EU Tightens AI Rules: Fines Up to €35 Million

user avatar

by Giorgi Kostiuk

2 years ago

Starting today, the European Union enforces strict regulations on AI systems deemed high-risk. Companies violating these rules may face substantial fines.

Main Provisions of the AI Act

The AI Act, approved by the European Parliament last March, came into effect in August. Companies in the EU must comply with its requirements. Violators face fines of up to €35 million or 7% of global revenue, whichever is higher.

Prohibited AI Systems

The EU has banned AI systems that manipulate human behavior or exploit vulnerabilities, as well as those that assess people by behavior or appearance for predicting crimes. Biometric surveillance and emotion-detection in schools and workplaces are also forbidden.

Corporate Reactions

Over 100 tech companies, including Google and Amazon, signed a voluntary pledge to comply with EU rules, while Meta and Apple refused due to innovation concerns. The AI Act allows law enforcement to use biometric AI systems under specific conditions.

The EU's new rules pose a significant challenge for the AI industry, requiring adherence to strict standards of safety and ethics to protect users from the risks associated with artificial intelligence.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Lido Introduces New Community Staking Module for Ethereum Validators

Lido has launched a new Community Staking Module on October 23, allowing Ethereum validators to hold larger effective balances.

user avatarJacob Williams

Understanding Saffron's Vault System

Saffron's current product structure separates upfront payments from uncertain trading fees generated by Uniswap liquidity positions.

user avatarSon Min-ho

Bank Policy Institute Critiques Stablecoin Regulation

The Bank Policy Institute has renewed its criticism of the Office of the Comptroller of the Currency's final stablecoin rule, particularly regarding the treatment of third-party arrangements.

user avatarZainab Kamara

Kraken Introduces SFI Trading on October 23

On October 23, Kraken announced the addition of SFI trading, providing fresh access to a token associated with the Saffron protocol, which has undergone significant changes since its early DeFi days.

user avatarAyman Ben Youssef

Kraken Exchange Announces Withdrawal Phase for 13 Assets

Kraken has officially moved into the withdrawal phase for 13 assets, with trading and deposits set to stop on October 23, 2023. Customers are urged to withdraw their remaining tokens before the exchange begins liquidating balances.

user avatarTando Nkube

Cardano's Leios Scaling Plan Unveiled

Cardano has unveiled a detailed roadmap for its Leios scaling plan, targeting significant increases in transaction capacity with a staged approach for adjustments based on real-world performance.

user avatarKofi Adjeman

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.