World's First AI Law Enters into Force on August 1, 2024, Impacting Tech Giants

Aug 1, 2024, 11:10 AM

The European Union's Artificial Intelligence Act, the world's first comprehensive AI-focused legislation, officially comes into force on August 1, 2024. This landmark law aims to oversee the creation and management of safe AI, balancing innovation with trust. It introduces a risk-based approach to regulating AI applications, with provisions becoming enforceable in stages, starting February 2025 and fully by mid-2026. The Act, proposed four years ago, is expected to have significant implications for businesses, particularly U.S. tech giants like Microsoft and Google, which will face increased scrutiny and potential fines for non-compliance. The legislation also aims to support European SMEs and startups in bringing cutting-edge AI solutions to market, while protecting citizens' rights and ensuring national security.