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The European Union (EU) has set a precedent by introducing the AI Act – which focuses on the high-risk areas of AI tech usage. The legislation hailed by EU Commissioner Thierry Breton as “historic” will introduce a risk-based approach to AI oversight. The act adopts a risk-based approach, focusing on high-risk areas like government use of AI for biometric surveillance. It also throws a regulatory net over systems akin to ChatGPT, demanding transparency before unleashing it on the market. The landmark vote follows a December 2023 political agreement and finalizes months of meticulous text tailoring for legislative approval. The agreement signals the end of negotiations, with the vote by the permanent representatives of all EU member states held on Feb. 2. This crucial step sets the stage for the act to progress through the legislative process, involving a vote by a pivotal EU lawmaker committee scheduled for Feb. 13, followed by an expected vote in the European Parliamen...

In its 12th sanctions package against Russia, the EU is doubling down on crypto limitations for Russians. According to a Q&A on Dec. 18, the European Commission has imposed a new ban on Russian nationals and residents on Russian nationals and residents, preventing them from owning or controlling crypto service providers in response to Russia‘s military offensive against Ukraine, the announcement says. “EU sanctions fulfil the EU’s key objective, which is to continue to work for a just and lasting peace, not another frozen conflict.” The European Commission This regulatory move aims to tighten restrictions on the provision of crypto-asset wallet, account, or custody services to individuals in Russia. The comprehensive package also includes measures to curb circumvention, explicitly forbidding Russian nationals and residents from holding any positions on the governing bodies of entities offering such services. You might also like: Blockchain․co...