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Satya Nadella, CEO of Microsoft said "AI is going to make us work more productively, live longer, and have cleaner energy. And hopefully, it will understand sarcasm one day."

The evolving landscape of AI regulation in the EU, highlights the bloc's proactive stance in establishing comprehensive rules for AI deployment and usage. It underscores the EU's aim to ensure that AI technologies are developed and utilised in a manner that upholds safety, transparency, and respect for fundamental rights.

Recent Updates on EU AI Regulation:

The EU has made significant strides in AI regulation with the formal approval of the EU AI Act by the European Parliament on 13 March, 2024. This landmark legislation introduces a tiered system of regulatory requirements based on the level of risk associated with different AI applications. High-risk AI systems, such as those used in credit scoring, will be subject to stringent safeguards, while those deemed contrary to European values will be largely prohibited. The Act is expected to come into effect in spring 2024, with a transition period for compliance.

Recent Updates on UK AI Regulation:

The UK, on the other hand, is taking a more measured approach, seeking a "deeper understanding of the specific risks" before proposing new laws to regulate AI”.(per UK Government Minister Viscount Camrose. The government has signalled a step change for regulators to strengthen AI leadership, aiming for more agile AI regulation and backing regulators with the skills and tools they need to address the risks and opportunities of AI. Key regulators have been asked to publish their approach to managing AI technology by 30 April, 2024. The UK is set to co-host the world’s second AI safety summit in Seoul to discuss the regulation of the technology further. There is a AI Bill due for third hearing in the House of Lords, and it may progress to the House of Commons (the summer recess and general elections might impact this private members bill).

Both regions are actively shaping the future of AI governance, with a keen eye on innovation, safety, and ethical considerations.

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