The European Union's AI Act has become a topic of debate, with EU Competition Chief Margrethe Vestager defending the legislation against French President Emmanuel Macron's criticisms. Macron had previously argued that the new laws might disadvantage European tech companies in the AI race, fearing that they might lose viability and market share to larger U.S. rivals. Vestager, however, contends that the AI Act aims to create legal certainty for tech companies operating in the EU and could foster trust leading to greater investment in the technology.
Vestager emphasized the importance of avoiding regulatory overreach to ensure that innovation and research thrive. This sentiment resonates with the broader approach of EU regulations towards the crypto market. The Markets-in-Crypto-Assets (MiCA) regulations, which exchanges must comply with, are seen as a step towards creating a trusted and legally certain environment for crypto businesses. Even firms like Coinbase have taken steps to align with these regulations, choosing Ireland as their European hub to ensure compliance.
Former Bank of England Economist Alan Beattie believes the AI Act will be challenging to implement but sees it as a positive step. The Act is designed to methodically legislate the use of AI's power for good, marking the EU's pioneering efforts in this area.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
