E-commerce and trade

Tether and Binance left out of EU crypto approval list

More than 50 crypto firms are now fully licensed under the European Union’s MiCA framework, six months after it came into effect. The list names 14 stablecoin issuers and 39 service providers, all approved to operate across the EU’s 30 member states.

Leading platforms such as Coinbase, Kraken, Bitstamp, and N26 can now ‘passport’ their services across the bloc without seeking separate national approvals.

Tether and Binance remain absent from the approved list. Tether’s lack of a MiCA licence has already triggered delistings on major platforms, while Binance continues to face regulatory scrutiny in multiple jurisdictions.

In contrast, stablecoins issued by Circle, Société Générale-Forge, and Membrane Finance have gained approval, most of which are euro-denominated.

No company has yet registered to issue asset-referenced tokens (ARTs), reflecting low market demand under current compliance costs. Meanwhile, over 35 firms have been marked non-compliant, with Italy’s CONSOB actively pursuing enforcement.

As firms race to meet rising regulatory standards, a fresh update on MiCA licensing is due in September.

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Google hit with EU complaint over AI Overviews

After a formal filing by the Independent Publishers Alliance, Google has faced an antitrust complaint in the European Union over its AI Overviews feature.

The group alleges that Google has been using web content without proper consent to power its AI-generated summaries, causing considerable harm to online publishers.

The complaint claims that publishers have lost traffic, readers and advertising revenue due to these summaries. It also argues that opting out of AI Overviews is not a real choice unless publishers are prepared to vanish entirely from Google’s search results.

AI Overviews were launched over a year ago and now appear at the top of many search queries, summarising information using AI. Although the tool has expanded rapidly, critics argue it drives users away from original publisher websites, especially news outlets.

Google has responded by stating its AI search tools allow users to ask more complex questions and help businesses and creators get discovered. The tech giant also insisted that web traffic patterns are influenced by many factors and warned against conclusions based on limited data.

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EU rejects delay for AI Act rollout

The EU has confirmed it will enforce its originally scheduled AI Act, despite growing calls from American and European tech firms to delay the rollout.

Major companies, including Alphabet, Meta, ASML and Mistral, have urged the European Commission to push back the timeline by several years, citing concerns over compliance costs.

Rejecting the pressure, a Commission spokesperson clarified there would be no pause or grace period. The legislation’s deadlines remain, with general-purpose AI rules taking effect this August and stricter requirements for high-risk systems following August 2026.

The AI Act represents the EU’s effort to regulate AI across various sectors, aiming to balance innovation and public safety. While tech giants argue that the rules are too demanding, the EU insists legal certainty is vital and the framework must move forward as planned.

The Commission intends to simplify the process later in the year, such as easing reporting demands for smaller businesses. Yet the core structure and deadlines of the AI Act will not be altered.

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BRICS calls for AI data regulations amid challenges with de-dollarisation

BRICS leaders in Rio de Janeiro have called for stricter global rules on how AI uses data, demanding fair compensation for content used without permission.

The group’s draft statement highlights growing frustration with tech giants using vast amounts of unlicensed content to train AI models.

Despite making progress on digital policy, BRICS once again stalled on a long-standing ambition to reduce reliance on the US dollar.

After a decade of talks, the bloc’s cross-border payments system remains in limbo. Member nations continue to debate infrastructure, governance and how to work around non-convertible currencies and sanctions.

China is moving independently, expanding the yuan’s international use and launching domestic currency futures.

Meanwhile, the rest of the bloc struggles with legal, financial and technical hurdles, leaving the dream of a unified alternative to the dollar on hold. Even a proposed New Investment Platform remains mired in internal disagreements.

In response to rising global debt concerns, BRICS introduced a Multilateral Guarantees Initiative within the New Development Bank. It aims to improve credit access across the Global South without needing new capital, especially for countries struggling to borrow in dollar-dominated markets.

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SK Telecom unveils $700B cybersecurity upgrade

SK Telecom has announced a major cybersecurity initiative worth KRW 700 billion, designed to restore trust and enhance information security after a recent incident.

The company’s new programme, called the Accountability and Commitment Program, includes four elements to protect customers and reinforce transparency.

A central part of the initiative is the Information Protection Innovation Plan, which involves a five-year investment to build a world-class cybersecurity system.

The project will follow the US National Institute of Standards and Technology’s Cybersecurity Framework and aims to position SK Telecom as Korea’s leader in information security by 2028.

To further support affected customers, the company is upgrading its Customer Assurance Package and introducing a Customer Appreciation Package to thank users for their patience and loyalty.

A subscription cancellation fee waiver has also been included to reduce friction for those reconsidering their service.

