Google DeepMind has unveiled Genie 3, an advanced foundation world model designed for training versatile AI agents—a breakthrough
DeepMind Says The Newly-Released Genie 3 World Model is a Critical Milestone Toward AGI
Gaza: alarm on the Israeli passage to degene NGOs
Development – which also applies to occupied West Bank – is the result of the Israeli requirement introduced on March 9 impacting international non -governmental organizations (NGOs).
“Unless urgent measures are taken … Most of the NGO international partners could be deactivated on September 9 or earlier – Force them to withdraw all international staff and prevent them from providing critical humanitarian assistance and saving lives to the Palestinians, “said the UN and partner assistance organizations which are known collectively as the humanitarian country in the Palestinian Territory (OPT).
Many United Nations agencies still operate in Gaza, working in close collaboration with NGO partners to reach the most vulnerable people of the Enclave torn by the war. International NGOs are essential because they provide critical support to Palestinian NGOs in the form of supplies, financing and technical support.
Collective call
“Without this cooperation, their operations will be cut, reducing even more communities in food services, medical care, shelters and critical protection services,” said the humanitarian team, which is supervised by the UN superior assistance official in OPT and includes heads of the United Nations agency and more than 200 local and international NGOs.
Already, NGOs are prohibited who have not registered in the new system to send supplies to Gaza.
Last month, the Israeli authorities rejected repeated requests by 29 of them to send humanitarian aid to Gaza, citing organizations as “unauthorized”.
“This policy has already prevented the delivery of rescue aid, including medicine, food and hygiene,” said the humanitarian collective. “This most deeply affects women, children, the elderly and disabled people, more aggravating the risk of being subject to abuse and exploitation.”
In a statement urging Israel to reconsider its request for information sensitive to NGO employees, the humanitarian team insisted that The empire of his work violates international law “when we receive daily death reports by famine while Gaza faces famine conditions”.
Convoy tragedy
Meanwhile, inside Gaza, reports indicated on Wednesday that at least 20 people had been killed and dozens of others injured in the center of Gaza after a convoy of aid trucks overturned in a crowd.
The incident occurred Tuesday in southern Deir al-Balah, Central Gaza, according to local authorities. Other reports have indicated that desperate people asking for help had climbed the trucks before drivers lost control.
In his Last help update, the United Nations Coordination Office, OCHA, noted that 90% of the aid to Gaza since July 20 was “discharged by hungry crowds or looted by armed gangs”.
People who are approaching assistance convoys near Israeli military checks continue to be killed and injured, Ochha said.
He cited the health authorities who reported that Between May 27 to August 4, there were 1,516 deaths and more than 10,000 injuries On militarized distribution sites or along the ways of humanitarian aid convoy.
Originally published at Almouwatin.com
Gaza crisis deepens as UN warns children are ‘dying before reaching hospital’
With 96 per cent of households lacking clean water, many malnourished children are not surviving long enough to receive hospital care.
James Elder, Spokesperson for the UN Children’s Fund (UNICEF), told a media briefing in Geneva that it would be a mistake to assume that the situation was improving.
“There’s a sense through the world’s press that things are improving,” he said. “But unless there is sustained humanitarian aid…there will be horrific results.”
He emphasised the scale of need: “When food comes in which supports 30,000 children, there are still 970,000 children not getting enough. It is a drop in the ocean.”
Aid still a trickle
The UN relief coordination office, OCHA, said that although unilateral pauses have allowed some aid into Gaza, the current trickle is vastly insufficient.
“There should be hundreds and hundreds of trucks entering Gaza every day, for months or years to come,” said Jens Laerke, OCHA spokesperson. “People are dying every day. This is a crisis, on the brink of famine.”
Thousands of tons of pre-funded aid remain stuck just outside the enclave, he added, as bureaucratic delays and lack of safe access continue to block distribution.
Urgent scale-up needed
In New York, UN Deputy Spokesperson Farhan Haq also noted the impediments to bringing in and distributing sufficient aid.
“Massive food shortages continue to impact people’s chances for survival,” he said. “As malnutrition levels rise, children’s immune systems are weakened, hindering their development and growth far into the future.”
