The EU Introduces AI Act to Regulate High-Risk AI Tech Usage
The European Union (EU) has introduced the AI Act, a legislation that focuses on the high-risk areas of AI technology usage. The act adopts a risk-based approach and covers areas such as government use of AI for biometric surveillance and systems similar to ChatGPT. It demands transparency before these technologies are released in the market. The act has gone through a landmark vote by EU member states, signaling the end of negotiations. It will now progress through the legislative process, with further votes scheduled in EU lawmaker committees and the European Parliament.
Principle of Responsibility for Riskier AI Applications
The AI Act is based on the principle that the riskier the AI application, the greater responsibility placed on developers. This is particularly significant in critical areas such as job recruitment and educational admissions. Margrethe Vestager, Executive Vice President of the European Commission, emphasized that the focus is on high-risk cases to ensure alignment with EU values and standards. The implementation of the AI Act is expected in 2026, with provisions taking effect earlier for a gradual integration of the regulatory framework.
EU Supports AI Ecosystem and Establishes Regulatory Foundation
In addition to establishing regulations, the European Commission actively supports the EU’s AI ecosystem. This includes creating an AI Office responsible for monitoring compliance with the act, especially for high-impact foundational models presenting systemic risks. The AI Act aims to regulate the use of artificial intelligence in the EU, ensuring better conditions for deployment, protecting individuals, and promoting trust in AI systems.
Hot Take: Stricter Crypto Regulations Proposed by EU
The EU has proposed stricter regulations for cryptocurrencies by categorizing them as financial instruments. This proposal aims to curb unfair competition and standardize regulations for non-EU crypto firms operating within the EU. The measures include restrictions on non-EU crypto firms serving customers in the bloc, aligning with existing financial laws. The European Securities and Markets Authority (ESMA) has also introduced guidelines to regulate non-EU-based crypto firms, emphasizing regulatory clarity and investor protection. These efforts contribute to establishing regulatory clarity in the crypto space, safeguarding investors, and promoting the growth of crypto services within the EU.
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