Digital Assets

EU Preliminarily Finds Elon Musk's X.com in Breach of Digital Services Act

Saturday. July 13 at 12:00 AM

1 min. read

The European Union revealed on July 12 that Elon Musk's X.com has been preliminarily determined to have violated the Digital Services Act (DSA). The EU's initial findings state that X breached the DSA on three counts and could face fines of up to 6% of its global annual turnover. The investigation, initiated in December 2023, highlighted concerns such as X's moderation practices, use of artificial intelligence, and lack of transparency. Musk and X have been notified of the violation, but they have the right to defend themselves. The issue revolves around X's verification system and its handling of advertising and data for researchers. If found guilty, X could be fined over $200 million and be subjected to supervision to comply with the law. Musk's response on X's verification system has sparked speculation. The situation underscores the importance of compliance with regulations in the crypto world.

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Protecting Likeness Rights in the Age of AI

Wednesday. October 30 at 12:30 AM

Robert Downey, Jr. has taken a firm stance against the use of his likeness in digital replicas created through generative AI. The actor, known for his role as Tony Stark in the Marvel Cinematic Universe, stated that he would take legal action against any future executives attempting to create a digital version of him without his consent. Despite having his likeness digitally recreated for action sequences in films like 'Avengers,' Downey, Jr. remains adamant about protecting his character's integrity. The debate over generative AI extends beyond Hollywood, with actor Nicolas Cage criticizing the technology as 'inhumane.' While agreements have been made regarding the creation of digital replicas in the film industry, issues persist in the realm of video game production. SAG-AFTRA is currently in negotiations to ensure performers have control over the use of AI in replicating their voices and likenesses, highlighting the ongoing challenges posed by artificial intelligence in entertainment.

Digital Assets

Chiliz's Socios.com Receives Approval for Digital Asset Services License

Friday. October 25 at 9:00 PM

Chiliz's SportsFi platform, Socios.com, has been granted in-principle approval by the Malta Financial Services Authority (MFSA) for a Class 3 Virtual Financial Assets Act (VFAA) license. This approval allows Socios.com to function as a regulated virtual financial asset provider, enhancing its credibility and compliance. While Class 3 license holders have certain restrictions, such as not being able to operate a VFA exchange, they can offer various VFA services and manage clients' assets. Chiliz's CEO, Alexandre Dreyfus, views this approval as a significant achievement for the company, aligning with their compliance efforts across different regions. Socios.com is also ensuring compliance with regulations in the UK, Lithuania, Indonesia, Spain, and Italy. Chiliz's focus on compliance is in preparation for the upcoming European Union's Markets in Crypto-Assets Regulation (MiCA) in 2025. Additionally, OKX, a crypto exchange, has chosen Malta as its MiCA hub to expand its services in the EU using its existing Class 4 license.

Digital Assets

Buenos Aires Implements Blockchain for Digital Identities

Wednesday. October 23 at 3:00 AM

Buenos Aires, the capital of Argentina, has introduced blockchain technology and zero-knowledge cryptography for digital identity issuance. The government integrated QuarkID, a decentralized identity solution, into its miBA digital platform. Over 3.6 million active users have received decentralized digital identities secured by QuarkID since October 1. This initiative aims to enhance privacy and security in digital identity management. Buenos Aires has been progressively adopting blockchain-based projects, including storing birth certificates and academic records on the blockchain. The QuarkID wallets enable self-sovereign data management for citizens when engaging with the government and businesses. Diego Fernández, the city's secretary of innovation, highlighted the importance of empowering individuals to control their data securely. Additionally, Buenos Aires has incorporated Ethereum training in high school curriculums, offering students classes in Solidity for building decentralized applications.

Digital Assets

DTCC Launches Digital Launchpad for Collateral Management Solutions

Thursday. October 17 at 2:00 AM

The Depository Trust and Clearing Corporation (DTCC) has introduced the DTCC Digital Launchpad, an open ecosystem for market participants and technology providers to pilot solutions for collateral management. Following a successful proof-of-concept led by the Japan Securities Clearing Corporation (JSCC), the DTCC has invited participants to develop initiatives addressing critical pain points in collateral management. Results are expected to be shared in the first quarter of 2025. Clients will have access to the DTCC Digital Assets suite within the sandbox, enabling them to explore use cases without significant investment. DTCC aims to challenge the siloed approach in the digital asset industry. The proof-of-concept project showcased the potential of digital technology in improving speed and transparency in collateral management. JSCC successfully minted tokens using DTCC infrastructure, integrating margin calls and asset transfers through smart contracts. In collaboration with Digital Asset, DTCC also completed a pilot project on the Canton Network, processing $3 quadrillion in securities transactions in 2023.

Digital Assets