SK Telecom says it will maintain its commitment to customer safety and service reliability, pledging to fully address all concerns and enhance security and service quality across the board.

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OpenAI rejects Robinhood’s token offering

OpenAI has publicly disavowed Robinhood’s decision to sell so-called ‘OpenAI tokens’, warning that these blockchain-based contracts do not offer real equity in the company.

In a statement posted on X, OpenAI made clear that it had not approved, endorsed, or participated in the initiative and emphasised that any equity transfer requires its direct consent.

Robinhood recently announced plans to offer tokenised access to private firms like OpenAI and SpaceX for investors in the EU. The tokens do not represent actual shares but mimic price movements using blockchain contracts.

Despite OpenAI’s sharp rejection, Robinhood’s stock surged to record highs following the announcement.

A Robinhood spokesperson later claimed the tokens were linked to a special purpose vehicle (SPV) that owns OpenAI shares, though SPVs do not equate to direct ownership either.

The company said the move aims to give everyday investors indirect exposure to high-profile startups through digital contracts.

Robinhood CEO Vlad Tenev defended the strategy on X, saying the token sale was just the beginning of a broader effort to democratise access to private markets.

OpenAI, meanwhile, declined to comment further.

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Google launches Veo 3 video for Gemini users globally

Google has begun rolling out its Veo 3 video-generation model to Gemini users across more than 159 countries. The advanced AI tool allows subscribers to create short video clips simply by entering text prompts.

Access to Veo 3 is limited to those on Google’s AI Pro plan, and usage is currently restricted to three videos per day. The tool can generate clips lasting up to eight seconds, enabling rapid video creation for a variety of purposes.

Google is already developing additional features for Gemini, including the ability to turn images into videos, according to product director Josh Woodward.

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New digital stylist reshapes Mango’s e-commerce experience

Mango has launched a new AI-powered personal stylist designed to elevate the online shopping experience. Called Mango Stylist, the tool offers fashion advice and outfit suggestions based on each user’s preferences, creating a more interactive and intuitive way to browse.

Available through the Mango app and Instagram chat, the assistant uses natural language to provide styling tips and product recommendations tailored to the individual. It builds on Mango’s previous investment in generative AI and complements its existing customer service assistant, Iris.

The rollout is part of Mango’s broader 4E Strategic Plan, which prioritises technological innovation and customer engagement. By integrating Mango Stylist into its e-commerce platforms, the brand aims to streamline shopping and drive value across key markets, including the UK, Spain, Germany and the US.

Behind the scenes, Mango’s digital, data, and fashion teams collaborated on the project, drawing from over 15 machine learning platforms to fine-tune everything from pricing to product suggestions. The fashion chain sees this development as a major step towards delivering a seamless hybrid shopping experience.

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Robotics set to have a ChatGPT moment

Vinod Khosla, the venture capitalist behind early bets in OpenAI, predicts a breakthrough in robotics akin to ChatGPT will arrive within two to three years. He envisions adaptable, humanoid robots able to handle kitchen tasks, from chopping vegetables to washing dishes, for around £230 to £307 per month.

Current robots, particularly those from Chinese manufacturers, struggle in new environments and lack true self‑learning, a gap Khosla believes will soon close. He adds that while large established firms like Apple have not taken the lead, startups are where transformative innovation is most likely to come.

Nvidia CEO Jensen Huang sees a vast future in physical AI. Huang labels the robotics sector a multitrillion‑dollar opportunity and highlights autonomous vehicles as the first major commercial application. Similarly, Amazon plans to increase hiring in AI and robotics.

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AliExpress agrees to binding EU rules on data and transparency

AliExpress has agreed to legally binding commitments with the European Commission to comply with the Digital Services Act (DSA). These cover six key areas, including recommender systems, advertising transparency, and researcher data access.

The announcement on 18 June marks only the second case where a major platform, following TikTok, has formally committed to specific changes under the DSA.

The platform promised greater transparency in its recommendation algorithms, user opt-out from personalisation, and clearer information on product rankings. It also committed to allowing researchers access to publicly available platform data through APIs and customised requests.

However, the lack of clear definitions around terms such as ‘systemic risk’ and ‘public data’ may limit practical oversight.

AliExpress has also established an internal monitoring team to ensure implementation of these commitments. Yet experts argue that without measurable benchmarks and external verification, internal monitoring may not be enough to guarantee meaningful compliance or accountability.

The Commission, meanwhile, is continuing its investigation into the platform’s role in the distribution of illegal products.

These commitments reflect the EU’s broader enforcement strategy under the DSA, aiming to establish transparency and accountability across digital platforms. The agreement is a positive start but highlights the need for stronger oversight and clearer definitions for lasting impact.

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