#uk

Today, key aspects of the summit's agenda were revealed, giving priority to risk management and support strategies. Leaders from major countries, top tech organizations, academic circles, and civic groups will converge at the event to discuss expedient actions in the cutting-edge arena of AI development. The UK's representatives are of the opinion that fostering AI investment could significantly benefit society and economic productivity, but only if done within a regulatory framework. “Without appropriate guardrails, this technology also poses significant risks in ways that do not respect national boundaries. The need to address these risks, including at an international level, is increasingly urgent.“

Rishi Sunak is directing public funds toward acquiring high-performance artificial intelligence chips to ensure the country remains competitive in the global race for computing capabilities. The government has initiated talks with major IT firms such as Nvidia, AMD, and Intel to secure resources for a national “AI Research Resource.” This effort aligns with prime minister’s vision to establish Britain as a leading force in the field of artificial intelligence. Though the project has been allocated £100 million, there are concerns that this funding might fall short of the government’s AI aspirations. Government officials are advocating for additional funding in the coming months to match the scale of this initiative. Graphics Processing Units (GPUs) are vital components in constructing AI systems like ChatGPT, with the latest version trained on as many as 25,000 Nvidia chips.

The UK's Financial Conduct Authority (FCA) has disclosed details concerning the approval process for registrations of cryptocurrency-related companies. Since the beginning of 2020, out of 291 applications received, only 38 have met the criteria for approval. This culminates in an endorsement of only 13% of the requests. Meanwhile, 155 were retracted, often on the advice of the FCA, for re-submission at a later date when in better adherence to the requisite standards. In the UK, cryptocurrency companies must be formally registered with the FCA to conduct their activities within the bounds of the law.

The National Crime Agency (NCA) is actively recruiting financial investigators with a crypto-edge. To do that, you have to be an accredited financial investigator (AFI), possessing skills in blockchain analysis, and comprehending pertinent legislation.

The UK court has upheld Craig Wright's appeal, allowing him to maintain in legal proceedings that he is the originator of the Bitcoin white paper. Wright gained notoriety in 2016 when he professed to be Bitcoin's creator and subsequently sued Bitcoin Core's developers. While his claims have not been definitively proven, this court ruling enables Craig to continue his legal battles against companies, eliciting laughter across the cryptocurrency community with his antics.

Imperial College London has teamed up with AI startup FluidAI to address challenges in the crypto market using artificial intaligance (AI). The collaboration will focus on enhancing the tokenized market for various stakeholders, including institutions and retail investors. FluidAI emphasizes the need to tackle liquidity aggregation issues in the crypto domain. AI can help predict and offer optimal bid and ask prices in the market.

PayPal suspends crypto buying services in the UK Starting October 1, 2023, PayPal will no longer support cryptocurrency purchases for it's users from the United Kingdom. This action is consistent with the company's obligation to comply with local financial legislation. While the measure is planned to last until the start of 2024, PayPal remains hopeful about restoring the service. During the suspension, users are free to either hold their existing cryptocurrencies without any associated fees or sell them if they choose.

Craig Wright, who asserts he is Bitcoin's creator, has lost his libel case appeal against Peter McCormack. Wright had claimed McCormack damaged his reputation by calling him a fraud who didn't invent Bitcoin. Initially, the court found McCormack's comments defamatory but reduced damages to £1 due to Wright's conduct. The UK Court of Appeal upheld this decision, stating Wright failed to produce adequate evidence for his claims.

The UK's data watchdog is setting its sights on Worldcoin, Sam Altman's initiative offering free crypto for iris scans. With digital ID on one side and cryptocurrency on the other, it's caught the Information Commissioner's Office's attention. "We note the launch of WorldCoin in the UK and will be making further enquiries," a spokesperson for the ICO says.