The European Union is Getting Ready to Sign the First Major AI Law in the World

EU AI Act: A First Look at Europe’s AI Regulation (Image credit- Termly)

The European Union (EU) is on track to become the first region in the world to approve a significant artificial intelligence (AI) law. This goal is currently within reach. According to a report, Margrethe Vestager, who is in charge of the tech regulation in the European Union, claimed on Sunday, April 30, that the draught Artificial Intelligence Act might be finalized this year. The decision made by Vestager comes on the heels of a preliminary agreement that was reached on Thursday by members of the EU Parliament to vote on the plan on May 11th. Global regulators have been debating the best way to construct safeguards for artificial intelligence technology. The proposed AI Act in the EU will place restrictions on the application of AI technology while simultaneously lowering the risk of damage that could result from its improper usage. In addition to this, regulations would be drafted to ensure the users of AI technology have both their safety and privacy protected. [caption id="" align="aligncenter" width="770"] Image credit- Money control[/caption] When it comes to putting limitations on the application of emerging technologies, Italy was one of the first countries to do so. Citing the General Data Protection Regulation (GDPR) of the European Union, the Italian Data Protection Authority, also known as Garante, has issued an order to OpenAI to cease processing personal data with their ChatGPT model. This decision was issued in accordance with the GDPR. The authority that oversees the industry is also concerned that there is no system in place to prevent access to technology by children and teenagers. In case you've been living under a rock, recently, a song that was made by AI and imitated the vocals and styles of prominent singers like Drake and The Weeknd earned a lot of attention. Despite this, it was eventually removed from the major streaming services because there were worries that it infringed upon copyrights. This event has spurred conversations concerning the regulation of AI technology in connection to the copyright rules that are now in place. You may also be interested in reading: Elon Musk Discusses Contentious Topics Like 'Sustainable Energy' and 'Free Speech on Twitter' on Real Time with Bill Maher. [caption id="" align="aligncenter" width="650"] Image credit- The Economic Times[/caption] According to Margrethe Vestager, who is in charge of technology regulation for the European Union, it may be a few years before the legislation is enforced, but firms should start thinking about the ramifications of the new regulations now. The proposed rule in the EU is centered on high-risk use cases in an effort to strike a balance between AI innovation and safety. The necessity for artificial intelligence regulation has increased as a result of the rising popularity of generative AI applications such as OpenAI's ChatGPT and Midjourney. The increased availability of artificial intelligence technologies has raised politicians' concerns about the unrestrained growth of the field. Also read: New AI Regulation Could Bring Changes to ChatGPT and Other Language Models Recently, digital ministers from the advanced nations that make up the G7 came to the conclusion that AI should be regulated using a "risk-based" approach. This new discovery might be the beginning of the process that leads to global accords on the regulation of AI. Representatives from Ukraine, Indonesia, and India were also present at the G7 conference that took place this year. The German Minister of Transport, Volker Wissing, emphasized the significance of developing AI legislation in order to safeguard democracy from the threat posed by manipulative AI.