Last Thursday alone, 71 kitchens delivered over 270,000 hot meals across Gaza, including 10,000 to health facilities. But that figure falls far short of what’s needed to feed more than two million people.
“We need an urgent scale-up of supplies, as well as an environment that allows humanitarians to reach people in need safely, rapidly and efficiently,” Mr. Haq added.
Health challenges continue
Some medicine has entered Gaza in recent days, but supplies remain limited. Health workers continue to operate under extreme pressure and shortages.
The World Health Organization (WHO) reported 46 cases of Guillain-Barré syndrome in July, including two deaths. The condition, which affects the nervous system, has been linked to compromised immunity, poor nutrition and hygiene-related infections.
The situation of pregnant women and nursing mothers is equally alarming. The UN reproductive health agency, UNFPA, said that 40 per cent of pregnant or breastfeeding women are suffering from severe malnutrition, with newborn deaths and stillbirths on the rise.
Meanwhile, three UN fuel tankers reached Gaza City on Monday. The fuel will power critical health, water and sanitation services, but OCHA stressed this only allows operations to run at “bare minimum” capacity.
ECB launches design contest for future euro banknotes
15 July 2025
- Designers from across Europe invited to apply, starting 15 July 2025 (FAQ)
- Application platform open until 18 August 2025
- Governing Council’s decision on final design expected by end of 2026 following a public survey
The European Central Bank (ECB) today launched a public contest for the design of future euro banknotes – the next step in the euro banknote redesign process. The ECB’s Governing Council has already selected two possible themes for the future euro banknotes after consulting experts and the public. These are: “European culture”, focusing on shared cultural spaces and important Europeans; and “Rivers and birds”, focusing on the resilience and diversity of Europe’s natural ecosystems. In January the Governing Council also selected motifs to illustrate the two possible themes.
The design contest, which is open to graphic designers residing in the European Union, aims to identify the best design proposals for the future euro banknotes. The contest will proceed in two phases: an application phase and a design proposal phase. During the application phase, designers must meet the specific requirements listed in the contest notice. The applicants will be assessed on the basis of their qualifications and achievements.
Selected designers will be invited to participate in the second phase and submit their design proposals. A group of independent experts – the Design Contest Jury – will evaluate the proposals and select up to five per theme.
“The euro is more than a currency – it symbolises European unity and diversity. Through this contest, we invite designers across Europe to shape the future of our banknotes to reflect our shared cultural identity and natural heritage,” said ECB President Christine Lagarde.
After the contest finishes, the public will be invited to provide feedback on the designs selected. The Governing Council is expected to decide on the final design by the end of 2026. The new banknotes will be ready to enter circulation some years after this decision and following the production process. For detailed information about the contest, please refer to the ECB’s website and the Official Journal of the European Union. Designers interested in participating are invited to submit their application by 12:00 CET on 18 August.
For media queries, please contact Alessandro Speciale, tel.: +49 172 1670791, or Benoit Deeg, tel.: +49 172 1683704.
Notes
- It is the duty of the ECB and the euro area national central banks to ensure that euro banknotes remain an innovative, secure and efficient means of payment. Developing new series of banknotes regularly is standard practice for all central banks. In a world where banknote reproduction technologies are rapidly evolving and counterfeiters can easily access information and materials, it is necessary to issue new banknotes on a regular basis. Beyond security considerations, the ECB is committed to reducing the environmental impact of euro banknotes throughout their life cycle, while also making them more relatable and inclusive for Europeans of all ages and backgrounds, including vulnerable groups such as the visually impaired. For more information, see the Future banknotes page on the ECB’s website.
- The theme of the current euro banknotes is “Ages and styles” and the main motifs on each banknote are windows, doorways and bridges based on architectural styles from various periods in European history. For more information, see the Design elements page on the ECB’s website.
Travelling with your pets in Europe
It’s not just EU citizens who enjoy freedom of movement within the European Union. Thanks to the adoption of harmonised EU rules on travelling with pets, your cats, dogs, and indeed, ferrets, also enjoy this right too. If you’re travelling this summer around the EU with your four-legged friend, simply make sure their EU pet passport is up to date.
