Regulation

A state-subsidized Chinese artificial intelligence (AI) company recently announced the launch of “Spark Model,” an AI system designed to compete directly with OpenAI’s ChatGPT. The launch by the company, iFlytek, took place at a tech event in Hefei called “Spark Desk” and featured a full demonstration of the new system’s capabilities. .#China‘s leading intelligent speech and

Last week brought several significant international developments in regulation. Argentina’s central bank banned payment providers from offering crypto transactions, adding that it intends to reduce the country’s payment-system exposure to digital assets. While local payment providers refuse to comment on the decision, Argentina’s fintech chamber urged the government to reconsider, claiming that “it limits access

Kim Nam-kuk, a member of South Korea’s National Assembly, reportedly liquidated more than $4 million worth of crypto prior to lawmakers in the country enforcing the Financial Action Task Force’s “Travel Rule”. According to a May 8 report from The Korea Times, authorities with the Korea Financial Intelligence Unit are investigating Kim for trading roughly

A suspect identified only as “Hong” was detained by local authorities and arrested in the Gansu district of China after allegedly using ChatGPT to generate fake news stories.  According to a report from the South China Morning Post, Hong was detained after an investigation into an unsubstantiated article relating to a train crash was discovered on

The race to develop artificial intelligence (AI) continues as China pushes forward the development of home-grown AI without utilizing the latest technology from the United States due to current sanctions.  According to a report from The Wall Street Journal, Chinese companies are studying methods to develop AI via weaker semiconductors and combinations of chips to

Ripple has spent $200 million defending the case brought against it by the United States Securities Exchange Commission (SEC), according to CEO Brad Garlinghouse.  Garlinghouse said this during a fireside chat at the Dubai Fintech Summit on May 8. He stated that the U.S. is stuck compared to the progress with the crypto regulation in

Crypto-friendly Hong Kong is still gung-ho about giving its citizens access to crypto trading despite other jurisdictions “taking a step back,” claims the chair of the FinTech Association of Hong Kong (FTAHK). Speaking to Cointelegraph at the Hong Kong WOW Summit in March, FTAHK chair Neil Tan said while Singapore and the United States are

A Wells notice is not a final determination of guilt or wrongdoing, meaning that the recipient has the chance to respond and make a case before any administrative action is initiated. The Wells notice procedure, though, is a clue that the SEC is considering taking action, and how it turns out might have a big

The government of Kazakhstan has received 3.07 billion tenge (approximately $7 million) in tax payments from crypto mining entities in 2022, following the implementation of an amended law regulating the fiscal burden of mining cryptocurrencies, according to the local media reports. Preliminary data from the government for 2023 shows that mining fees collected by April 27

Binance is under investigation by the United States Justice Department (DOJ) national security division for allowing Russians to use the cryptocurrency exchange in violation of U.S. sanctions, according to a report that appeared in Bloomberg on May 5. There have been no accusations against the company or its executive in connection with the investigation. The

The U.S. Securities and Exchange Commission (SEC) has issued its largest-ever whistleblower award totaling $279 million. The SEC generally issues awards ranging between 10% to 30% of collected monetary sanctions that are larger than $1 million. To receive such an award, the whistleblower needs to have provided information that directly assists the SEC in successfully

On May 4, Argentina’s central bank banned payment providers from offering crypto transactions, alleging it intends to reduce the country’s payment-system exposure to digital assets.  According to a statement from the monetary authority, payment providers may not offer or facilitate crypto services through their applications. The move brings payment fintechs and financial institutions under the

CEO Tim Cook gave a rare, if guarded, glimpse into Apple’s walled garden during the Q&A portion of a recent earnings call when asked his thoughts on generative artificial intelligence (AI) and where he “sees it going.”  Cook refrained from revealing Apple’s plans, stating upfront, “We don’t comment on product roadmaps.” However, he did intimate

Robert F. Kennedy Jr., who is challenging United States President Joe Biden for the Democratic nomination in the 2024 presidential election, has taken to Twitter again to share more of his thoughts on cryptocurrency. Kennedy criticized Biden on May 2 for calling the U.S. banking system “safe and sound” the previous day. “Today, bank stocks

Letitia James has reportedly proposed legislation that would give the New York Attorney General’s office more authority to regulate the crypto industry. In a May 5 announcement, the NY AG’s office planned to submit a bill called the Crypto Regulation, Protection, Transparency and Oversight Act, or CRPTO, in the state’s 2023 legislative session. The proposed

The United Kingdom’s Financial Conduct Authority, or FCA, has announced the inspection of sites across the country “suspected of hosting illegally operated crypto ATMs.” In a May 5 announcement, the FCA said it had coordinated with local authorities in the cities of Exeter, Nottingham and Sheffield to raid facilities suspected of operating unregistered cryptocurrency ATMs.

Cryptocurrency miners based in the United States could soon face a tax equal to 30% of the cost of electricity they use if President Joe Biden’s proposed budget for the fiscal year 2024 is approved by Congress, but the proposal has sparked debate about whether it would actually decrease global emissions and energy prices. Cryptocurrency

Artificial intelligence (AI) has created a furor recently with its possibility to revolutionize how people approach and solve different tasks and complex problems. From healthcare to finance, AI and its associated machine-learning models have demonstrated their potential to streamline intricate processes, enhance decision-making patterns and uncover valuable insights.  However, despite the technology’s immense potential, a

Zimbabwe’s central bank has set a price for its gold-backed digital tokens. The country is planning to sell its gold-backed digital currency to investors starting May 8. The tokens will be sold at a minimum price of $10 for individuals and $5,000 for corporations and other entities. According to a statement released by the Reserve

In the United States, the White House released the national standards strategy for key and emerging technologies on May 4, identifying eight technology sectors that will have a significant economic impact in the near future. Among the eight technologies are artificial intelligence, communication and network technologies, biotechnology and semiconductors, with the inclusion of distributed ledger