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The European Parliament has officially given its seal of approval to the European Union’s landmark artificial intelligence (AI) legislation, known as the EU AI Act, marking a significant step in global AI regulation.
Following final approval, the bill is scheduled for a second vote in April and is expected to be published in the Official Journal of the European Union, likely in May. The EU AI Act categorizes machine learning models into four tiers based on the level of risk they pose to society, with high-risk models subject to the most stringent regulations.
These high-risk applications encompass critical infrastructures, educational or vocational training, safety components of products, essential public and private services, law enforcement activities affecting fundamental rights, migration and border control management, as well as the administration of justice and democratic processes.
In addition to AI regulations, EU financial regulators are also aiming to enhance stablecoin oversight under the Markets in Crypto-Assets Regulation (MiCA) framework. Draft regulatory standards for stablecoin issuers regarding complaint resolution are set to be published soon.
On March 13, the European Banking Authority released Regulatory Technical Standards (RTS) outlining efficient procedures for resolving complaints filed by asset reference token (ART) holders. These guidelines detail the standards and processes for stablecoin issuers to effectively manage complaints.
Meanwhile, in the United States, President Joe Biden has reintroduced the proposal for a 30% tax on the electricity consumed by crypto miners as part of the administration’s 2025 budget proposal. If enacted, crypto mining companies would be required to disclose details about the quantity and type of electricity they use.
Additionally, firms would need to report the value of externally purchased electricity, while miners leasing computational capacity would be obliged to report the value of the electricity provided by the lessor. This reported value would serve as the tax base for the proposed tax.
The proposed tax would be implemented in three phases: starting at 10% in the first year, increasing to 20% in the second year, and reaching 30% in the third year. It is slated to become effective for taxable years commencing after December 31, 2024.
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