An EU pet passport contains a description and details of your pet, including its microchip or tattoo code, as well as its rabies vaccination record and contact details of the vet who issued the passport. You can get an EU pet passport for your dog, cat or ferret from any authorised vet. The most important requirement, which also applies to pets travelling to the EU from a non-EU country, is that your pet’s vaccination against rabies is up to date. And, in case you are travelling to a country that is free from the tapeworm Echinococcus multilocularis (i.e. Finland, Ireland, Malta, Norway and Northern Ireland), it’s important that your pet has had a treatment against this tapeworm.
There are a few exceptions to note. Since 2021, EU pet passports issued to residents of Great Britain are no longer valid for travel with pets from Great Britain to an EU country or Northern Ireland. Also worth remembering is that an EU pet passport is only valid for cats, dogs and ferrets. If your pet is a bird, reptile, rodent or rabbit, you should check the national rules of the country you are planning to visit for information on the entry conditions.
If you are travelling with your pet from a non-EU country into the EU, the document you must show is an ‘EU animal health certificate’. Similar to an EU pet passport, the EU animal health certificate contains details of your pet’s health, identity and vaccination against rabies. It should be obtained from an official State vet in your country not more than 10 days before your pet arrives in the EU. You should also attach a written declaration to your pet’s EU animal health certificate stating that its relocation is for non-commercial reasons.
You can travel with up to five pets, but if there are more than five pets (dogs, cats or ferrets) you must provide proof that they are taking part in a competition, exhibition or sporting event and they are more than 6 months old. And if you are not planning on accompanying your pet on its travels, you must give written permission to another person to accompany your pet for you. You must, however, be reunited with your pet within 5 days of its relocation.
For more information
Children are ‘skin and bones’ as Sudan marks a grim milestone
It is a grim milestone for Sudan, the world’s worst humanitarian crisis. But with insufficient funding, lack of access to key regions and intensifying violence, milestones like this have become the grim norm.
“This is not hypothetical. It is a looming catastrophe,” said Sheldon Yett, the UN Children’s Fund (UNICEF) representative in Sudan.
And it is a catastrophe that is unduly affecting women and children, many of whom have been displaced multiple times and lack access to even the most basic of services such as clean water, food and protection.
“Every day the conflict continues in Sudan, innocent lives are lost, communities are torn apart and trauma continues to haunt generations,” said Radhouane Nouicer, the UN’s designated expert on human rights in Sudan.
Emotional scar tissue
Children in Sudan are among those most affected by the crisis – 3.2 million children under five are projected to suffer from acute malnutrition in the next year.
On a recent trip Jebel Aulia, a locality in Khartoum state which is at extreme risk of famine, Mr. Yett was horrified by what he saw.
“Many of the children are reduced to just skin and bones,” Mr. Yett said.
However, these children are not only contending with malnutrition – some of them have also been displaced four or five times, and over three-quarters of Sudanese children are out of school.
“The emotional scar tissue is massive – children don’t know where they are going next … often feeling like aliens in their own land,” Mr. Yett said.
He spoke with one mother in Jebel Aulia whose daughter may be forever changed by the violence.
“Since the war started, my daughter has fallen into a state of silence, and I can feel her heart racing with fear,” one mother said.
A gendered crisis
Around Sudan, as the food insecurity crisis spirals, women and girls are the “hungriest face of the crisis,” according to Salvator Nkurunziza, the UN Women representative in Sudan.
“With conditions now at near famine thresholds in several regions in the country, it is not just a food crisis but a gender emergency caused by a failure of gender-responsive action,” said Mr. Nkurunziza at a Tuesday press briefing in Geneva.
A recent report further drove home the gendered nature of the crisis, revealing that women-led households in Sudan are three times more likely to experience severe insecurity than households led by men.
This is especially concerning as the death, displacement or forced disappearance of men has left more and more women the sole bread winners. In total 75 per cent of women-led households cannot meet basic food needs.
“The data is unequivocal: female-headed households are slipping deeper into starvation, with fewer coping mechanisms, less access to income, and even more systemic barriers than last year,” the report said.
Nevertheless, Mr. Nkurunziza reminded the international community that women are not just victims but also agents of change in crisis settings.
