📜 EU unanimously approves MiCA
The world's first regulatory framework for crypto
Hey Waivly Crew! 🌊 The EU has adopted the world's first comprehensive set of rules for crypto regulation. OpenAI CEO Sam Altman told US senators that AI regulation is ‘critical.’
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EU finance ministers greenlight MiCA regulations
The European Union’s landmark crypto regulation has passed its final legislative hurdle.
Members of the EU’s Economic and Financial Affairs Council (EcoFin) unanimously approved the Markets in Crypto Assets regulation (MiCA) in a meeting on Tuesday.
Elisabeth Svantesson, Sweden’s minister for finance and the chair of the meeting, said in a statement that she was “pleased” with the adoption.
“Recent events have confirmed the urgent need for imposing rules which will better protect Europeans who have invested in these assets, and prevent the misuse of crypto industry for the purposes of money laundering and financing of terrorism,” she said.
MiCA, which was approved by the EU parliament last month, requires crypto firms to seek a license to operate across the bloc, and stablecoin issuers to hold suitable reserves.
With yesterday's nod from finance ministers, MiCa is on track to become law this summer, when it will be published in the EU’s official journal.
The regulations for stablecoins are expected to come into force in July 2024, while others, including those on crypto service providers, will apply in January 2025.
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Meta’s paid verification program comes to the UK
Meta has launched its paid verification program, Meta Verified, in the UK.
The service offers users a blue verification badge on Facebook and Instagram, “proactive impersonation protection,” and direct access to customer support.
Meta Verified will be rolled out in the UK over the next few weeks and cost £9.99 on the web and £11.99 on iOS or Android devices.
Unlike Twitter, users need an official government ID to opt into the service. They also have to be older than 18 and have two-factor authentication enabled.
Additionally, verified users can’t change their profile name, username, date of birth, or photo without restarting the verification process.
Meta announced its verified program after Twitter relaunched its subscription plan called Twitter Blue, offering paid verification.
OpenAI CEO Sam Altman calls for US to regulate AI
OpenAI CEO Sam Altman told a Senate panel on Tuesday that there should be an agency to regulate AI projects that operate "above a certain scale of capabilities."
He told lawmakers on a Judiciary subcommittee panel that such an agency should be able to grant licenses for advanced AI work — and be able to take them away if those companies violate established safety rules.
Altman suggested the idea in response to a question posed by Sen. John Kennedy, who'd brought up a potential scenario involving "a berserk wing of the artificial intelligence community that intentionally or unintentionally could use AI to kill all of us and hurt us."
Earlier in the hearing, Altman warned senators that AI could cause "significant harm to the world" if the technology falls into a downward spiral.
"I think if this technology goes wrong, it can go quite wrong," he said. "And we want to be vocal about that, we want to work with the government to prevent that from happening."
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