The European Union (EU) has made several amendments to advance its regulatory framework for artificial intelligence (AI), as all member states voted to ratify the conclusive text of the EU’s AI Act.
Thierry Breton, the commissioner for the Internal Market of the European Union, has validated the “endorsement of the political agreement reached in December” 2023 by all 27 member states.
EU’s Artificial Intelligence Act is a risk-based strategy for regulating applications/software. However, the agreement encircles the government’s use of AI in biometric supervision, how to handle systems such as ChatGPT, and the transparency rules to be followed before entrance into the market.
An EU legislative committee is scheduled to vote on the AI Act on February 13; the European Parliament will then vote on the bill in March or April, bringing it closer to becoming law. It is anticipated to be implemented in 2026, with some aspects going into force sooner.
The European Commission is moving to create an AI Office to oversee adherence to the AI act. It also revealed plans to help regional AI developers, such as modernizing the EU supercomputer network to train generative AI models.
The artificial intelligence industry is anticipated to grow to a value of $305.90 Billion by 2024. By 2030, the market is projected to reach a volume of $738.80 Billion, growing at a 15.83% annual rate (CAGR 2024–2030).
Furthermore, the growing demand for generative AI solutions driven by copilots that speed up coding, new infrastructure products, and specialized assistants could generate around $280 Billion in additional software income.
Firms like Microsoft, Google, Nvidia, and Amazon WebServices may gain the most if more workloads are moved to public cloud computing.
Crypto Market Price Update
In the past 24 hours, Bitcoin, the pioneer of the crypto market, lost 0.19% of its trading price, and at the time of writing, it was trading at $42,976; however, in the weekly time frame, the price spiked 2.87%.
Ethereum, the most talked about token in the crypto market, is trading at $2,312, with an intraday decline of 19.53% in its trading volume. There are 8,843 crypto tokens/coins listed on CoinMarketCap.
The market capitalization of the entire crypto market grew over 2.50% in the weekly time frame. As of writing, it was $1.607 Trillion, and the market’s total trading volume is $81.29 Billion.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2024/02/03/european-union-signs-landmark-ai-act-amid-innovation-concerns/