How Europe is leading the global race to regulate AI technology

ET takes a look at the key provisions of the EU AI Act.

By ETtech | Jun 19, 2023, 06.11 AM IST

One of the EU's main goals is to guard against any AI threats to health and safety, and protect fundamental rights and values

Last week, the European Union (EU) became the first jurisdiction to take the first definitive step towards regulating artificial intelligence.

On June 14, the European Parliament approved the rules proposed to the government for the fast-evolving technology. The rules called the EU Artificial Intelligence Act (AI Act) is likely to become a law in the next few months.

The legislation moots a strict penalty on service providers which can go up to 6% of its total worldwide annual turnover and lays out specific restrictions, safeguards along with clear obligations for service providers.

The regulation will focus on protection of health, safety and fundamental rights of citizens while ensuring cross-border movement of AI-based goods at the same time.