
These steps by Biden’s administration aim to ensure that the entire federal government remains safe in the wake of the fast-developing artificial technology innovations. It also seeks to foster the usage of Artificial Intelligence as it has become almost unavoidable now for use across different fields, including in federal agencies.
However, the US government remains adamant about the need to be cautious about the usage of AI technology within the country and its high ranks in public offices, particularly in the Department of Defense.
This regulation is an initiative by the Office of Management and Budget (OMB) and is closely related to Joe Biden’s October 2023 Executive order on AI. In that Executive order, the US introduced six standards for AI safety and its ethical usage within the government. The standards were as follows.
1: All developers of the most powerful Artificial Intelligence systems share safety test results and critical information with the US government
2: National Institute of Standards and Technology to develop standardized tools and texts for ensuring AI’s safety
3: Protect against the risk of potential illegal bioengineering using AI
4: Working towards protection from AI-enabled fraud and deception
5: To build on the administration’s ongoing AI cyber challenge by advancing a cybersecurity program that can develop AI tools and fix vulnerabilities in critical software
6: Develop a national security memorandum to direct actions on AI security.
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by Chelsea Florence | Mar 23, 2024 | Cryptocurrencies
Key points
- Bitcoin has recorded new ATHs after breaking free from a long crypto winter period ahead of its scheduled completion of the halving process this April.
- Argentinians have been seeking to hold even more bitcoins recently with the coin registering record high demand since 2021.
Bitcoin keeps breaking records ahead of its April 2024 halving schedule. The coin has already broken its ATH prices in multiple currencies including the US dollar as its demand keeps rising. Now, a report from Bloomberg shows that the country’s demand for the coin is at a 20-month high.
Bitcoin continues to rally ahead of halving cycle
Bitcoin continues to make new records as its price rallies and demand keeps growing. Aside from BlackRock and MicroStrategy holding over 1% each of the coin’s maximum supply, retail investors are also waking up to the coin ahead of its April 2024 halving schedule.
Countries that invested in Bitcoin like El Salvador are already in profit while others continue to welcome the coin via different approaches like ETFs and setting up regulations. Bitcoin has long been seen as a hedge against inflation and devaluation of fiat currencies which stems from the coin’s original purpose.
In 2023, multiple fiat currencies lost over 50% of their values against the US dollar which has driven citizens of the affected countries to look for safer havens for their fortune. In Argentina, Bitcoin happens to be one of the options to hedge against inflation. The Argentinian Peso has plummeted fourfold YoY.
As a result, citizens of the country are trying to find ways to recover from the aftershocks of the market crash of the peso. According to .crypto exchange Lemon Cash data, about 35,000 customers invested in Bitcoin in the week ending March 10, a statistic double the weekly average recorded in 2023.
Other exchanges in the region like Ripio and Belo also showcase similar data.
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by Chelsea Florence | Nov 10, 2023 | Blockchain
Key Points
- MoonDAO is offering its second ticket to take another DAO-voted member into Space via Jeff Bezos’s company, Blue Origin.
- MoonDAO sent the first DAO-voted member into Space in August 2022 and is now back with similar pursuits.
In August 2022, MoonDAO completed an exciting endeavor, sending a DAO-voted member to Space. The DAO is now back for a second leg, where a lucky contestant will be selected for a similar experience.
MoonDAO seeks astronauts to Space via Blue Origin.
The Decentralized Autonomous Organization has announced another sweepstakes round to get a lucky member to join the next flight to Space with Jeff Bezos’s Blue Origin space company.
According to their Nov. 7 announcement, owning a ticket to Space NFT is not mandatory to enter their sweepstake or win. However, the registration process depends on the DAO’s terms and conditions.
The announcement explained that the selection process is community-oriented and revamped to improve the onboarding experience while leveraging the MoonDAO App and Marketplace.
This material is meant for educational and recreational purposes only. It is not financial advice in any way; therefore, damage caused by the information provided here is not liable to the company or the writer in question. Please make due diligence and conduct your own research before taking any action prompted by the information provided above.