Women-led organizations are on the frontlines, providing food through soup kitchens and supporting displaced families. And yet, they remain excluded from many of the decision-making processes and exposed to undue risks.
An unchanged human rights landscape
Food security and displacement are not the only challenges that the Sudanese face. Rather, the human rights situation is also deteriorating, according to Mr. Nouicer who visited Sudan to meet key government officials in July.
“I remain gravely concerned that civilians in Sudan continue to suffer widespread violations and abuses, including extrajudicial killings, sexual violence, forced displacement and arbitrary detention,” he said.
He specifically highlighted the unique challenges that women, children and people with disabilities face when confronting displacement and violence.
“The ongoing war has devastated civilian lives and turned daily survival into a constant struggle.”
‘Irreversible damage’
Mr Yett said that in his most recent trip, he saw the best and worst of humanity – the devastating impact of violence and inaction coupled with the hopeful possibilities that peace and action could provide.
“We are on the verge of irreversible damage to an entire generation of children, not because we lack the knowledge or the tools to save them but because we are collectively failing to act with the urgency and at the scale this crisis demands,” he said.
The first step is ensuring access to regions of Sudan like Zamzam which have been cut off from aid. With the rainy season approaching – and some roads already impassable – this is only becoming more difficult.
Mr. Nouicer highlighted that even if a ceasefire between the warring rival militaries happened, the level of devastation and abuse is so extreme that the future will require more than just peace.
“The path forward demands more than ceasefires and peace talks. It requires a sustained commitment to justice, accountability, and inclusive governance.”
First person: Document despair and find hope in the middle of Gaza’s rubble
Some 21 months have passed since the armed attacks of October 7 against Israel, which sparked the current brutal conflict.
Thousands of people have died and a large part of Gaza has been lost, but life must continue, according to the correspondent, which remains anonymous for security reasons.
“Those who live here in Gaza do not need explanations to understand the meaning of this war.
It is enough to listen to a few minutes: the planes constantly buzz over the head, and the air strikes silence everything except the fear which, although invisible, fills each space between our tents and the outbursts in our body.
A young boy is rescued after being caught in an attack on a school refuge.
At night, there are absolute darkness with the exception of the lightning lights.
We sleep knowing that alarm clock is not guaranteed.
Each morning in Gaza is a new attempt to live and each evening a challenge to survive. This is the harsh reality in which we live.
I am one of the more than two million Palestinians living under the charge of the trip. I document stories of war and despair while experimenting with all their bitterness.
Since our house was destroyed in November 2023, the tent became our safety. My family, once part of my private world, is now one of the stories I share with the world.
Here, life is simple and tragic.
Sleeping on the field hard, cooking on firewood and the exhausting pursuit of a piece of bread are no longer options, but a lifestyle imposed by the cruelty of war.
Faced with my eldest son, who is not yet 14 years old, I see the reflection of a war which stole his childhood and imposed him greater charges than his years.
He has become an expert on water distribution roads, merchanting bread and carrying heavy gallons of water. I feel unlimited pride of his courage, but simultaneously a painful feeling of helplessness because I cannot protect him from what is happening around us.
Oasis of Hope
My wife tries to create an oasis of hope for our other children. My two older daughters continue to learn online when the Internet works intermittently and read the available books.
My youngest daughter is based on worn cardboard pieces while my youngest son, who is four years old, has no memory of something other than the sound of explosions.
We are helpless in front of his innocent questions. There are no schools, no education, only desperate attempts to maintain the brightness of childhood in them, faced with a brutal reality.
More than 625,000 children in Gaza have been deprived of an education.
This is due to the destruction of schools and the absence of a safe environment in which to learn.
The future of an entire generation is threatened.
A drawing represents people who die while trying to access food from a truck in Gaza.
Testimony
I work alongside other journalists. We walk between hospitals, streets and shelters.
We carry our journalistic equipment not only to document the events, but also to be a voice for those whose voices have been silenced.
We film a child suffering from a serious malnutrition, listen to the story of a man who has lost everything and attends the tears of a woman unable to provide food to her children.
