Apr 28, 2023

EU Votes to Regulate AI Use, Creates Risk Levels

The use of AI and machine learning (ML) in content creation has been on the rise, and with it, so too have the controversies around copyright infringement. In response, the European Union has taken action, voting on April 27 to pass a draft of a new bill designed to keep AI and the companies developing it in check.

The bill, which is part of the EU’s Artificial Intelligence Act, will classify AI tools according to their risk level, ranging from minimal and limited to unacceptable. High-risk tools will not be banned, but will be subject to stricter transparency procedures. Generative AI tools, such as ChatGPT and Midjourney, will be required to disclose any use of copyrighted materials in AI training.

Svenja Hahn, a deputy of the European Parliament, commented on the bill, calling it a middle ground between too much surveillance and over-regulation that will both protect citizens and foster innovation.

The same week, the European think tank Eurofi released the latest edition of its magazine, which included a section on AI and ML applications in finance in the EU. The five mini-essays discussed the upcoming legislation, with one author, Georgina Bulkeley, the director for EMEA financial services solutions at Google Cloud, commenting, “AI is too important not to regulate. And, it’s too important not to regulate well.”

The EU’s data watchdog has also recently voiced concern for the potential troubles AI companies in the United States will run into if they are not in line with GDPR.

The passing of the bill is a significant development for the web3 space, as it brings a new level of regulation to the use of AI in content creation. This will likely have a major impact on the financials of companies in the sector, as well as the promotion of NFTs and other crypto-assets.

NFTs and other crypto-assets are becoming increasingly popular, and with the passing of the bill, companies in the space will need to take extra steps to ensure they are compliant with the new regulations. This means businesses will need to find new ways to promote their NFTs and other crypto-assets, such as through NFT marketing agencies and web3 agencies.

Twitter NFT marketing is one of the most popular methods of promoting NFTs, and companies should consider working with a specialized NFT marketing agency to ensure their campaigns are in line with the new regulations.

The passing of the bill is a major step forward for the web3 space, and it will be interesting to see how companies in the sector respond to the new regulations. With the new regulations in place, companies should be able to sell NFTs and other crypto-assets with greater confidence.

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