While the EU AI Act saw majority support in the Parliament in June 2023, officials are now looking at more restrictive guidelines for larger operators like OpenAI and Meta
What Happened: European Union officials are looking at formulating an agreement for additional regulations on the largest Artificial Intelligence (AI) systems operators. Bloomberg reports that the European Commission, European Parliament, and the various EU member states are discussing the potential effects of large language models (LLMs) and the possible restrictions to be imposed on them under the upcoming AI act. The LLMs include Meta's Llama 2 and OpenAI's ChatGPT-4, Bloomberg reports.
The agreement is still in the preliminary stages and details are yet to be laid down. Also, the agreement is subject to change. Negotiators are looking to close the legislation by year-end and seal a deal at its upcoming meeting on Oct. 25, 2023.
Under the AI Act, the first of its kind by any Western government, companies developing and deploying AI systems would be required to perform risk assessments and label AI-generated content. Banned technologies will include biometric surveillance, social scoring systems, predictive policing, emotion recognition, and untargeted facial recognition systems, according to Cointelegraph.
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The initial proposition by the EU AI Act was on Apr. 21, 2023, which included a comprehensive set of rules for AI development in the EU. The measure was passed in Parliament during a June 14 vote which saw majority support with 499 votes for, 28 against, and 93 abstaining.
Why It Matters: The AI Act and new proposed regulations for LLMs are on the lines of the EU's Digital Services Act (DSA) which enables platforms and websites to have standards for protecting user data and scanning for illegal activities. Alphabet and Meta have already updated service practices to comply with the stringent controls under the new EU standards for larger operators.
In May 2023, the Markets in Crypto-Assets (MiCA) bill was enacted. Ripple's Managing Director for Europe and the U.K., Sendi Young, told CoinTelegraph that she expects MiCA to level the playing field for crypto businesses in Europe.
MiCA, the first-of-its-kind crypto regulation law, has created a uniform standard for crypto asset service providers and cryptocurrency asset issuers.