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by Chelsea Florence | Nov 9, 2023 | Banking
Key Points
- Global banking giant Standard Chartered is eyeing setting up a crypto fund in the United Arab Emirates.
- The disclosure comes days after the UAE issued guidance on crypto regulation requiring VASPs to be licensed to increase the transparency of financial systems in the country.
Standard Chartered’s SC Ventures seeks to establish a Digital Asset Joint Venture investment company in partnership with Japan’s SBI holdings in the UAE.
UAE continues working towards becoming a global crypto hub
In a Nov.9 Press release, SC Ventures revealed that the new venture in the UAE would be a joint effort with Japanese Financial Conglomerate SBI Holdings aiming ‘to make strategic and minority investments’ in areas of interest like ‘market infrastructure, DeFi, Tokenization, COnsumer payments’ among others.
The CEO of SC Ventures, Alex Manson, also indicated a strong interest in Risk management, tokenization, and compliance tools as key aims of the new venture. He highlighted the region’s efforts and new role in becoming a fintech hub due to its strengthening infrastructure and talent.
UAE has been working on attracting more fintech investors and getting a better reputation globally for its financial products. On Nov 8, Fintech Express reported that the country had released a new guidance list for those looking to set up virtual assets services provision systems there. In the list, the country highlights some red flags of common untrustable crypto deals and warnings to service providers who want to continue working in the region.
The country is introducing these measures, eyeing to get out of the FATF’s ‘Grey List’ of countries with questionable financial systems. Thus increasing its chances of incorporation with the mainstream word finance and, thus, a better future. While SC Ventures is set to be the next new thing in the country’s financial landscape, Manson has confirmed that it will not limit itself to the regional market but will “explore the emerging digital asset ecosystem opportunities globally.”
This material is meant for educational and recreational purposes only. It is not financial advice in any way; therefore, damage caused by the information provided here is not liable to the company or the writer in question. Please make due diligence and conduct your own research before taking any action prompted by the information provided above.
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by Chelsea Florence | Nov 8, 2023 | Regulation
Key Points
- The United Arab Emirates announced a plan to penalize unlicensed Virtual Asset Service Providers (VASPs).
- The country’s lawyer, Irina Heaver, explained that the new plan is part of UAE’s efforts to move out of the Financial Action Task Force’s “Grey List.”
The United Arab Emirates has announced new guidance to penalize unlicensed VASPs as part of a plan to have more transparent financial activities in the country.
UAE continues to spearhead crypto regulation in the world
Financial Regulators, alongside the Central Bank of the United Arab Emirates (CBUAE), have published a new joint guidance for digital assets services providers operating within the country aiming to streamline the financial sector by enhancing transparency.
A tweet from the CBUAE read:
“The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC), in collaboration with UAE supervisors, has issued guidance on combating the use of unlicensed virtual asset service providers, which is prepared by the supervisory subcommittee.”
The National Anti Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) and the CBUAE published a joint list of “Red Flags” for Vasps. The guidance list included unrealistic marketing promises, Operations without a regulatory license, poor communication, and poor or lack of regulatory disclosures, among other indicators of suspicious operations.
In a press release, the governor of the CBUAE and the chairman of the NAMLCFTC, his excellency Khaled Mohamed Balama, said that the new guidance plan comes when the country is working to make virtual assets more accessible. He explained that the digital economy needs to mature and thus will have to get good backing from the government, including “combating all kinds of financial crimes intensifies” to ensure the integrity of the financial system in the country.
It’s not the first time that the UAE has made bold steps to streamline its financial system as it marches towards more transparency and sitting on better books in the world. In March 2022, the UAE was placed on FATF’s Grey list and subjected to increased monitoring due to deficiencies in its Anti-money laundering and CTF regulations. The country vowed to increase its efforts and commitment to work alongside the global watchdog to strengthen its financial monitoring deficiencies.
According to its Lawyer, Irina Heaver, the UAE has enacted significant reforms since 2022, with the current VASP monitoring guidance being one of them. Heaver says they expect to exit the grey list as soon as in the next 2024 FATF review.
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