UN report highlights ‘serious and urgent’ concerns about AI deepfakes

June 13, 2023 Coin Telegraph

The UN wants to address AI-generated fake news and information as the organization looks to bring in voluntary guidelines for the technology.

The United Nations has called artificial intelligence-generated media a “serious and urgent” threat to information integrity, particularly on social media.

In a June 12 report, the UN claimed the risk of disinformation online has “intensified” due to “rapid advancements in technology, such as generative artificial intelligence” and singled out deepfakes in particular.

The UN said false information and hate speech generated by AI is “convincingly presented to users as fact.” Last month, the S&P 500 briefly dipped due to an AI-generated image and faked news report of an explosion near the Pentagon.

It called for AI stakeholders to address the spread of false information and asked them to take “urgent and immediate” action to ensure the responsible use of AI, and added:

“The era of Silicon Valley’s ‘move fast and break things’ philosophy must be brought to a close.”

The same day UN Secretary-General António Guterres held a press conference and said “alarm bells” over generative AI are “deafening” and “are loudest from the developers who designed it.”

Alarm over generative AI, as relevant as it is, must not obscure damage being done by digital tech enabling the spread of hate speech, mis- & disinformation now.

Fueling conflict & destruction.

Threatening democracy & human rights.

Undermining public health & #ClimateAction. pic.twitter.com/XlisItDQIG
— António Guterres (@antonioguterres) June 12, 2023

Guterres added the report “will inform a UN Code of Conduct for Information Integrity on Digital Platforms.” The code is being developed ahead of the Summit of the Future — a conference to be held in late September 2024 aiming to host inter-government discussions for a raft of issues.

“The Code of Conduct will be a set of principles that we hope governments, digital platforms and other stakeholders will implement voluntarily,” he said.

'Most substantial policy challenge ever’

Meanwhile, on June 13 the former Prime Minister of the United Kingdom, Tony Blair, and Conservative Party politician William Hague released a report on AI.

The pair suggested the governments of the U.K., United States and “other allies” should “push for a new UN framework on urgent safeguards.”

The arrival of AI “could present the most substantial policy challenge ever faced” due to its “unpredictable development” and “ever-increasing power,” the pair said.

Blair and Hague added that the government’s “existing approaches and channels are poorly configured” for such a technology.

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Crypto Biz: Google bullish on blockchain, UK’s $125M AI pledge, Voyager and Binance

April 28, 2023 Coin Telegraph

Binance

This week’s Crypto Biz explores Google expanding its Web3 program, the U.K.’s $125 AI pledge, FTX selling LedgerX and Binance.US backing out of its Voyager purchase.

At the intersection of tech and cryptocurrency news, the Google for Startups Cloud Program has expanded to include 11 blockchain firms. Together, the entities will provide grants, expertise and services to emerging Web3 entrepreneurs. Meanwhile, the United Kingdom government has allocated $125 million in funding for a task force aimed at accelerating the country’s artificial intelligence (AI) readiness. The task force will focus on ensuring sovereign capabilities, such as public services, and fostering the adoption of safe and reliable AI foundation models.

In other headlines, troubled cryptocurrency exchange FTX is set to sell its LedgerX futures and options exchange and clearinghouse for around $50 million to private equity investment office M7 Holdings, subject to court approval. Meanwhile, Binance.US has backed out of its agreement to purchase Voyager Digital’s assets, worth $1 billion, citing a “hostile and uncertain regulatory climate in the United States.”

This week’s Crypto Biz: Google expanding its Web3 program, U.K. pledging $125 million for an AI task force, FTX selling LedgerX for $50 million and Binance.US backs out of $1 billion Voyager asset purchase.

Google Cloud broadens Web3 startup program with 11 blockchain firms

Google for Startups Cloud Program has expanded to include 11 Web3 blockchain partners, such as Alchemy, Polygon, Celo and Hedera. Blockchain analytics company Nansen also announced that it has partnered with Google Cloud to provide real-time blockchain data for startups as part of the program. As part of the new Cloud Program, pre-seed Web3 startups can receive up to $2,000 in Google Cloud credits valid for two years, while seeded startups can access $200,000 over two years for Google Cloud and Firebase usage. Additionally, blockchain partners are offering grants of up to $3 million to seeded companies in the Google for Startups Cloud Program. Nansen will also use its database of over 250 million wallet labels to provide startups with real-time intelligence.

