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EU's Pending Banking Law Calls for Fast-Track Crypto Capital Rules for Banks

Tough capital rules for banks holding cryptoassets must be fast-tracked in the European Union's pending banking law if Europe wants to avoid missing a globally-agreed deadline, the bloc's executive has said. The global Basel Committee of banking regulators from the world's main financial centres has set a January 2025 deadline for implementing capital requirements for banks' exposures to cryptoassets such as stablecoins and bitcoin . "For the time being, banks have very low crypto-asset exposures and only a limited involvement in providing crypto-asset-related services," the European Commission said in an informal discussion paper seen by Reuters. "Banks have expressed interest in trading crypto-assets on behalf of their clients and to provide crypto-assets-related services." Basel's standards are applied in the EU with a law, and a delay could mean that banks have to wait longer to enter the cryptomarket as separate EU rules for trading cr...
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‘AI Could Be the Next Platform’: Silicon Valley Investors Rush to Find the Next ChatGPT

ChatGPT, Silicon Valley's latest app sensation, has investors rushing to find the next big thing in generative AI, the technology that some hail as the beginning of a new era in big tech. Artificial intelligence ( AI ) has been increasingly present in everyday life for decades, but the November launch of the conversational robot from start-up OpenAI marked a turning point in its perception by the general public and investors. "Every so often we have platforms that come along and result in an explosion of new companies. We saw this with the internet and mobile, and AI could be the next platform." said Shernaz Daver of California-based Khosla Ventures. Generative AI, of which ChatGPT is an example, wades through oceans of data to conjure up original content - an image, a poem, a thousand-word essay - in seconds and upon a simple request. Since its discrete release in late November, ChatGPT has become one of the fastest growing apps ever and pushed Microsoft and Googl...
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Meta Launches Twitter Blue-Style Subscription for Facebook and Instagram, Service Starts at $11.99 a Month

Facebook, the social network that was supposed to stay free "always," and its stablemate Instagram launched on Sunday a paid subscription service, as the advertising-based business model that has long dominated the internet falters. Mark Zuckerberg , the CEO of Facebook -parent Meta , announced on Sunday the launch of Meta Verified, a service starting at $11.99 (roughly Rs. 990) a month to authenticate one's account, which follows a similar move by Elon Musk at Twitter . "This new feature is about increasing authenticity and security across our services," Zuckerberg wrote in a statement posted to Facebook and Instagram . Meta Verified will be rolled out in Australia and New Zealand this week before coming to markets in the United States and other countries. Subscribers will get a badge indicating their account has been verified with a government ID, extra protection against impersonation, direct access to customer support and more visibility, according to t...
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