The European Union (EU) has taken a significant step towards regulating artificial intelligence (AI) as it became the first jurisdiction to approve rules for the fast-evolving technology. The European Parliament gave its approval to the proposed rules on June 14, paving the way for the EU Artificial Intelligence Act (AI Act) to potentially become law in the coming months.
The AI Act outlines strict penalties for service providers, with fines reaching up to 6% of their total worldwide annual turnover. It also establishes specific restrictions, safeguards, and obligations for these providers.
The primary focus of the regulation is to protect the health, safety, and fundamental rights of citizens while facilitating the cross-border movement of AI-based goods. By implementing these rules, the EU aims to strike a balance between promoting innovation and ensuring responsible AI development that adheres to ethical and legal standards.
The EU’s groundbreaking move in regulating AI sets a precedent for other jurisdictions grappling with the challenges posed by this rapidly advancing technology. It underscores the importance of addressing potential risks associated with AI while harnessing its benefits to the fullest extent.
