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European Union unveils global benchmark for AI regulation

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The European Union (EU) has set a precedent by introducing the AI ​​Act, which focuses on high-risk areas of use of AI technologies.

The legislation hailed by EU Commissioner Thierry Breton as “historic” will introduce a risk-based approach to AI oversight.

The law takes a risk-based approach, focusing on high-risk areas like the government’s use of AI for biometric surveillance. It also casts a regulatory net over systems like ChatGPT, requiring transparency before launching it to market. This historic vote follows a political agreement in December 2023 and finalizes months of meticulous preparation of a text with a view to its legislative approval.

The agreement marks the end of negotiations, with the permanent representatives of all EU member states voting on February 2.

This crucial step sets the stage for the law to progress through the legislative process, involving a vote by a crucial European legislative committee scheduled for February 13, followed by an expected vote in the European Parliament in March or April.

The AI ​​Act’s approach centers around the principle that the riskier the application of AI, the greater the liability of developers. This principle is important in critical areas such as recruitment and admission to teaching.

Margrethe Vestager, Executive Vice-President of the European Commission for a Europe fit for the digital age, stressed that the focus is on high-risk cases to ensure that the development and deployment of AI technologies is align with EU values ​​and standards.

At the same time, implementation of the AI ​​Law is expected in 2026, with specific provisions coming into force earlier to facilitate a gradual integration of the new regulatory framework.

Beyond laying the regulatory groundwork, the European Commission proactively supports the EU AI ecosystem. This effort includes the creation of an AI office to monitor compliance with the law, focusing particularly on high-impact foundational models that pose systemic risks.

European AI law will be global law First of all a comprehensive AI law, aiming to regulate the use of artificial intelligence in the EU to ensure better conditions for its deployment, protect individuals and promote trust in AI systems.

The law is based on four different risk levels, providing a clear and easy-to-understand approach to regulating AI. It will be applied by national market surveillance authorities, with the support of a European AI office within the European Commission.

Stricter crypto regulations

The EU has proposed classifying cryptocurrencies as financial instruments and imposing stricter regulations on non-EU crypto companies. This new proposal will help combat unfair competition and standardize regulations for crypto entities operating within the EU.

The proposed measures include restrictions on non-EU crypto companies catering to the bloc’s customers, aligning with existing EU financial laws that require foreign companies to establish branches or subsidiaries within the bloc. EU.

Meanwhile, the European Securities and Markets Authority (ESMA) introduced a second set of guidelines to regulate non-EU based crypto companies, highlighting the crucial need for regulatory clarity and investor protection.

This EU move is part of a broader initiative to clarify regulation in the crypto space, protect investors and foster the growth of crypto services within the EU.

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