The European Union lawmakers finalized approval for the artificial intelligence law on Wednesday, paving the way for the world-leading regulations to come into effect later this year. Following five years since the initial proposal, the European Parliament overwhelmingly voted in favor of the Artificial Intelligence Act. This legislation is anticipated to serve as a global model for other governments navigating the complexities of regulating rapidly advancing AI technology. Dragos Tudorache, a Romanian lawmaker and co-leader of the Parliament negotiations on the draft law, emphasized that the AI Act directs AI development towards a human-centric approach, ensuring human control over technology and fostering its role in driving new discoveries, economic growth, societal advancement, and unlocking human potential.
Major technology firms have largely backed the necessity of AI regulation while simultaneously lobbying to shape regulations in their favor. Last year, OpenAI CEO Sam Altman attracted attention by suggesting that the maker of ChatGPT might withdraw from Europe if it couldn't adhere to the AI Act. However, he later clarified that there were no immediate plans for such action.