We document a scene that is repeated daily: thousands of people rush to reach a truck of flour. They run after the trucks, collecting the last grains of flour on the ground.
They do not care about the danger because the hope of getting their hands on a miche of bread is more precious than life.
Each time, the victims fall along the roads of the militarized convoys and distribution points.
We walk in the streets, alert of each sound, as if we were waiting for the end to each turn that we do.
There is no more time for surprises or sadness, only constant tension and anxiety which are part of the DNA of survivors here.
This is the reality that the cameras do not capture, but it is the daily truth that we are trying to explain to the world.
An WHO worker assesses a hospital destroyed in northern Gaza.
UN colleagues tears
We document the efforts of the United Nations and its various organizations.
I see staff sleeping in their cars to get closer to level passages, and I see our colleagues from the United Nations cry while listening to the stories of my colleagues Gazans.
There is not enough help. The crossings open and close suddenly, and certain areas are deprived of supplies for days.
The western areas of Gaza City are overcrowded. The tents are distributed at each corner, on the sidewalks and among the rubble of destroyed houses, in disastrous conditions.
Empty markets
The value of the local currency has evaporated. Those who have money in their bank accounts pay costs up to 50% to withdraw it, to find themselves facing almost empty markets. Everything available is sold at exorbitant prices.
The vegetables are rare and, when available, one kilogram can cost more than $ 30. Fruits and meat are a distant memory.
The health system is in a complete collapse, because 85% of Gaza hospitals no longer work and most of the dialysis and chemotherapy services have ceased.
Medicines for chronic diseases are not available. I am unable to obtain medication for my parents, who suffer from diabetes and high blood pressure, and there is no hope of surgery that could save my brother’s arm, which was injured in an air strike.
A young boy transports a bottle of water in an area where people live in tents.
Witness of everything
Sometimes I feel between two identities, the journalist documenting the suffering and the Humane who experiences it.
But, this is perhaps where the strength of our journalistic mission of the Gaza Strip lies: to be a voice of the heart of the tragedy, to transmit to the world the reality of what happens daily.
Each day in Gaza asks a new question:
Are we going to survive?
Will our children come back from their water search?
Will war end?
Will level crossings be open so that the aid can be delivered?
From there, we will continue, because new stories die and because each child, woman and man in Gaza deserves to have the voice heard.
I am a journalist.
I am a father.
I am moved.
And I witness everything.
Originally published at Almouwatin.com
Amount of civilian victims in Sudan as a fighter intensifies
It has now been 842 days since the conflict between the troops of the military government and their former allies who have become rivals in the paramilitary support forces broke out in Sudan, transforming the country into the largest humanitarian crisis in the world.
Heavy fighting continues in the state of Darfur du Nord, with multiple civilian victims reported in recent days – especially during the clashes of the state capital, El Fasher, on August 1 and 2 – after previous violence between armed groups near the Abu Shouk camp for displaced people, which currently welcome 25,000 residents.
Famine threat
One year after confirmation of famine in the Zamzam camp on the outskirts of El Fasher, the city remains besieged, without any delivery of food aid entering by the road, leaving residents of the regional capital in the face of famine.
Food prices such as sorghum and wheat are more than four times higher than elsewhere in the country, while many families are unable to afford even the most basic items.
“Limited cash assistance continues, but it is far from sufficient to meet growing needs,” said UN spokesperson Farhan Haq, during the daily briefing in New York.
The threat of continuous cholera
Meanwhile, cholera continues to spread in Darfur, with nearly 1,200 cases reported – around 300 children – in the locality of Tawila since the end of June.
In southern Darfur, the health authorities have reported more than 1,100 suspect cases and 64 deaths since the end of May, because “shortages of medical supplies, drinking water and sanitation seriously hinder humanitarian response,” said Mr. Haq.
The United Nations Children’s Fund (Unicef) warns that the life of more than 640,000 under five presents an increased risk of violence, illness and hunger in the region.
Compound crisis
In the state of Blue Nile, Ed Damazine’s floods moved more than 100 people and destroyed at least 200 tents at the Al-Karama camp on August 1, further aggravating the challenges facing the people who fled their homes due to conflicts.