Calling seed to series A Web3 projects & startups:

Want to get up to $200K in ☁️ credits & exclusive benefits?
✅ Gated Discord channel with Google Cloud Web3 product & engineering
✅ Early access to Web3 products & roadmap
✅ Free advanced Web3 training
✅ VIP event access
— Google Cloud (@googlecloud) April 25, 2023

UK pledges nearly $125M to create ‘safe AI’ taskforce

The U.K. government has announced that it is providing 100 million pounds ($125 million) in initial funding to support a task force aimed at accelerating the country's readiness for AI. The task force is aimed at ensuring “sovereign capabilities,” which include public services, and fostering the adoption of "safe and reliable foundation models." This coincides with the U.K.’s commitment to becoming a science and technology superpower by 2030. The task force is expected to launch its first pilots of AI usage and integration targeting public services in the next six months. The U.K. is also pushing for “safe AI,” which aims to regulate technology to “keep people safe” without limiting innovation.

FTX sells LedgerX for $50M to affiliate of Miami-based exchange holding company

Cryptocurrency exchange FTX has agreed to sell its LedgerX futures and options exchange and clearinghouse to M7 Holdings, an affiliate of Miami International Holdings, for around $50 million. The deal, which is subject to approval from the U.S. Bankruptcy Court for the District of Delaware, is scheduled to be heard in court on May 4. The purchase of LedgerX is part of FTX’s ongoing efforts to monetize assets and deliver recoveries to stakeholders. FTX purchased LedgerX in August 2021 to expand its spot trading services. The FTX exchange is currently undergoing bankruptcy proceedings.

Binance.US backs out of $1B Voyager asset purchase, blames regulatory environment

Binance.US has backed out of its agreement to purchase bankrupt cryptocurrency brokerage Voyager Digital’s assets for $1 billion. The exchange blamed the move on the “hostile and uncertain regulatory climate in the United States.” The Voyager Official Committee of Unsecured Creditors tweeted its disappointment at the news and said it was investigating potential claims against Binance.US. Voyager and the creditors' committee have said they would now work on distributing cash and crypto to customers directly via the Voyager platform. Voyager declared bankruptcy in July 2021.

https://t.co/AZwoBOgsqS has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager.

While our hope throughout this process was to help Voyager's customers access their crypto in kind, the hostile and uncertain regulatory climate…
— Binance.US (@BinanceUS) April 25, 2023

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UK financial watchdog to crypto industry: ‘Let’s work together’

April 26, 2023 Coin Telegraph

Coin Telegraph

The Financial Conduct Authority wants input from crypto companies on moving forward with regulations.

The United Kingdom's financial regulator, the Financial Conduct Authority (FCA), wants to work together with crypto companies to develop a regulatory framework for the industry.

On April 25, FCA Executive Director Sarah Pritchard spoke at London’s City Week conference highlighting the need for cooperation on crypto regulations.

“We want industry’s input to make sure we get the future regulatory regime for crypto assets right,” she said.

“Let’s work together, to shape our rules and regulations to benefit markets, consumers and firms as crypto goes from niche to mainstream.”

She referred to crypto as a “one-time symbol of alternative rebellion,” but acknowledged that it has “become more widespread.”

“Effective early engagement supports regulations that benefit all and helps firms be prepared when regulations come into force,” she added.

In her speech at #CityWeek2023, Sarah Pritchard spoke about the regulation of #cryptocurrency and how effective early engagement can support regulation that benefits all. https://t.co/w6Zv6K5FP1
— Financial Conduct Authority (@TheFCA) April 25, 2023

Pritchard mentioned a warning issued by the FCA to crypto investors a week before the FTX collapse in early November but added, “we have always been open to innovation,” stating:

“Crypto assets and blockchain offers opportunities for more efficient and innovative financial services and products.”

The move is in stark contrast to the approach across the pond in the United States. Those in the crypto industry in America claim local financial regulators are making every effort to quash the crypto sector with enforcement actions as opposed to developing meaningful regulations in collaboration with industry leaders.

Pritchard noted the FCA’s responsibilities are limited to making sure that crypto firms that operate in the U.K. comply with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) legislation.

“Only when the government legislates will we have more powers to regulate crypto,” she added.

According to Pritchard, the FCA has supported crypto firms and has registered 41 companies of all sizes, however, nearly three-quarters of the 195 total registrations from overseas firms were rejected or withdrew their applications for a U.K. license.

Pritchard also mentioned that “tangible change” will come in the form of legislation for crypto promotions and advertising high-risk investments. Current advertising rules carryheavy punishments for companies that breach them.

“This will come into our remit once the government legislates, and firms will have four months to implement the changes,” she said. “The rules will be published after the legislation is put forward.”

The FCA has also been working closely with the government on its proposals to regulate stablecoins, Pritchard noted.

In early March, FCA officials told the government that crypto regulations were inevitable. The regulator is trying to push through the Financial Services and Markets Act which was introduced in July and amended in October to include crypto regulations.

