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EU Commission urged to prepare for blockchain and AI integration

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The European Union (EU) has been advised to prepare for the convergence of blockchain technology and artificial intelligence (AI).

The European Blockchain Observatory and Forum (EUBOF), an initiative by the European Commission, has been monitoring and analyzing blockchain developments across Europe. On May 24, EUBOF published its final report, authored by the Directorate-General for Communications Networks, Content and Technology. The report emphasizes blockchain’s potential to integrate with other technologies and drive innovation.

EUBOF identified a strong trend of blockchain and AI convergence. It highlighted that secure storage of sensitive AI data sets on blockchain could be particularly beneficial in sectors like healthcare and finance, where data security is crucial.

Additionally, the convergence of blockchain and AI can facilitate decentralized AI networks, which can reduce the risk of data monopolies and encourage collaborative AI development. The report further noted that AI could enhance smart contract functionality, applicable across various industries.

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The European Commission’s study also acknowledged the ongoing growth of the decentralized finance (DeFi) ecosystem, anticipating the launch of new protocols and applications. EUBOF expects blockchain technology’s inherent interoperability, sustainability, and energy efficiency to drive its continued adoption.

To support this development, EUBOF made several recommendations, including acting as a global knowledge hub for blockchain, strengthening Europe’s engagement with various stakeholders, and addressing issues arising from new innovations.

Coinciding with EUBOF’s report on May 24, the EU announced plans to amend the regulation governing the European High Performing Computer Joint Undertaking (EuroHPC), which oversees the use of supercomputers for AI development. EuroHPC manages nine supercomputers across Europe, developed since the initiative’s inception. The proposed amendment will support the development of new AI factories.

Willy Borsus, vice-president of Wallonia and minister for economy, research, and innovation, stated, “Unity is the strength of Europe, and together we have achieved great goals. We have seen this with the development of our world-class supercomputers, and now we want to boost the outcomes of these powerful machines through trustworthy AI.”

Under the new regulation, hosting entities can receive up to 50% of the acquisition and operational costs of AI supercomputers from the EU. Ownership of these machines can be transferred to the hosting entities five years after acceptance testing.

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Source: cointelegraph.com

The post EU Commission urged to prepare for blockchain and AI integration appeared first on HIPTHER Alerts.

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Blockchain

Europe Tax Advisory Market Valuation Poised to Soar to USD 28.50 Billion By 2032 | Astute Analytica

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Brazil to Tighten Regulation on Foreign Crypto Exchanges

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Brazil’s Receita Federal Increases Scrutiny on Foreign Cryptocurrency Exchanges

Brazil’s tax authority, Receita Federal, plans to intensify its oversight of foreign cryptocurrency exchanges operating within the country. This move aims to enhance regulation and transparency amid the rising use of digital assets in Latin America’s largest economy.

New Reporting Requirements for International Platforms
Recent reports indicate that Receita Federal will soon issue an order requiring international cryptocurrency platforms, including Binance and Coinbase, to provide detailed operational data and information on their partnerships with local service providers.

Government’s Regulatory Focus
Andrea Chaves, Deputy Secretary of Inspection at the Federal Revenue Service, emphasized the importance of this measure. “It’s crucial for us to understand how they operate here and ensure there’s no illegality,” she stated. The government aims to ensure compliance with tax laws and confirm that services provided to Brazilian customers are fully legal.

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Wagner Lima, a risk management coordinator at Receita Federal, underscored the need to review collaborations between foreign exchanges and local service providers. This review ensures compliance with a 2019 regulation that mandates information sharing.

Rise in Crypto Asset Declarations
This decision comes in response to a significant increase in crypto asset declarations by Brazilians. From January to July 2023, Brazilians declared 133.6 billion reais ($24.6 billion) in crypto assets, marking a 36.6% increase from the previous year. Notably, 14.5 billion reais were declared through foreign exchanges, representing a 51.2% growth.

Upcoming Order Details
The forthcoming order will require exchanges to disclose their operational methods and customer service practices in Brazil. However, it will exclude customer-specific data and transactional information to comply with current Brazilian laws.

Future Regulatory Framework
Brazilian authorities are also working on developing a clear framework for digital currencies and their legal status, expected to be introduced by mid-2024. This framework aims to organize both local and foreign exchanges operating within Brazil, ensuring their compliance with local laws and regulatory requirements.

Source: cryptotimes.io

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The post Brazil to Tighten Regulation on Foreign Crypto Exchanges appeared first on HIPTHER Alerts.

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Financial Institution NAB Embraces Crypto Custody Solution

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National Australia Bank Invests in Crypto Custody Firm Zodia Custody

National Australia Bank (NAB), a prominent financial institution, has taken a significant step into the cryptocurrency custody arena. Instead of creating its own digital currency, NAB Ventures has opted to invest in Zodia Custody, a London-based firm specializing in the secure storage of digital assets for institutional clients.

Strategic Shift and Industry Alignment
This investment marks a strategic shift for NAB, aligning itself with global financial leaders like Standard Chartered, Northern Trust, and SBI Holdings, who have already acknowledged the importance of safeguarding digital assets for investors. By partnering with Zodia Custody, NAB showcases a forward-thinking approach, choosing collaboration over direct competition with established players like Coinbase.

Commitment to Innovation
The decision to invest in Zodia Custody reflects NAB’s commitment to providing cutting-edge solutions to its institutional clients while leveraging the potential of the crypto market. This move positions NAB as a key ally for institutional investors seeking secure and regulated infrastructure to navigate the complexities of digital asset storage and management.

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Additional Insights
One significant aspect not highlighted in the initial report is that NAB’s engagement with a crypto custody solution underscores the growing demand from institutional investors for secure and regulated infrastructure to enter the crypto space.

Key Questions
1. How will NAB’s partnership with Zodia Custody impact its overall financial services and competitive position in the market?
2. What regulatory challenges and compliance requirements does NAB face by entering the crypto custody space?
3. How does NAB plan to address security concerns related to the storage of digital assets for its institutional clients?
4. What are the potential risks and rewards for NAB as it ventures into the crypto custody sector?

Key Challenges
NAB may encounter several challenges, including regulatory compliance issues, cybersecurity risks, market volatility of crypto assets, competition from existing players in the space, and the need to build trust among institutional clients for their crypto custody services.

Advantages
1. Access to a Growing Market: Entry into the rapidly expanding crypto market and potential new revenue streams.
2. Strengthened Partnerships: Enhanced relationships with global leaders in the crypto custody sector.
3. Diversification: Broadening service offerings to meet the evolving needs of institutional clients.

Disadvantages
1. Regulatory Scrutiny: Increased regulatory oversight and compliance costs.
2. Market Volatility: Exposure to the highly volatile nature of crypto assets.
3. Reputation Risk: Potential damage to reputation if security breaches or operational issues occur in the custody of digital assets.

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Source: smartphonemagazine.nl

The post Financial Institution NAB Embraces Crypto Custody Solution appeared first on HIPTHER Alerts.

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