<p><strong>August 1, 2024, marks a historic milestone for the European Union with the entry into force of the world’s first legislation to regulate artificial intelligence (AI). This pioneering regulation has been designed to ensure that AI developed and used within the EU is trustworthy and respects the fundamental rights of citizens.</strong></p> 
<h2 id="h-ai-in-europe-a-new-era-of-regulation-begins">AI in Europe: A new era of regulation begins!</h2> 
<p>The AI legislation adopts a risk-based approach. This means the higher the risk of harm to society, the stricter the rules. AI systems that present an unacceptable risk, such as those used for behavioral manipulation or social scoring, will be banned. However, low-risk systems that promote <a href="https://www.cointribune.com/en/crypto-ai-and-privacy-at-the-core-of-ethernity-cloud/" target="_blank" rel="noreferrer noopener">privacy and security</a> will be subject to minimal obligations.</p>
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<p>Margrethe Vestager, Executive Vice-President for a Europe fit for the Digital Age, stated: “AI has the potential to transform our way of life and work, bringing enormous benefits for citizens, our society, and the European economy.” This legislation aims to create a harmonized internal market for artificial intelligence, encouraging the adoption of this technology while protecting citizens’ rights.</p> 
<p>Thierry Breton, Commissioner for Internal Market, added: “<em>Today marks a major milestone in Europe’s leadership for trustworthy AI.</em>” <a href="https://france.representation.ec.europa.eu/informations/entree-en-vigueur-de-la-legislation-europeenne-sur-lintelligence-artificielle-2024-08-01_fr" target="_blank" rel="noreferrer noopener">The AI legislation</a> is designed to tackle risks while serving as a springboard for young European companies in the AI field.</p> 
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<h2 id="h-a-european-ai-control-office">A European AI Control Office</h2> 
<p>Member States have until August 2, 2025, to designate competent national authorities to oversee the application of the rules related to AI systems. The AI Office of the Commission will be the main body responsible for implementing this legislation in Europe.</p> 
<p>The entry into force of this legislation marks a decisive turning point for AI and places Europe at the forefront of regulation. It establishes a solid and balanced regulatory framework aimed at promoting innovation while ensuring safety and transparency. These artificial intelligence innovations combined with crypto could <a href="https://www.cointribune.com/en/ai-and-crypto-20-trillion-at-stake-by-2030/" target="_blank" rel="noreferrer noopener">disrupt the global economy</a>.</p>

The EU Takes the Reins of AI with Historic Legislation!

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