The European Parliament has approved the world's first comprehensive AI regulatory framework, setting global standards for artificial intelligence, categorizing risks, and aiming for innovation alongside fundamental rights protection, with staggered implementation starting in 2025.

An antitrust lawsuit filed by the Department of Justice against Apple may result in significant changes to the iOS experience. There might be some similarities with what happened after the company had to conform to the European Union's Digital Markets Act (DMA) in promoting its services, running its App Store, and handling contactless payments. The main changes in the EU include adding options for downloading apps from other app stores inside iOS and more web browsing options besides Safari.

Tech giants, including Google, Apple, and TikTok, are preparing to comply with the Digital Markets Act (DMA) as it comes into effect in the European Union. The DMA aims to promote interoperability and consumer choice, particularly among designated gatekeepers like Google and Apple. While some companies express concerns about potential risks and impacts on user experience, others like TikTok are contesting their gatekeeper status while implementing mandated changes.

Amazon will have to provide information about the ads running on its platform in a publicly accessible online archive following a decision by the European Union this week.

EU regulators have charged Microsoft with breaking antitrust rules by bundling its Teams video conferencing software with a suite of other productivity tools, giving it an unfair advantage over rivals. Businesses essentially had little choice but to use Teams if they wanted other software made by Microsoft. Competitors also faced challenges in making their services work with other Microsoft software. Microsoft says it has already taken steps to resolve the dispute, having unbundled Teams from other Office products last year.

The European Commission's relentless regulation of the internet and big tech companies is getting to the point of regulatory overreach that creates poor user experiences.

The EU's risk-based AI regulation began on August 1 with staggered compliance deadlines categorizing AI applications into low/no-risk, high-risk, and limited risk tiers, imposing transparency, risk management, and penalties for violations. Standards for high-risk and powerful general-purpose AI models will be finalized by April 2025.

The AI Act, which focuses on safe and ethical AI development by categorizing AI systems into risk levels from minimal to unacceptable, is the European Union's first comprehensive regulation on artificial intelligence.

Europe's top court ruled that Apple must pay 13 billion euros and Google 2.4 billion euros in fines, marking the end of long-standing battles with the EU. Apple's case, related to tax advantages in Ireland, comes just after its iPhone 16 launch. Google faced antitrust fines over its shopping comparison tool, which the EU found stifled competition from smaller rivals.

Fintech companies Robinhood and Revolut are reportedly exploring the possibility of launching their own stablecoins, a move that aligns with recent regulatory developments in Europe aimed at enhancing the stability and transparency of the cryptocurrency market. This potential entry into the stablecoin sector comes as the market is increasingly dominated by Tether's USDT, which has a market capitalization exceeding $119 billion. Tether has experienced significant growth, particularly during periods of economic uncertainty and volatility in the cryptocurrency market. The company has reported record profits, amounting to $5.2 billion in the first half of 2024, and has bolstered its reserves with a substantial amount of U.S. government bonds. This success has attracted the attention of other companies looking to enter the stablecoin market, although neither Robinhood nor Revolut has officially confirmed their intentions. The regulatory landscape is shifting, particularly with the implementation of the European Union's Markets in Crypto-Assets (MiCA) regulation, which is set to transform how stablecoins are created, sold, and traded. The first phase of MiCA regulations, which focused on reserve requirements and transaction volume caps, took effect on June 30, 2024. A second phase, scheduled to begin on December 30, 2024, will extend these regulations to crypto-asset service providers, including exchanges and wallets. Under the new regulations, stablecoins, referred to as "asset-referenced tokens" or "electronic money tokens," will face strict controls, including daily transaction volume limits of $200 million for payment purposes. These changes are expected to reshape the stablecoin market, prompting companies to reassess their offerings and strategies in light of the evolving regulatory environment.