EU is always ahead when it comes to regulation. And they apply the regulation every time there is something that is in the market. Be it blockchain, coins, encryption and even the AI now. They formed the AI regulation and ethics committee before the AI could even mature, which is a bad sign for the growth.
This can be really bad considering how the regulation has made many talents go to another country to make use of them. USA has done this to many talents going to them and they tend to innovate in their land. EU on the other hand is more critical of the nature and the land in general.
So now that we are in the AI world the regulation has been something that they are working strongly towards and they seem to be thinking something to grow but within the regulation from the start. Which is kind of interesting to see.
What would be the impact of the regulation on the AI?
How is EU working on the AI regulation? It is currently limiting the offshore companies from offering the output and services on their land. And this way they think it would help them regulate. Which also limits the local innovation. And even worst case scenario is that they are asking the local bodies to adhere by the rules which would make it easier for the regulations to control them in context of the output.
My learning out of the same is that regulation is good but it has to be in the context. Like say if I am asking for something terrorism related, adult content, weapons and something, you'd find that it'd be risky and security issue with the content. And those things need to be regulated and controlled. This way you can keep things safe.
However if you make the business and the developers move away from the AI and give the citizens assurance on the workers. In such case the growth and the innovation is going to hurt. Which would be seriously affecting though we need AI and also have to find new ways for the jobs too.