Meanwhile, in the state of Khartoum, the presence of fatal terrestrial mines in several places adds a new dangerous layer with threats already confronted daily by civilians.
As OCHA Operations DirectorEdem Wosornu, visit Sudan this week to assess the humanitarian situation, the agency called for sustained and widened humanitarian access as well as a greater international support for the most vulnerable.
Originally published at Almouwatin.com
Gaza: Security Council meets on hostage crisis amid ‘unbearable’ conditions facing Palestinian civilians
Assistant Secretary-General Miroslav Jenča briefed a Security Council meeting on Tuesday called by Israel to discuss the plight of hostages still being held in the war-ravaged enclave.
It comes after Hamas and Palestinian Islamic Jihad released images and videos of two emaciated hostages, Evaytar David and Rom Braslavsky, sparking outrage and condemnation.
‘An affront to humanity itself’
“The scenes of Evaytar apparently being forced to dig his own grave are appalling,” he said.
“These images, and their own accounts of their treatment, have horrified us all. They are an affront to humanity itself.”
Mr. Jenča acknowledged the presence of Mr. David’s brother, Ilay, who participated in the meeting via videoconference, saying the UN recognises “the profound pain and hardship endured by the families and loved ones of those who remain in captivity.”
He recalled that this week the Jewish community commemorated Tisha B’Av, a day of mourning and remembrance of tragedies endured throughout its history.
“I pay tribute to your courage and determination, and I share your dearest wish: for your brother, and all hostages held in Gaza, to be immediately and unconditionally released,” he said.
A war crime
Currently, 50 hostages continue to be held by Hamas and other Palestinian armed groups in horrific conditions and 28 are thought to be deceased, while freed hostages “have relayed distressing accounts of deprivation, ill-treatment, and abuse.”
Since the conflict began, Hamas and other armed groups have circulated dozens of videos of hostages, including statements made under duress and while clearly suffering, including the most recent footage of the two men.
“International law is clear,” said Mr. Jenča. “Hostage-taking is prohibited – it is a war crime.”
He stressed that people deprived of their liberty must be treated humanely and with dignity and allowed to be visited by the International Committee of the Red Cross (ICRC).
“They must never be subject to ill-treatment, abuse, or humiliation, as these would also constitute violations of relevant rules of international law,” he added, before reiterating UN Secretary-General António Guterres’s call on Hamas and other Palestinian armed groups for the immediate and unconditional release of all hostages.
Gaza situation ‘unbearable’
Meanwhile, “the situation in Gaza is horrifying – it is unbearable,” he continued, noting that “Palestinians are subjected to squalid, inhumane conditions on a daily basis.”
More than 60,000 Palestinians have been killed since the conflict began, according to local health authorities.
“Since the end of May, over 1,200 Palestinians have been killed and over 8,100 injured while trying to access food supplies, including in the vicinity of militarized aid distribution sites,” said Mr. Jenča.
“The deaths and injuries continue to mount, day by day, with no end in sight to the suffering.”
This is happening as Israel continues to severely restrict humanitarian assistance entering Gaza, while the aid that is allowed to enter “is grossly inadequate.”
‘Hunger is everywhere’
He told the Council that “hunger is everywhere in Gaza, visible in the faces of children and in the desperation of parents risking their lives to access the most basic supplies.”
Here, he echoed the Secretary-General’s condemnation of the ongoing violence in Gaza, including the shooting, killing, and injuring of people trying to get food.
“International law is clear. Civilians must be respected, protected and never targeted or deliberately deprived of food or access to other lifesaving aid – doing so is a war crime,” he said.
“Israel must immediately allow and facilitate rapid and unimpeded passage of sufficient amounts of humanitarian relief for civilians in need, to avert further suffering and loss of life.”
Potential military expansion ‘deeply alarming’
Mr. Jenča also addressed latest reports regarding Israeli Prime Minister Benjamin Netanyahu’s possible decision to expand military operations through the entire Gaza Strip.
If true, they are “deeply alarming,” he said, as “this would risk catastrophic consequences for millions of Palestinians and could further endanger the lives of the remaining hostages in Gaza.”
