The European Union's Artificial Intelligence Act came into effect on August 1, after being published in the Official Journal of the EU on July 12. This legislation is a significant move towards regulating AI in the EU. Similar to the phased approach of the Markets in Crypto-Assets Regulation, the AI Act will be gradually implemented. The countdown for practical implementation starts on August 1, with key stages rolling out until 2026. Prohibitions on certain AI systems will begin in February 2025, followed by requirements for general-purpose AI models in August 2025. Rules for high-risk AI systems will be enforced by August 2026. The EU plans to establish national regulatory authorities in each member state to ensure compliance. Companies must adhere to risk management, data governance, and transparency standards. Noncompliance can lead to hefty fines. The AI Act complements the GDPR by focusing on safe and ethical AI deployment. Read more AI-generated news on: https://app.chaingpt.org/news

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