EU Member States Unite to Approve Historic AI Act

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The European Union has taken a monumental step forward in its quest to regulate Artificial Intelligence (AI) by garnering unanimous support from all 27 member states for the final text of the EU’s AI Act.

This landmark decision, hailed by Thierry Breton, the Commissioner for Internal Market of the EU, as a historic achievement and a global first, signifies a unified approach towards shaping the future of AI regulation in the region. The signing of the act was posted by the Belgian Presidency of the Council of the EU 2024 on the social networking site X.

AI Act Mitigates Risk Concerns

At the heart of the AI Act lies a risk-based regulatory framework designed to address various applications of AI. These include governmental employment of AI in biometric surveillance, regulating AI systems like ChatGPT, and more.

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The Act underscores the importance of assessing and mitigating risks associated with different AI technologies. Moreover, transparency requirements prior to market entry aim to enhance accountability and ensure the responsible deployment of AI systems.

Last year, the world’s first AI Cat-Led Ethereum Token and NFT collection, CatGPT was launched. And, just last month, a former executive at Meta David Marcus had stated he sees an exciting future in which artificial intelligence and digital currency merge in a way that is revolutionary.

Addressing Artificial Intelligence Concerns 

The proliferation of Deepfakes, fueled by AI algorithms, has raised significant concerns about the manipulation of digital content and its impact on public discourse. The Executive Vice President of the European Commission for A Europe Fit for the Digital Age, Margrethe Vestager emphasized the pivotal role of the AI Act in addressing such concerns.

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According to her, the act developers will bear responsibility.  Vestager said, “The riskier the AI, the greater the liabilities for developers. For example, if used to sort applicants for a job or be admitted to an education program. That’s why the #AI Act focuses on the high-risk cases.”

Therefore, the Act introduces principles that hold developers accountable, particularly in high-risk scenarios like AI-powered applicant screening in recruitment processes.

AI Regulation: Legislative Process and Implementation

With the political agreement secured, the AI Act is set to undergo further legislative processes. A crucial EU lawmaker committee is scheduled to vote on the Act on Feb. 13, followed by a European Parliament vote in March or April.

Anticipated to be implemented in 2026, the Act aims to establish specific provisions earlier to ensure a smooth transition towards comprehensive AI regulation.

Additionally, the establishment of an AI Office by the European Commission and measures to support local AI developers indicates the EU’s commitment to fostering innovation. The act it is hoped will help safeguard everyone against potential risks posed by AI technologies even as notable personalities like Vitalik Buterin had expressed concerns about the potential capabilities of AI becoming the apex species in the future.

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