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Rather than heralding the demise of the metaverse, generative AI may well prove to be its catalyst, fueling accelerated development in extended reality technologies on the part of both metaverse platforms and metaverse citizens.

From Don’t Count the Metaverse Out — The Information:

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Rather than heralding the demise of the metaverse, generative AI may well prove to be its catalyst, fueling accelerated development in extended reality technologies on the part of both metaverse platforms and metaverse citizens.

From Don’t Count the Metaverse Out — The Information:

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In the early hours of Thanksgiving weekend, Reyhan Ayas was leaving a bar in Midtown Manhattan when a man she had just met snatched her iPhone 13 Pro Max.

Within a few minutes, the 31-year-old, a senior economist at a workforce intelligence startup, could no longer get into her Apple account and all the stuff attached to it, including photos, contacts and notes. Over the next 24 hours, she said, about $10,000 vanished from her bank account.

From A Basic iPhone Feature Helps Criminals Steal Your Entire Digital Life – WSJ:

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World Bank Global Payments Week 2023: The Future of Payments 18 May 2023

After the crypto-winter, the spring of crypto-assets regulation and supervision Keynote Speech by Denis Beau, First Deputy Governor

Click to access 2023_05_18_gpw2023_keynote_speech_d_beau_-_vf.pdf

 

In addition, MiCA does not cover the DeFi ecosystem and its challenges in terms of regulation, given its specificities. To do so, I believe that we should not try to replicate existing financial regulations at all costs, but draw inspiration from regulations in other sectors to regulate for instance “products” even when their “producers” or “issuers” are not clearly identified.

As Richard Crone says

Apple Wallet is not just about payment, it is an all-in-one pre-authenticated, multifactor identity & certificating authority for financial management, exemplified by the ease of which they added Apple Savings.

From (3) Post | LinkedIn.

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The opportunity for trade-based money laundering on illiquid virtual goods—anonymously transacted—is terrifying. Who can say what the price of a virtual piece of Malibu is worth? The top 10 land deals average over $2 million each, and I would suggest there has been very little oversight as to the fair market value of these transactions.

From The Metaverse Will Be the New Financial Crime Battleground:

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Still, a well-designed CBDC could play an incremental role in catalysing payments innovation. Other advantages, such as the ability to facilitate payments using near-field communication even when cellular and wireless networks are down, could also be played up.

From Central banks bow to the inevitability of digital currencies | Financial Times:

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The FTC are also concerned about bots improving financial health

Companies thinking about novel uses of generative AI, such as customizing ads to specific people or groups, should know that design elements that trick people into making harmful choices are a common element in FTC cases, such as recent actions relating to financial offers, in-game purchases, and attempts to cancel services. Manipulation can be a deceptive or unfair practice when it causes people to take actions contrary to their intended goals. Under the FTC Act, practices can be unlawful even if not all customers are harmed and even if those harmed don’t comprise a class of people protected by anti-discrimination laws.

From The Luring Test: AI and the engineering of consumer trust | Federal Trade Commission:

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China has reportedly heightened scrutiny of “deepfake” tech after a rise in artificial intelligence (AI)-driven fraud.

Worries about the potential for AI to assist in financial crimes have grown following a case in which a man was scammed into giving money to a fraudster posing as a friend, Reuters reported Monday (May 22).

Police in Baotou said, per the report, the scammer, with the help of AI-powered face-swapping technology, masqueraded as a friend of the victim’s during a video call to get his hands on a 4.3 million yuan (about $612,000) transfer.

From China Cracks Down on AI Following Rise in Deepfake Scams:

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I honestly cannot wait to try @Trish.SocialMediaPro, @Trish.TrafficTicketNegotiator and @Trish.TaxExpert, alongside the good-old @Trish.Human.

From Identity in the Age of AI | LinkedIn:

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