US Senators Push for AI Legislation, Australia Reviews Cryptocurrency Bill, China Cracks Down on Crypto Influencers, Taiwan to Regulate Foreign Crypto Exchanges
Summary:
US senators propose AI legislation with mandatory licensing for AI firms, eliminating technology liability protections. Australia's Senate Committee recommends against passing cryptocurrency bill, suggesting further research. China's popular social media app removes 80 influencer accounts promoting cryptocurrencies. Taiwan plans to restrict unregistered foreign crypto exchanges in upcoming guidelines for virtual asset service providers.
A bipartisan blueprint for artificial intelligence (AI) legislation was introduced by United States senators Richard Blumenthal and Josh Hawley last week. The framework calls for mandatory licensing for AI firms, making it clear that legal action can still be taken against these companies despite technology liability protections. To implement this, the framework suggests the creation of a licensing system overseen by an independent regulatory body, where AI model developers would register and undergo audits. Additionally, it proposes that Section 230 of the Communications Decency Act, which offers legal protections to tech firms, should not extend to AI applications. In conjunction with this, a hearing is planned by Blumenthal and Hawley, featuring testimonies from prominent figures such as Microsoft's vice chairman, Brad Smith, and Nvidia's chief scientist, William Dally.
In Australia, the Senate Committee on Economics Legislation provided feedback on Senator Andrew Bragg's cryptocurrency bill, recommending against its passing and suggesting further research on the topic. The bill, known as the Digital Assets (Market Regulation) Bill 2023, aimed to protect consumers and promote investors by providing regulatory recommendations for stablecoins, licensing exchanges, and custody requirements.
China's popular social media app, Sina Weibo, recently removed 80 influencer accounts with over 8 million followers for violating regulations related to telecommunications, finance, banking, online marketing, securities, exchanges, and internet safety. These influencers were accused of promoting cryptocurrencies, as China has been cracking down on private crypto-related activities in an effort to combat capital flight, money laundering, and support its state-run crypto initiatives.
Taiwan plans to impose restrictions on unregistered overseas crypto exchanges operating within its jurisdiction as part of its upcoming guidelines for virtual asset service providers (VASPs). The draft guidelines include requirements for enhanced information disclosure, separate custody of customer and platform assets, and measures to prevent money laundering. The Financial Supervisory Commission (FSC) of Taiwan outlined ten principles, one of which prohibits foreign VASPs from illegally soliciting business in Taiwan. The FSC proposes that overseas crypto platforms without company registration in Taiwan and non-compliance with its Anti-Money Laundering laws should not solicit business from Taiwanese citizens.
Published At
9/11/2023 9:30:00 PM
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