The saga of Terraform Labs co-founder Do Kwon continues to unfold, with a court in Montenegro approving his extradition to either South Korea or the United States.

The High Court of Podgorica has determined the legal requirements for Kwon’s extradition, according to an official statement posted on the court’s website on Nov. 24.

As the court approved Kwon’s extradition to either the U.S. or South Korea, the final decision on his extradition will be made by Montenegro’s Minister of Justice, the announcement notes.

Previously, a court in Montenegro sentenced Kwon to four months in jail after finding him guilty of using a forged Costa Rican passport.

This is a developing story, and further information will be added as it becomes available.

The Dubai Financial Services Authority (DFSA) has approved the digital asset of blockchain and crypto solution provider, Ripple: XRP. 

The move by the DFSA means the digital asset can be used within the DIFC. In turn, licensed virtual asset firms within the DIFC will now be able to incorporate XRP into their virtual asset services. XRP is the first virtual asset approved by the DFSA’s virtual assets regime; it joins BTC, ETH and LTC as the assets previously approved.

Brad Garlinghouse, CEO of Ripple, said: “Dubai continues to demonstrate global leadership when it comes to the regulation of virtual assets and nurturing innovation. It’s refreshing to see the DFSA encourage the adoption and use of digital assets such as XRP to position Dubai as a leading financial services hub intent on attracting foreign investment and accelerating economic growth.

“Ripple will continue to double down on its presence in Dubai and we look forward to continuing to work closely with regulators to realize crypto’s full potential.”

Additional regulatory clarity

XRP now stands to benefit from legal and regulatory clarity in the DIFC. It will also be available for use by institutions located in the DIFC to accelerate faster, more efficient global value exchange.

The UAE has fast become one of the most innovative jurisdictions intent on offering regulatory clarity and guidance for licensed firms to offer virtual asset services. With the DFSA’s regime for the DIFC, the independent regulator is committed to the long-term development of the crypto, payments and fintech ecosystem within Dubai. This is as well as providing guidance for companies to set up shop in the free zone.

Dubai also has the Virtual Assets Regulatory Authority (VARA) which was established last year to protect investors. All the while, maintaining high levels of risk assurance, and facilitating innovation.

Dubai’s listing of XRP has the potential to unlock new regional payments and other virtual asset use cases on the XRP Ledger. As a key builder and user of the XRP Ledger, Ripple chose the DIFC as the location for its MENA headquarters in 2020 due to Dubai’s innovation-forward regulations, expansive network and reputation as a leading global financial centre. Approximately 20% of Ripple’s customers are based in MENA.

Taking to the stage in Dubai

The announcement comes as Ripple Swell, Ripple’s flagship event bringing together influential financial industry and regulatory voices, is set to be hosted in Dubai on November 8-9.

It follows previous successful events which saw hundreds of Ripple’s customers and partners come together in major global financial centres including London and Singapore. The DIFC’s chief operating officer Alya Al Zarouni will take the main stage. VARA’s CEO Hensen Orser alongside other national and global thought leaders, decision-makers, and policymakers from the worlds of fintech, finance and crypto will also take to the stage.

The Writer’s Guild of America (WGA) strike is set to officially end as leaders approved a tentative deal with entertainment studios in Hollywood, part of which includes artificial intelligence (AI) usage in the industry. 

After nearly five months, the strike, which began on May 2, 2023, was pronounced over at 12:01 a.m. PT Wednesday, Sept. 27, 2023, as reported by Deadline.

One of the major argument points of the WGA, aside from higher wages and more fair contracts, was in regard to AI practices and implementation.

In August, Hollywood studios sent out a memo to the writers and actors on strike with a proposal for AI usage, though it was not sufficient for either guild.

The terms of the official agreed upon tentative deal with the WGA explained that:

“AI can’t write or rewrite literary material, and AI-generated material will not be considered source material.”

According to Deadline, this meant that AI-generated material is not allowed to be used to “undermine” a writer’s credit. The deal also says that:

“A writer can choose to use AI when performing writing services if the company consents and provided that the writer follows applicable company policies, but the company can’t require the writer to use AI software (e.g. ChatGPT) when performing writing services.”

Ellen Stutzman, one of the chiefs of the WGA, said that prior to going on strike, AI terms were ones that studios “refused to negotiate” prior to the strike. 

Related: US judge rules in favor of human ingenuity, denies copyright for AI art

Additionally, companies must be transparent with writers when AI-generated content is given to them or incorporated into a project. The WGA says it “reserves the right to assert that exploitation of writers’ material to train AI is prohibited by MBA or other law.”

The most recent agreements affect the WGA, which was one of the two entertainment unions on strike. SAG-AFTRA, the other striking union, represents actors and other “media professionals.” This union joined the WGA on July 14, 2023 and is currently still striking. 

AI is one of the main components SAG-AFTRA is fighting against as well. The AI proposal from studios suggested scanning of background performers, for which they would only receive a single day’s payment. Subsequently, they would grant companies full ownership over the scan, their image, and likeness.

Magazine: ‘AI has killed the industry’: EasyTranslate boss on adapting to change