While the EU AI Act saw majority support in the Parliament in June 2023, officials are now looking at more restrictive guidelines for larger operators like OpenAI and Meta. This is like the tighter regulations set under the DSA Act for the largest players.

The agreement is still in the preliminary stages and details are yet to be laid down. Also, the agreement is subject to change. Negotiators are looking to close the legislation by year-end and seal a deal at its upcoming meeting on Oct. 25, 2023.

Read More: EU's AI Act Includes A Category For Unacceptable Risk Applications

The initial proposition by the EU AI Act was on Apr. 21, 2023, which included a comprehensive set of rules for AI development in the EU. The measure was passed in Parliament during a June 14 vote which saw majority support with 499 votes for, 28 against, and 93 abstaining.

Why It Matters: The AI Act and new proposed regulations for LLMs are on the lines of the EU’s Digital Services Act (DSA) which enables platforms and websites to have standards for protecting user data and scanning for illegal activities. Alphabet and Meta have already updated service practices to comply with the stringent controls under the new EU standards for larger operators.

In May 2023, the Markets in Crypto-Assets (MiCA) bill was enacted. Ripple's Managing Director for Europe and the U.K., Sendi Young, told CoinTelegraph that she expects MiCA to level the playing field for crypto businesses in Europe.

MiCA, the first-of-its-kind crypto regulation law, has created a uniform standard for crypto asset service providers and cryptocurrency asset issuers.

Now Read: Is Crypto Really Ready For MiCA?

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