Download the HENI News app

Tech Weekly (21/04): The EU launches MiCA and Google rushes to catch up in the AI arms Race

5 min read  ·  20 Apr 2023

Fidenza #479 by Tyler Hobbs, image courtesy of Sotheby's

⚖️ Regulation

The European Union’s Markets in Cryptoassets Act (MiCA), the first major form of crypto regulation, passes its final vote. The law will regulate stablecoins and require any company offering crypto services to register with an EU member state. Specific requirements will take effect progressively, with rules governing stablecoins set to apply from July 2024. (CoinDesk)

The European Centre for Algorithmic Transparency (ECAT) officially launches. The center could be vital to helping the EU regulate AI and Big Tech compliance with the Digital Services Act. (TechCrunch)

To appease regulators, Google proposes a new Play Store billing system in the U.K. The new billing system lets app makers save 3 percent on commissions when a offering a third-party billing option. (TechCrunch)

👾 Crypto

Coinbase has recieved a license to operate in Bermuda, eyes Abu Dhabi. Coinbase is planning on launching a derivatives exchange in Bermuda as soon as next week. The move is part of Coinbase’s strategy to expand its operations beyond the United States. (CoinDesk)

Societe Generale's crypto subsidiary launches euro stablecoin on Ethereum. Societe Generale's crypto arm, Forge, announced plans to launch a euro stablecoin, "CoinVertible," on the Ethereum blockchain. The token is based on the Compliant Architecture for Security Tokens (CAST) framework. CAST works with financial institutions to offer digital assets, over-the-counter (OTC) trading, and post-trade settlement. (The Block)

U.S. Government allows the bulk of the Voyager-Binance.US deal to proceed. A new court filing suggests noncontentious elements of the $1 billion deal could go ahead even before an appeal is heard. (CoinDesk)

Sotheby's to auction CryptoPunks and other NFTs owned by bankrupt Three Arrows Capital.Sotheby’s announced Wednesday that it will facilitate the sale of an art collection called "Grails," which is comprised of digital artwork that belongs to the now-defunct hedge fund Three Arrows Capital (3AC) and its Starry Night Capital NFT-collecting fund. (Decrypt)

🤖 AI

Microsoft is developing its own AI Chip. Code-named 'Athena', the chip has been in development since 2019 by a 300-strong team. The chip, designed for training large-language models like ChatGPT, could help lower Microsoft's AI application costs and improve negotiation power with Nvidia. While it's expected to be available for internal use and OpenAI by next year, its accessibility to Azure customers is still uncertain. (Reuters)

Google is devising radical search changes to beat back A.I. rivals. The new features, under the project name 'Magi', are being created by designers, engineers and executives working in so-called sprint rooms to tweak and test the latest versions. The new search engine would offer users a far more personalized experience than the company’s current service, attempting to anticipate users’ needs. (NYT)

Google to deploy generative AI to create sophisticated ad campaigns. Google intends to begin using the AI to create novel advertisements based on materials produced by human marketers. (FT)

Experts say it is likely impossible for OpenAI to comply with Italy's strict data privacy demands. If OpenAI is unable to comply by the April 30th deadline, it may result in a longer ChatGPT ban in the country. (MIT Tech Review)

Look at the list of websites companies use to train their AI systems. An analysis of the data sets used to train large language models revealed that Wikipedia, piracy sites, and databases of private personal information are among some of the most-used sources. (Washington Post)

Programming forum Stack Overflow is joining Reddit in saying it plans to charge companies like Google and OpenAI to use its data to train large language models and other AI systems. (Wired)