Tech firms pen letter to EU requesting more time to comply with AI Act
Tech companies release a joint letter requesting more time from the EU to comply with AI Act requirements, citing challenges due to the summer recess.
Tech companies release a joint letter requesting more time from the EU to comply with AI Act requirements, citing challenges due to the summer recess.
After proceedings in an Irish court, the local Data Protection Commission said X agreed to suspend processing the personal data of EU users to train its AI system.
Thailand has been moving toward a more crypto-friendly stance throughout 2024, approving a Bitcoin ETF, initiating tax breaks for crypto and more.
Turkey’s crypto economy is poised for growth as local and international companies show keen interest ahead of new legislation.
As the crypto industry expands, exchanges like OKX face mounting pressure to strengthen compliance and prevent illicit activities on their platforms.
According to BlockBeats, on August 8, market sources reported that the Central Bank of the Philippines has lifted the ban on establishing digital banks. The bank will now permit up to 10 digital banks to operate.
According to BlockBeats, on August 8, South Korean IT giant Kakao's founder and Chairman of the Management Reform Committee, Kim Beom-su, was arrested and indicted by prosecutors on charges of stock manipulation. The Seoul Southern District Prosecutors' Office arrested and charged Kim for allegedly violating the Capital Markets Act.Prosecutors suspect that Kim Beom-su manipulated stock prices during Kakao's acquisition of SM Entertainment in February last year. It is alleged that he artificially inflated SM Entertainment's stock price to over 120,000 KRW per share (approximately 625 RMB) to hinder a competing bid from HYBE.Additionally, former Kakao CEO Hong Eun-taek and former Kakao Entertainment CEO Kim Sung-soo were indicted without detention.
According to Odaily, Reserve Bank of Australia (RBA) Governor Michele Bullock has expressed vigilance regarding inflation risks, stating that the central bank will not hesitate to raise interest rates if necessary. Bullock anticipates that inflation will not return to the target range of 2-3% until the end of 2025. The RBA committee believes that the current interest rates are still aligned with its inflation objectives. Despite this, the growth in demand remains excessively strong.
According to BlockBeats, data from CME's 'FedWatch' tool on August 8 indicates that the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 31.5%, while the likelihood of a 50 basis point cut stands at 68.5%.Looking ahead to November, the cumulative probability of a 50 basis point rate cut by the Federal Reserve is 15.7%. The chances of a cumulative 75 basis point cut are 55.6%, and the probability of a cumulative 100 basis point cut is 28.7%.
According to BlockBeats, on August 8, Ripple CEO Brad Garlinghouse commented on a recent court ruling regarding the sale of XRP to retail customers. The ruling determined that Ripple's actions did not violate federal securities laws. Garlinghouse stated on X that the SEC had initially demanded $2 billion, but the court recognized the excessive nature of this demand and reduced it by approximately 94%. He expressed respect for the court's decision and emphasized Ripple's commitment to continuing its business development. Garlinghouse described the ruling as a victory for XRP, the industry, and the rule of law, noting that the SEC's resistance against the entire XRP community has now been eliminated.