1 August 2024 marks a historic milestone for the European Union as the world’s first legislation to regulate artificial intelligence (AI) comes into force. This pioneering regulation is designed to ensure that AI developed and used in the EU is trustworthy and respects citizens’ fundamental rights.
AI in Europe: a new era of regulation begins!
AI legislation takes a risk-based approach. This means that the higher the risk of harm to society, the stricter the rules. AI systems pose an unacceptable risk! Those used for behavioural manipulation or social scoring will be banned. On the other hand, low-risk systems that promote privacy and security will be subject to minimal obligations.
Margrethe Vestager, Executive Vice-President for a Europe Fit for the Digital Age, said: “AI has the potential to transform the way we live and work, bringing enormous benefits for citizens, our society and the European economy.” This legislation aims to create a harmonised internal market for artificial intelligence! Encouraging the adoption of this technology while protecting citizens’ rights.
Thierry Breton, Commissioner for the Internal Market, added: “Today marks a major step in Europe's leadership in trustworthy AI.” Artificial Intelligence Legislation is designed to combat risks. All while serving as a springboard for young European companies in the field of AI.
A European office for the control of artificial intelligence
Member States have until 2 August 2025 to designate national competent authorities that will oversee the application of the rules on AI systems. The Commission's AI Office will be the main body implementing this legislation in Europe.
The entry into force of this legislation marks a turning point for AI and places Europe at the forefront of regulation. It establishes a strong and balanced regulatory framework, aimed at promoting innovation while ensuring security and transparency. These AI innovations combined with crypto could disrupt the global economy.
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