EU Legislation to Incorporate AI Tools Like ChatGPT and Midjourney
The increased use of artificial intelligence (AI) for content creation has sparked controversies about its use of copyrighted material.
As a result, legislators in the European Union have voted to draft a new bill to regulate the use of AI technology. The bill aims to classify AI tools into different risk levels, with high-risk tools subject to stricter transparency procedures.
The EU’s proposed Artificial Intelligence Act mandates that Generative AI tools such as ChatGPT and Midjourney must reveal any employment of copyrighted content during their AI training.
This legislation is viewed as a balanced approach between excessive oversight and overregulation, aiming to safeguard citizens, promote progress, and stimulate economic growth. Almost two years have passed since the draft regulation was first proposed.
The European think tank Eurofi recently released an edition of its magazine that included a section on AI and machine learning (ML) applications in finance within the EU.
READ MORE: Is the U.S. Dollar Losing Its Global Clout?
The section included five mini-essays on AI innovation and regulation, all touching on the upcoming Artificial Intelligence Act.
One author, Georgina Bulkeley, the EMEA financial services solutions director at Google Cloud, stated that AI is too important not to regulate well. These developments follow the EU data watchdog’s concerns about potential GDPR compliance issues for AI companies in the United States.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
