European Union Passes Landmark AI Regulations: What You Need to Know

The European Union’s parliament on Wednesday approved the world’s first major regulatory rules to govern the artificial intelligence.

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European Union Passes Landmark AI Regulations: What You Need to Know

The European Union has made history by approving the world’s first major set of regulatory rules for artificial intelligence (AI), aiming to govern the rapidly advancing technology that has become integral to modern life.

The EU Parliament’s decision, with 523 votes in favor, underscores the bloc’s commitment to setting global standards in AI regulation. The legislation, known as the EU AI Act, categorizes AI technology based on risk levels, from “unacceptable” to high, medium, and low hazards, with corresponding regulatory measures.

European Commissioner Thierry Breton hailed the development, asserting, “Europe is NOW a global standard-setter in AI.” The act received overwhelming support in Parliament, reflecting a significant milestone in AI governance.

Roberta Metsola, President of the European Parliament, emphasized the act’s importance in fostering innovation while safeguarding fundamental rights. Metsola highlighted the integration of AI into daily life, noting that legislation would now govern its use.

The EU AI Act, born in 2021, is poised to enter into force at the end of the legislative period in May, pending final checks and approval from the European Council. Implementation will follow a phased approach, beginning in 2025.

Despite initial reservations from some EU member states advocating self-regulation, the EU prioritizes comprehensive oversight to address potential risks associated with AI technology. The regulatory framework aims to strike a balance between innovation and consumer protection.

Concerns over the misuse of AI, particularly in the spread of disinformation and deepfake technology, have prompted governments to take proactive measures. The EU’s proactive stance on AI regulation sets a precedent for other nations to follow suit.

Legal experts view the EU AI Act as a groundbreaking step towards international AI regulation, akin to the General Data Protection Regulation (GDPR) in data privacy. Businesses will need to collaborate with policymakers to navigate the evolving regulatory landscape as AI continues to shape the future.

As AI governance evolves, policymakers stress the importance of ensuring human control over technology to harness its potential for economic growth and societal progress. The passage of the EU AI Act marks the beginning of a new era in technology governance, with global implications for AI regulation.

Source: CNBC

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