EU Greenlights Groundbreaking AI Regulations
European Parliament members have recently given their approval for groundbreaking regulations governing artificial intelligence (AI).
This marks a significant step towards the world’s first legislation focused on AI, with a final vote expected in April.
The AI Act, endorsed by the Internal Market and Civil Liberties Committees, aims to set out guidelines across various sectors including banking, automotive, electronics, aviation, security, and law enforcement.
‼️ AI Act takes a step forward:
MEPs in @EP_Justice & @EP_SingleMarket have endorsed the provisional agreement on an Artificial Intelligence Act that ensures safety and complies with fundamental rights 👇https://t.co/EbXtLBfIoY@brandobenifei @IoanDragosT pic.twitter.com/J3NXRhxd9p— LIBE Committee Press (@EP_Justice) February 13, 2024
These regulations will cover foundational models and generative AI systems, including those trained on vast datasets similar to OpenAI’s ChatGPT.
Following EU member states’ approval, efforts to finalize the text began after a political agreement in December 2023. This was concluded with a vote involving all member states’ representatives on February 2.
The European Parliament Committee on Civil Liberties welcomed the move, highlighting it as a significant development for AI.
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The AI Act is now set for a parliamentary vote in March or April. If passed, it will come into effect within 24 months, with some provisions taking effect sooner.
In November 2023, a group of companies warned against overly strict regulations, fearing they could stifle innovation. In response, the European Commission plans to establish an AI Office to monitor compliance and support local AI developers, including upgrading the EU’s supercomputer network for AI model training.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
