The EU Parliament approves the world's first comprehensive AI regulations, aiming for safe and ethical AI development in the European Union.
The EU’s Artificial Intelligence Act is a proposed regulation for governing AI use in Europe, focusing on safety, transparency and accountability.
Customer due diligence requirements for crypto firms may be more stringent than for banks, policy watchers told CoinDesk.
Crypto firms have to do checks on transactions of 1000 euro or more, and the framework adds measures to mitigate risks in transfers with self-hosted wallets.
The European Banking Authority (EBA) will take additional steps to anticipate how strains in non-bank financial institutions (NBFIs), including cryptocurrency-related entities, will affect banks.
But supervision of bank-like crypto firms could be a pain for regulators, said Andrea Enria, chair of the supervisory board at the European Central Bank.
A central bank digital currency (CBDC) could also be used to deregulate banking activities and help the banking sector grow, Miguel Fernández Ordóñez said during a European Parliament hearing on a digital euro.