The EU AI Act, the groundbreaking set of regulations for artificial intelligence, has received approval from the European Parliament, marking a significant milestone in the path towards formal regulation of AI in the Western world.

The field of AI has become a major battleground in the global technology industry, with companies vying for leadership in its development, particularly in generative AI, which can generate new content based on user prompts.

These regulations represent the first comprehensive set of rules governing AI, CNBC has reported.

The capabilities of generative AI, from creating music lyrics to generating code, have captivated academics, business professionals, and even students.

However, concerns have arisen regarding potential job displacement, misinformation, and bias associated with this technology.

During a crucial vote on Wednesday, the European Parliament overwhelmingly supported the adoption of the AI Act, with 499 votes in favor, 28 against, and 93 abstentions.

While the regulation is still on its journey to becoming law, it is expected to be among the first formal regulations for AI on a global scale.

Members of the European Parliament have agreed to impose stricter regulations on generative AI tools, including those like ChatGPT.

Developers of generative AI systems will be required to undergo a review process before releasing their products commercially.

Additionally, the Parliament has maintained its stance on banning real-time biometric identification systems and controversial “social scoring” systems, ensuring these practices remain prohibited.

Written by staff