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UAE Company G42 Will Soon Launch Three ChatGPT Platforms

The artificial intelligence company is building an Arabic version of ChatGPT, a tool for government services, and another for climate action.

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uae company g42 will soon launch three chatgpt platforms
G42

An artificial intelligence company from the UAE known as G42 is working on several ChatGPT-powered platforms. The organization’s CEO Peng Xiao announced during a recent press conference that they were “working on the largest Arabic-language model” and noted that although “Arabic is a major body of language in the world, it is not served at all by the big players in the industry”.

G42 has also begun work on GovGPT, a chat service that will help find answers to government-related search queries, and ClimateGPT, a tool to “help the population be more engaged and participate in the climate programs we’re championing”.

Although Xiao didn’t reveal an exact date for the release of the new ChatGPT platforms, he did address AI’s potential impact and future regulation.

Also Read: The Largest Data Breaches In The Middle East

“The way to better regulate it is not to say ‘stop, don’t do anything, let’s figure this out’. The way to do this is to do more sandboxes, more cutting-edge experiments, with transparency, like we’re about to do with Toto Wolff’s F1 team, and involve regulators and governments to see what we are doing”.

Founded in Abu Dhabi, G42 has a global footprint and a team of 2,700 AI experts who provide solutions for molecular medicine, space travel, and more. The company recently made headlines when it partnered with Mercedes-AMG Petronas F1 to provide data and insights to improve the team’s performance.

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Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

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binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.

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