The Council has given its final approval to the groundbreaking Artificial Intelligence Act, marking a significant step towards worldwide regulation of AI. This pioneering legislation adopts a 'risk-based' approach, imposing stricter regulations on AI systems with higher potential to cause societal harm. Designed to establish a global standard for AI governance, the law aims to promote the development and adoption of safe and reliable AI systems across the EU. While prioritizing the respect of fundamental rights of EU citizens, it also seeks to stimulate investment and innovation in AI within Europe. The Act covers a range of provisions including the classification of AI systems based on risk levels, governance structures for enforcement, penalties for non-compliance, and measures to ensure transparency and protection of fundamental rights. The legislation will come into force two years after its publication in the EU's Official Journal, representing a milestone in the EU's efforts to balance technological advancement with ethical considerations.

Read the full erticle here.