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LinksDAO wins bid to buy its first golf course, says CEO

March 17, 2023 Coin Telegraph

Adam Besvinick

The successful bid comes a month after 88.6% of LinksDAO token holders voted in favor of putting in a “compelling offer” for the golf course in its governance vote.

The decentralized autonomous organization (DAO)-operated golf startup, LinksDAO is primed to become the new owner of the Spey Bay Golf Club in Scotland after successfully winning a bid to buy the course initially listed for just over $900,000.

After winning the bid, the DAO has entered into an exclusivity agreement with the vendor and will look to formally close the deal in early April.

We won the bid.

WE'RE BUYING A GOLF COURSE!!!
— Links (@LinksDAO) March 16, 2023

In the meantime, the DAO is undergoing its “due diligence” phase before it officially puts pen to paper, CEO Jim Daily said in a Twitter Spaces eveon March 16.

While the initial listing was a tick over $900,000, a report from Golf Digest suggested the final sale price is expected to be higher. Links CEO Daily said that they’re not planning on revealing the purchase price until the contract is signed.

LinksDAO put in the highest offer over “several other potential buyers,” the report added.

LinksDAO — self-described as a “global group of golf enthusiasts” that is on a mission to build the “world’s greatest golf community” — put in the bid following a community vote that saw 88.6% of 4,300 LinksDAO members vote in favor of putting in an offer.

If the deal closes, it would be the DAO’s first golf course purchase.

We've entered into an exclusivity agreement to purchase Spey Bay Golf Course on the Moray coast of northern Scotland! Thank you to @GolfDigest for covering the purchase. Read more https://t.co/rAcfrvJsIe
— Links (@LinksDAO) March 16, 2023

The DAO is still “working through the details” of the course membership structure and hasn’t confirmed what benefits would be provided to LinksDAO token holders who wish to access the golf course.

As for the state of the golf course right now, Besvinick described it as “playable.”

“It’s good, it’s going to be getting a lot better soon and we think it’s going to be great by this time or springtime next year.”

If the deal is closed, Besvinick said that the DAO would keep the course open until it starts renovations.

Links is seeking advice from several architects to remodel the golf course, because it has “suffered from weather and erosion issues over recent decades,” head of strategy Adam Besvinick explained in the Twitter Spaces.

“Improved maintenance will elevate this site significantly,” he added.

Daily and Besvinick explained in its community proposal to purchase the course that the high ceiling to low price ratio of the Scottish course made it “too special to ignore.”

“Even a price triple the ‘guide price’ would be cheaper than most mediocre courses we have assessed thus far in the U.S.”

Cointelegraph reached out to Links for comment but did not receive an immediate response.

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UK blockchain carbon offset platform raises $45M in seed funding

February 8, 2023 Coin Telegraph

UK blockchain carbon offset platform raises M in seed funding

carbon offsets

Carbonplace says it will use the funds to scale its services and become the "SWIFT of carbon markets."

According to a press release published on Feb. 8, blockchain carbon credit transaction network Carbonplace has secured $45 million in an investment round from its nine founder banks with a combined $9 trillion in assets under management. The banks are BBVA, BNP Paribas, CIBC, Itaú Unibanco, National Australia Bank, NatWest, Standard Chartered, SMBC, and UBS. The London-based fintech has also announced that it will become an independent entity, led by new CEO Scott Eaton.

As told by Carbonplace, the company will use the investment to strengthen its platform and workforce, allowing it to scale its services to a larger client base of financial institutions and seek partnerships with other carbon market players, such as registries and stock exchanges around the world. Carbonplace has been described as the "SWIFT [Society for Worldwide Interbank Financial Telecommunications] of carbon markets" that will allow participants to share carbon data in real time, ensuring a secure and traceable settlement of transactions.

Commenting on the development, Robert Begbie, CEO of NatWest Markets, cited data from McKinsey showing that "global demand for voluntary carbon credits is likely to increase by a factor of 15 in the next several years." He said Carbonplace is uniquely positioned to meet that demand by providing scalable technology to environmentally-conscious businesses.

While the service is expected to launch later this year, Carbonplace has already piloted trades with companies such as Visa and Climate Impact X. Carbonplace uses its owndistributed ledger technology to facilitate offset transactions and has hailed digital wallets as a tool to "enable owners to reliably demonstrate ownership to the market, reducing the risks of double counting and simplifying reporting."

*Projections of the global carbon offset market | Source: BBVA, BloombergNEF*

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UK

'Most substantial policy challenge ever’

Google Cloud broadens Web3 startup program with 11 blockchain firms

UK pledges nearly $125M to create ‘safe AI’ taskforce

FTX sells LedgerX for $50M to affiliate of Miami-based exchange holding company

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