Today’s Cache | OpenAI CEO against regulating small companies; Meta Verified comes to India; UK to control crypto advertising

Updated - June 09, 2023 09:38 am IST

Published - June 08, 2023 02:18 pm IST

File photo of the CEO of OpenAI, Sam Altman

File photo of the CEO of OpenAI, Sam Altman | Photo Credit: AP

(This article is part of Today’s Cache, The Hindu’s newsletter on emerging themes at the intersection of technology, innovation and policy. To get it in your inbox, subscribe here.)

OpenAI CEO against regulating small companies

During a conference in New Delhi, OpenAI CEO Sam Altman said he was against regulating small AI startups, but that he supported regulating firms like his own, as well as bigger companies. Altman, who heads the company behind the viral AI chatbot ChatGPT, is meeting industry leaders and heads of state to discuss advances in AI technology. However, Altman had threatened to pull out of Europe over the EU’s AI rules, prompting EU industry commissioner Thierry Breton to accuse the company of blackmail.

Microsoft has invested billions in OpenAI as it integrates OpenAI’s offerings with its own platform features and services.

Meta Verified comes to India

Meta CEO Mark Zuckerberg shared that Facebook and Instagram verification is being rolled out in India, at a cost of ₹699 per month on iOS and Android. A slightly cheaper web-based plan will be released in several months. Non-business users who are at least 18 can pay for verification by authenticating the government ID to receive blue tick verification, more protection from impersonation, and support for account issues.

However, paying for a blue tick does not guarantee that a subscriber’s content will go viral, as Meta said that it was removing “increased reach for additional test countries,” including India.

UK to control crypto advertising

UK buyers of crypto assets will be subjected to more warnings and restrictions due to the Financial Conduct Authority’s (FCA) new rules that will come into effect from October. An FCA official claimed that many buyers of crypto assets experienced regret after their hasty purchases, and that the sector was still unregulated and highly risky.

The new measures will include a 24-hour “cooling off” period, the removal of ‘refer a friend’ promotion campaigns, and more strongly worded warnings meant to remind buyers that they could lose all their money and investments.

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