EU AI REGULATION: A STEP FORWARD OR AN ATTEMPT TO HALT PROGRESS?

Abstract

On March 13, 2024, the European Parliament approved the draft “Regulation of the European Parliament and of the Council laying down harmonized rules on artificial intelligence”, and on May 21 of the same year, the Council of the European Union endorsed the said act as well. As a result, the regulation will enter into force in July 2024. It will become the world’s first legislative act to regulate all types of artificial intelligence available in the private sector. Artificial intelligence remains one of the most important challenges of the modern world. Technologies related to it are developing at a high speed, affecting all industries and individuals. As a result, it is necessary to regulate the field as effectively as possible; however, before the aforementioned regulation, there was practically no legal framework, which especially increased its importance. It is necessary to conduct an effective analysis of the given regulation to develop an even more effective regulatory framework in the future.