The EU's Artificial Intelligence (AI) Act, published in July 2024, establishes a landmark legal framework, the first of its kind in scope, for the regulation of AI. It applies not only to companies within the EU but also to any entity providing AI systems or services within the Union.
The core purpose of the legislation, the first attempt at a holistic legal framework to manage the industry, is to promote the ethical and responsible development and deployment of AI, seeking to mitigate potential risks while still encouraging technological advancement. The Act's implications are far-reaching, influencing AI development and usage both within and outside of Europe.
Source: PWC