Europe has set a benchmark for the whole world with a landmark artificial intelligence rule on Tuesday, May 21.
According to Reuters, the landmark AI rules for technology used for business and in daily life will enter into force next month.
The new AI Act will impose strict restrictions on the high-risk system, while the general-purpose AI models have lighter requirements.
It is also said that the EU's AI act is more comprehensive than the US, which has opted for a voluntary compliance approach, while China aims to control social stability and state control.
Patrick van Eecke at the law firm Cooley informed us that the new AI legislation will have an impact beyond the 27-country bloc.
Referring to EU privacy rules, he explained, "The Act will have global reach. Companies outside the EU that use EU customer data in their AI platforms will need to comply. Other countries and regions are likely to use the AI Act as a blueprint, just as they did with the GDPR.”
Laws for the general-purpose AI models will be applied after 12 months, whereas the rules for AI systems embedded into regulated products will become functional in 36 months.
Moreover, fines for ovulation range from 7.5 million euros to 35 million euros, depending upon the type of violence.
Belgian digitisation minister Mathieu Michel said in a statement, "This landmark law, the first of its kind in the world, addresses a global technological challenge that also creates opportunities for our societies and economies.”
Michel further added, "With the AI Act, Europe emphasises the importance of trust, transparency and accountability when dealing with new technologies while at the same time ensuring this fast-changing technology can flourish and boost European innovation.”
