Regulatory Challenges for Crypto and AI: Italy Blocks Chatbot, UK Companies Face Banking Hurdles

News & Trends
Yulia Savushkina
Yulia SavushkinaDigital Marketing Specialist
Updated: 05 April 2023
Regulatory Challenges for Crypto and AI: Italy Blocks Chatbot, UK Companies Face Banking Hurdles

Italy Blocks OpenAI's ChatGPT Over Privacy Concerns, Raising Questions About AI Regulation

Italy has blocked OpenAI's ChatGPT chatbot due to privacy concerns, which is not good news for Microsoft and the US startup. Many people have used ChatGPT worldwide since it started last year. The Italian data protection authority is investigating whether OpenAI is following the rules and banned the model for now. People worry that AI systems could be risky for privacy and jobs and might spread fake news. This ban shows that European companies must follow the rules, and people want more control over AI systems. Meanwhile, Eric Schmidt, the ex-CEO of Google, thinks AI technology is good, but people in the industry should make sure it helps instead of hurting.

Hong Kong Embraces Crypto with New Regulatory Clarity and Licensing Scheme

Hong Kong wants to legalize crypto retail and have a digital asset provider licensing scheme. It used to have many crypto startups until China banned them in 2021. But now, Hong Kong is more open to crypto companies. The draft rule will let individual investors trade some major cryptocurrencies from June 1st. Over 80 virtual asset-related companies from other places are interested in being in Hong Kong. Some people aren't sure if the city can support all kinds of Web3 organisations, but others think trading-related crypto companies will be the first to benefit from the change.

UK Crypto Companies Face Challenges Accessing Banking Services Amid Tightening Regulations

Crypto companies in the UK are having a tough time getting banking services as banks demand more info on client transactions. It puts a dent in the PM's goal of making the UK a crypto hub. The European Union's efforts in creating a digital assets framework have made banks more friendly to crypto companies in other countries. A "white list" of registered firms has been suggested to tackle banks' blocking or limiting transactions with crypto companies.

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