#Spanish #banks bet on #AI after regulation approved in the #UE

Following the recent regulation of AI in Europe, Spanish banks such as BBVA and Caixabank, announced that they will bet on the technology in their different business areas.

#ArtificialIntelegent

By promoting both regulations, the #UE is clearly differentiating between cryptoassets that are financial instruments and those that are not. The UE avoids categorizing cryptocurrencies as financial instruments. This is an important contrast to the situation in the United States, where the Supervisor is the SEC. The U.S. regulator has taken legal action against multiple companies in the crypto sector in recent times.

In its latest round of litigation, it has sued two of the largest companies in the sector, Coinbase and #Binance . It has also published a list of #cryptocurrencies that it categorizes as financial instruments, including several of the most widely used ones.

And almost worse, the #SEC continues to show no intention of developing sector-specific legislation.

In my view, if the major companies in the sector continue to increase their presence in the #UE and relative investment flows remain at around current levels, we are on the threshold of a new era of European technological leadership in a key sector for economic development.

The regulated use of #blockchain will enable the capture of cost and time efficiencies at scale. The expansion of access to capital and the democratization of access to investments, placing the Union at the forefront of innovation in financial technology.