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Latest cryptocurrency news > Cryptocurrency > Artificial Intelligence Regulation: The European Union’s Progressive Steps
Cryptocurrency

Artificial Intelligence Regulation: The European Union’s Progressive Steps

BH NEWS
Last updated: 1 January 2024 18:50
BH NEWS 2 years ago
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In the past year, as artificial intelligence (AI) became more integral to daily use, the legal landscape surrounding technology began to evolve. From the shaping of global regulations and laws to numerous lawsuits filed over copyright and data breach claims, AI was on everyone’s radar. The process of legal adaptation continues to unfold.

In 2023, the European Union (EU) made significant progress in legislating the deployment and development of high-level AI models. The “EU Artificial Intelligence Act” was proposed in April and adopted by the Parliament in June. On December 8, the European Parliament and Council negotiators announced a provisional agreement on the proposal.

Once fully in force, the legislation will regulate government use of AI in biometric surveillance, oversee large AI systems like ChatGPT, and establish transparency rules for developers before entering the market. However, the proposal has already received significant criticism from the technology sector.

Lothar Determann, a partner at Baker McKenzie and author of Determann’s Field Guide to Artificial Intelligence Law, mentioned developers’ pushback and delays, suggesting that a delayed timeline for the AI Act’s implementation wouldn’t be surprising.

Despite reaching an agreement in early December, the final text of the proposal has not yet been published. Important member state politicians, including the President of France, have expressed concerns about the current draft, reminiscent of the EU’s delayed e-privacy regulation announced in 2016 but still unresolved years later.

Laura De Boel, a partner at the law firm Wilson Sonsini Goodrich & Rosati’s Brussels office, noted that the December development was a political agreement, with official adoption expected in early 2024. Rules on prohibited AI systems will apply after six months, AI-related rules after 12 months, and other requirements of the AI law, except for obligations for high-risk systems defined in Annex II, will apply after 24 months.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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