Technology Weekly News: Crypto industry can turn the page after historic Binance settlement, Funding for Europe’s Startups slumps again
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Coinbase CEO says crypto industry can turn the page after historic Binance settlement
Coinbase CEO Brian Armstrong sees the recent scandal of Binance as a turning point for the crypto industry. The verdict was given with a $4 billion settlement against Binance by the U.S. Department of Justice. Armstrong believes that regulatory clarity, exemplified by the enforcement action against Binance, will attract more institutional investment and help build a transparent and compliant crypto economy. Despite acknowledging some bad actors in the industry, including Binance and the collapse of FTX, Armstrong contends that illicit activity in crypto is less than 1%, emphasizing the need for a nuanced perspective. He expressed confidence in Coinbase's legal battle with the U.S. SEC and commended the U.K.'s Prime Minister Rishi Sunak for leadership in digital currencies, indicating increased investment in the U.K.
Dogecoin Now Held at 5M Crypto Addresses, Though Concentration Remains a Concern
The adoption of dogecoin (DOGE) has surged, with the number of cryptocurrency addresses holding DGE exceeding 5 million, a record high, according to on-chain analytics firm IntoTheBlock. The number of active addresses on the Dogecoin network has more than doubled to 168,000, reaching the highest since March 2022, while the number of confirmed transactions on the Dogecoin blockchain has seen a 1,000% increase in the past 10 days, reaching the highest since June. However, concerns persist over the concentration of ownership, as fewer than 5,000 addresses control over 80% of DOGE's supply. Despite this, DOGE's market capitalization has risen 14% to almost $11 billion in the current month. The surge in DOGE's popularity began in early 2021 after Elon Musk's tweets about the cryptocurrency.
Funding For Europe’s Startups Slumps Again
Despite the high-profile entry of U.S. venture capital firms like Andreessen Horowitz and IVP into the European market, investment in European startups is experiencing a significant decline. In 2023, only 36 rounds of $100 million or more were backed, marking a sharp drop from the 163 rounds supported in 2022. The overall investment in Europe's startups is expected to reach $45 billion this year, a 38% decrease from the previous year's $100 billion. While valuations of European unicorns have decreased, the continent's tech ecosystem has rebounded to its previous peak of $3 trillion, driven by new startups and capital infusion into established companies.
E.U.’s AI Regulation Could Be Softened After Pushback From Biggest Members
As negotiations on the European Union's AI Act continue, France, Germany, and Italy are pushing for a "two-tier" approach to regulation, favoring a more innovation-friendly stance. The Franco-German-Italian proposal emphasizes a risk-based approach and aims to reduce administrative burdens on companies to foster innovation in Europe's AI sector. These countries express concerns that overregulation of foundational AI models could hinder innovation and development. The European Parliament, which previously approved regulating all foundation models, may oppose this more lenient approach. Some experts and members of the European Parliament argue that watering down-regulation on foundational models poses risks and compromises transparency. The negotiations are crucial for shaping the regulatory framework for AI in the EU.
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The Eastern Economic Corridor (EEC) gets new 5-year development plan
Thailand's Eastern Economic Corridor (EEC) Policy Committee has approved a 5-year development plan for 2023-2027, targeting a substantial increase in investment, including a goal of attracting 500 billion baht. The plan emphasizes promoting specific industries, enhancing infrastructure, upskilling the workforce, developing modern cities, and ensuring sustainable community growth. A key initiative to attract foreign investment involves implementing a new visa scheme in 2024, offering 10-year visas to EEC investors along with perks such as expedited work permit processing, a 17% flat personal income tax rate, and convenient online reporting.?
The EEC, covering Chonburi, Rayong, and Chachoengsao provinces, is a crucial part of Thailand's strategy to stimulate growth, particularly in high-tech sectors like next-gen automotive, smart electronics, biotechnology, robotics, aviation, and digital technology. The 10-year visa program aims to encourage investments, ease restrictions, and contribute to the EEC's goal of attracting 500 billion baht in investments between 2023-2027.
UOB, OCBC, and DBS introduce account lock features to protect clients from scammers
Three major banks in Singapore—UOB, OCBC, and DBS—are introducing new features to enhance account security and protect clients from digital threats such as fraud, malware, and phishing scams.?
UOB introduced the UOB LockAway Account, preventing funds from being used in online transactions until unlocked at UOB branches. OCBC's Money Lock feature restricts fund usage in various transactions and can be activated through the OCBC Digital app or Internet Banking, requiring physical authentication at ATMs or branches for unlocking. DBS offers digiVault, locking funds within a designated account and requiring branch visits for access. Additionally, DBS allows clients to lock fixed deposits to prevent unauthorized digital withdrawals or changes to maturity instructions, enhancing overall account security.
Windows-as-an-app is coming
Microsoft is introducing Windows App, a remote desktop service that enables users to access Windows from various devices, including Linux-powered PCs, Chromebooks, and Android phones. The service is in beta and is part of Microsoft's broader shift toward cloud-based solutions, with plans to move Windows 11 increasingly to the cloud.?
Users can run Windows remotely via web browsers, such as Chrome, Firefox, Safari, and Edge, supporting HTML5. Windows App allows redirection of local devices, including printers, microphones, cameras, location, audio, and clipboard to the remote session. While file copying and moving are mentioned with conflicting information, Microsoft indicates ongoing updates to add support for more remote Windows services. The service requires upgrading to the latest version of Windows 365 and currently supports business or student accounts in its preview stage. Windows App aims to streamline remote access by allowing users to manage multiple services and PCs from a customizable home screen, supporting multiple monitors and dynamic display resolutions.