He again turned to international law, which is clear that Gaza is and must remain an integral part of a future Palestinian State.
He cited the July 2024 Advisory Opinion by the International Court of Justice (ICJ) which declared that Israel is under an obligation to immediately cease all new settlement activities, evacuate all settlers from the Occupied Palestinian Territory, and to bring an end to its unlawful presence there as rapidly as possible.
No military solution
Mr. Jenča concluded his briefing by underlining the UN’s position that the only way to end the violence and humanitarian catastrophe in Gaza is through a full and permanent ceasefire, the immediate and unconditional release of all hostages and allowing aid to enter at scale and without obstruction.
Civilians also must be guaranteed safe, unhindered access to assistance.
He stressed that there is no military solution to the conflict in Gaza or the broader Israel-Palestine conflict.
“We must establish political and security frameworks that can relieve the humanitarian catastrophe in Gaza, start early recovery and reconstruction, address the legitimate security concerns of Israelis and Palestinians, and secure an end to Israel’s unlawful occupation and achieve a sustainable two-State solution,” he said.
This would mean “Israel and a fully independent, democratic, contiguous, viable and sovereign Palestinian State, of which Gaza is an integral part – living side by side in peace and security within secure and recognized borders, on the basis of the pre-1967 lines, with Jerusalem as the capital of both States.”
The EBA publishes draft technical standards on the prudential treatment of crypto asset exposures under the Capital Requirements Regulation
The European Banking Authority (EBA) today published its final draft Regulatory Technical Standards (RTS) which specify the technical elements necessary for institutions to calculate and aggregate crypto-asset exposures in relation to the prudential treatment of such exposures. The RTS address implementation aspects and will ensure harmonisation of the capital requirements on crypto-asset exposures by institutions across the EU.
These draft RTS further develop the relevant capital treatment for credit risk, counterparty credit risk, market risk, and credit valuation adjustment risk for asset reference tokens (ARTs) that reference one or more traditional asset(s) and ‘other’ crypto-asset exposures – including for example ARTs referencing a crypto-asset – and – unbacked crypto-assets, such as Bitcoin.
These draft RTS also include all the relevant technical elements on the use of netting, aggregating of long and short positions, criteria to allow hedge recognition for other crypto-assets, and the underlying formulas relevant for calculating the exposure value of crypto-assets for the CCR and market risk treatment.
These draft RTS align, to the best possible extent, the capital treatment with the elements specified in the Basel standard on prudential treatment of crypto-asset exposures and take into account the Markets in Crypto Assets Regulation (MiCA).
After the consultation, the requirement for prudent valuation on fair value crypto-asset exposures was removed, and a provision to clarify how long and short positions must be aggregated when determining the exposure limit was added.
The transitional provisions in CRR 3 and these draft RTS provide institutions with a method to capitalise crypto-asset exposures until a permanent prudential framework is implemented, enabling institutions to participate in the fast growing and evolving crypto markets.
Legal basis
Regulation (EU) 2024/1623 amending Regulation (EU) No 575/2013 (CRR 3) introduces in Article 501(d) of the CRR3 a transitional prudential treatment for crypto-assets.
The EBA has developed these draft RTSs in accordance with Article 501d(5) of CRR 3 which mandates the EBA to specify the technical elements necessary for institutions to calculate their own funds requirements in accordance with the approaches set out in paragraph 2, points (b) and (c), including how to calculate the value of the exposures and how to aggregate short and long exposures for the purposes of paragraphs 2 and 3.
According to the mandate, the EBA shall take into consideration the relevant internationally agreed prudential standards as well as existing authorisations in the Union under Regulation (EU) 2023/1114 (MiCAR).
Background
The development of crypto-assets markets and activities has been marked by significant market innovation and advancements. Institutions have shown increasing interest in getting involved in crypto-assets activities. This interest is driven by the potential for new revenue streams and the need to stay competitive in a rapidly evolving financial landscape. Institutions are exploring various roles, including acting as custodians of crypto-assets, issuing crypto-assets, and providing related services such as trading and lending on behalf of their clients. However, this involvement also comes with challenges, including regulatory compliance, risk management, and the need for a robust technological infrastructure.
