Lawmakers in the European Union are calling for a voluntary code of conduct for the development and implementation of artificial intelligence (AI) to be adopted by the industry before the forthcoming EU AI Act takes effect in two to three years. EU tech chief Margrethe Vestager emphasized the need for safeguards to be put in place while the new laws are still being developed. She urged officials in the US and EU to take the lead in creating a code of conduct that would make everyone "more comfortable" with the trajectory of AI development. The EU's AI Act, which will introduce comprehensive regulations for the technology, is still being finalized by members of the European Parliament and includes a ban on the public use of biometric surveillance and predictive policing tools.

The European Union (EU) has declined Russia's request to reconnect with the Society for Worldwide Interbank Financial Telecommunications (SWIFT), which is a crucial system for cross-border payments. The EU's decision was made in response to Russia's ongoing conflict with Ukraine, and any relaxation of the sanctions will depend on the cessation of the conflict. The disconnection from SWIFT has caused significant challenges in obtaining payments from Russian counterparts, leading Russia to explore alternatives to SWIFT and to de-dollarize its economy. This pursuit for alternatives signals a significant reconfiguration of international finance, with impacts likely to ripple far beyond the banks of Russia.

Meta, the social media giant, has been fined a record-breaking €1.2 billion ($1.3 billion) by the Data Protection Commission of Ireland for violating European Union data protection regulations. The ruling requires Meta to halt the transfer of data collected from Facebook users in Europe to the United States. Meta has announced its intention to appeal the decision, but has assured users that there will be no immediate disruption to Facebook's services within the European Union. Stay informed and up-to-date with the latest opportunities in the crypto market with this comprehensive list of crypto presale projects and Telegram channels to invest in for 2023. Don't miss out on potential investments and stay ahead of the game.

The majority of EU member states support expanding the scanning of private messages to include audio communications to detect child sexual abuse material. This has potentially far-reaching implications as it is still unclear if it would cover voice messages or phone calls. Including audio communications would be extremely negative for privacy and network security, according to one telecom source. There are also concerns about the impact on end-to-end encryption. The EU ambassadors still have to decide if audio communications should be included in the scope and whether detection orders should apply to known, unknown and grooming content as well as audio. Several countries have reservations until they receive further instructions.

The European Union is set to pass a new law that will require crypto companies to share information about their clients' holdings with tax authorities. The law is based on a model from the Organization for Economic Cooperation and Development (OECD) and is expected to be agreed upon by finance ministers next week.

Ripple's Head of Public Policy, Susan Friedman, has urged the US to draw inspiration from the EU and UK's regulatory approaches for cryptocurrency. Friedman warned that the absence of clear regulations in the US drives activity offshore, which hinders the monitoring of illicit and criminal activities, contradicting the goals of critics.

Sotheby's will hold sales of the "Grails" art collection, consisting of NFT artworks belonging to bankrupt crypto hedge fund Three Arrows Capital and its NFT-purchasing fund Starry Night Capital.

The introduction of tailored crypto regulations in the EU is a significant step forward for the industry, providing a framework for legal certainty and addressing concerns around consumer protection and market integrity.

The floor price of former US President Donald Trump's NFTs has declined 58% to 0.183 ETH, or roughly $382, in the 24 hours after he announced a second collection on April 18.

The European Commission has launched a new research unit called the European Centre for Algorithmic Transparency (ECAT) to investigate the impact of algorithms used by prominent online platforms and search engines like Facebook and Google. The team, consisting of data scientists, AI experts, social scientists, and legal experts, will analyze and evaluate the AI-backed algorithms used by big tech firms. ECAT will also examine algorithms that underpin AI chatbots like OpenAI’s ChatGPT, which some believe could eventually replace search engines. The Commission claims that ECAT will conduct algorithmic accountability and transparency audits as required by the Digital Services Act. Nearly a dozen EU politicians have called for the safe development of AI and asked United States President Joe Biden and European Commission President Ursula von der Leyen to convene a summit on AI and establish governing principles for the development, control, and deployment of the technology. Meanwhile, tech entrepreneur Elon Musk has criticized AI chatbots like ChatGPT for having a left-wing bias and is developing an alternative called "TruthGPT." (Cointelegraph)