EARLIER this week, the European Union (EU) passed the world’s first Artificial Intelligence or A.I. Act with an overwhelming majority of 499 votes in favor of establishing a regulatory framework that sets global standards for the ethical and safe use of AI.
At the same time, 28 voted against the said legislation and 93 abstained.
The Act aims to ensure the safety of AI systems, respect fundamental rights, promote innovation, and prevent market fragmentation.
Also, the regulations enforce higher privacy standards, stricter transparency laws, and significant fines for non-compliance, potentially reaching billions of dollars for tech giants like Google and Microsoft.
The EU aims to establish itself as a leader in AI governance, as the United States and China continue their competition for dominance.
The final approval of the AI Act is expected by the end of the year, signaling the EU’s commitment to effectively regulate rapidly advancing AI technologies.
Meanwhile, countries like India are closely observing the EU’s progress and considering their own AI legislation.
