The United Kingdom released its five “ambitions” for its global artificial intelligence (AI) safety summit on Sep. 4, with a big focus on risks and policy to support the technology.
The summit, which will take place on Nov. 1-2, is anticipated to unite thought leaders from around the world, including academics, politicians and major tech companies developing AI, in order to create a common understanding of how to regulate the technology.
According to the announcement, it will primarily focus on “risks created or significantly exacerbated by the most powerful AI systems” and the need for action. It will also focus on how safe AI development can be used for public good and overall quality of life improvement.
Additionally, the summit will touch on a way forward for international collaboration on AI safety and how to support international laws, AI safety measures for individual organizations and areas for “potential collaboration on AI safety research.”
The summit will be spearheaded by the U.K. Prime Minister Rishi Sunak’s representatives for the AI Safety Summit Jonathan Black and Matt Clifford.
Sunak called the U.K. a “global leader” in AI regulation and highlighted that his government wants to accelerate AI investment to improve productivity. Earlier this year it was announced that the U.K. would be receiving “early or priority access” to Google and OpenAI’s newest AI models.
On Aug. 31, the U.K’s Science, Innovation and Technology Committee (SITC) released a report that recommended Britain align itself with countries holding similar democratic values to safeguard against the misuse of AI by malignant actors.
Prior to that announcement, on Aug. 21, the U.K. government said it will spend $130 million on AI semiconductor chips as a part of its effort to create an “AI Research Resource” by mid-2024.
Major tokenization platform Securitize has doubled down on its push to bring tokenized equity to US investors, naming a former PayPal executive as its new general counsel.
Securitize on Tuesday announced the appointment of ex-PayPal executive Jerome Roche, who led the company’s expansion into digital asset projects, including the PayPal USD (PYUSD) stablecoin.
“There’s been a perception that tokenized securities must be offered primarily outside the US, but our experience shows the opposite,” Securitize CEO Carlos Domingo told Cointelegraph.
“Clear regulatory path” for tokenized stocks in the US
According to Securitize, operating real-world asset (RWA) tokenization offerings inside the US regulatory perimeter is “not only possible, but scalable, at institutional quality.”
“We’ve demonstrated that there is a clear regulatory path for issuers to natively tokenize assets for US investors,” Domingo said.
“These are not synthetic representations, or derivatives, but real securities onchain,” the CEO said, adding:
“We operate using SEC-regulated infrastructure, including a registered transfer agent broker-dealer, and fund admin, which allows US investors to access and legally hold tokenized securities in a fully compliant framework.”
Securitize’s optimistic outlook on the US tokenization comes days after the platform obtained regulatory approval to operate as an investment company and a trading ánd settlement system in the European Union on Nov. 26. According to the company, the approval positioned it as one of the first operators for regulated digital securities infrastructure in both the US and EU.
Source: Securitize
“For the first time, modern ledger technology is giving us the ability to record ownership, settle transactions, and move value in ways that are fundamentally better than the fragmented systems we’ve inherited,” Securitize’s newly appointed general counsel, Roche, said in the announcement.
“Innovation only works when it fits squarely within the guardrails of applicable law,” he added, underscoring Securitize’s global push for regulated tokenized securities.
Securitize’s news is another sign of the US warming to tokenization. On Monday, the Securities and Exchange Commission dropped its investigation into rival tokenization platform Ondo Finance.
Ondo said the decision marks a new chapter for tokenized securities in the US, where they are poised to become a “core part of the capital markets.”
COVID-19 fraud and error cost the taxpayer nearly £11bn, a government watchdog has found.
Pandemic support programmes such as furlough, bounce-back loans, support grants and Eat Out to Help Out led to £10.9bn in fraud and error, COVID Counter-Fraud Commissioner Tom Hayhoe’s final report has concluded.
Lack of government data to target economic support made it “easy” for fraudsters to claim under more than one scheme and secure dual funding, the report said.
Weak accountability, bad quality data and poor contracting were identified as the primary causes of the loss.
The government has said the sum is enough to fund daily free school meals for the UK’s 2.7 million eligible children for eight years.
An earlier report from Mr Hayhoe for the Treasury in June found that failed personal protective equipment (PPE) contracts during the pandemic cost the British taxpayer £1.4 billion, with £762 million spent on unused protective equipment unlikely ever to be recovered.
Factors behind the lost money had included government over-ordering of PPE, and delays in checking it.
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Stablecoin issuer Circle has secured regulatory approval to operate as a financial service provider in the Abu Dhabi International Financial Center, deepening its push into the United Arab Emirates.
In an announcement Tuesday, Circle Internet Group said it received a Financial Services Permission license from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), the International Financial Centre of Abu Dhabi. This allows the stablecoin issuer to operate as a Money Services Provider in the IFC.
The USDC (USDC) issuer also appointed Saeeda Jaffar as its managing director for Circle Middle East and Africa. The new executive also serves as a senior vice president and group country manager for the Gulf Operation Council at Visa and will be tasked with developing the stablecoin issuer’s regional strategy and partnerships.
Circle co-founder, chairman and CEO Jeremy Allaire said that the relevant regulatory framework “sets a high bar for transparency, risk management, and consumer protection,” adding that those standards are needed if “trusted stablecoins” are going to support payments and finance at scale.
The newly introduced Federal Decree Law No. 6 of 2025 brings DeFi platforms, related services and infrastructure providers under the scope of regulations if they enable payments, exchange, lending, custody, or investment services, with licenses now required. Local crypto lawyer Irina Heaver said that “DeFi projects can no longer avoid regulation by claiming they are just code.”