Crypto
1. Singapore ups crypto exchanges risk factor in update to AML/CFT laws
The Monetary Authority of Singapore (MAS) has elevated the risk level for crypto exchange platforms from medium-low to medium-high under updated Countering the Financing of Terrorism (CFT) laws. (Cointelegraph)
2. Crypto firm Circle gets approval to issue stablecoin in EU under bloc’s strict rules
Circle has registered as an electronic money institution (EMI) in France, becoming the first global stablecoin issuer compliant with the EU’s MiCA regulatory framework. This allows Circle to issue USDC and EURC tokens across the EU and offer minting and redeeming services via Circle Mint. (CNBC)
IT infrastructure
3. Australia gives internet firms 6 months to draft online child-safety rules
Australia’s eSafety Commissioner has given the internet industry six months to develop an enforceable code to prevent children from accessing inappropriate material online. (MTV)
4. Verizon, AT&T to share low band spectrum for satellite coverage
AST SpaceMobile CEO Abel Avellan announced that the shared 850 MHz spectrum between AT&T and Verizon will enable 100% wireless coverage of North America. (Capacity)
5. Telecom Italia completes sale of NetCo to KKR
Telecom Italia has completed the sale of NetCo to KKR for up to €22 billion, reducing its net financial debt by €13.8 billion. The deal includes a 15-year renewable Master Service Agreement between NetCo and TIM. (The Fast Mode)
Tech trends
6. Apple ex-lawyer ordered to pay $1.15 million SEC fine for insider trading
Former Apple lawyer Gene Levoff, who avoided prison for insider trading, must pay a $1.15 million fine in a related SEC case, ruled U.S. District Judge William Martini. (Reuters)
7. Google’s carbon footprint balloons in its Gemini AI era
Google’s greenhouse gas emissions have increased by 48% since 2019, complicating its goal to halve emissions by 2030. In 2023, Google emitted 14.3 million metric tons of CO2, primarily due to energy-intensive data centres for AI, making emission reduction challenging. (The Verge)
8. Netflix is starting to phase out its cheapest ad-free plan
Netflix has begun phasing out its cheapest ad-free tier for existing subscribers in Canada and the UK. Subscribers must choose either an ad-supported or a more expensive ad-free plan. (PYMNTS)
9. Apple’s Phil Schiller is reportedly joining OpenAI’s board
Apple announced a partnership with OpenAI to integrate ChatGPT into iOS 18. Apple will gain an observer role on OpenAI’s board, with Phil Schiller attending meetings without voting power. (9 to 5 Mac)
Social
10. Midjourney is creating Donald Trump pictures when asked for images of ‘the president of the United States’
Midjourney, an AI image generator, is still creating images of Donald Trump and Joe Biden despite claiming it would block such content ahead of the US presidential election. Tests show users can easily bypass its guardrails, unlike other AI tools from OpenAI, Microsoft, Google, and Meta. (Engadget)
AI
11. AI coding startup Magic seeks $1.5-billion valuation in new funding round, sources say
Magic, a U.S. startup developing AI models to write software, is in talks to raise over $200 million, valuing it at $1.5 billion. Despite no revenue or product for sale, investors like Jane Street are expected to participate. (Reuters)
12. Apple poised to get OpenAI board observer role as part of AI pact, Bloomberg News reports
Apple will gain an observer role on OpenAI’s board, with Phil Schiller chosen for the position. This follows Apple’s June announcement to integrate ChatGPT into its devices. The board arrangement, effective later this year, allows Schiller to attend meetings without voting power. (Yahoo! Finance)
13. AI is changing banking, UBS executive says
UBS is witnessing a shift in client interactions due to AI, similar to patients presenting their diagnoses to doctors. Clients are using AI for ideas they propose to the bank. UBS has integrated AI into services like instant credit for small and mid-size companies. (Aol.)
14. China says US targeting of AI not helpful to healthy development
China’s U.N. envoy, Fu Cong, criticised U.S. investment restrictions on AI in China, calling them divisive and harmful to AI development. The U.S. issued draft rules to ban or notify certain AI investments in China for national security. (Yahoo! Tech)
Products
15. Forget drones, DJI could soon hit the trails with a shock move into e-bikes
DJI, the world’s largest drone maker, is entering the e-bike market with Amflow Bikes, unveiling its high-end e-MTB on July 3. The e-bike, featuring a powerful 250W Avinox powertrain, promises advanced technology and high performance. (Tech Radar)
