What landmark AI regulation became EU law in May 2024, setting global standards?

The landmark regulation was the European Union Artificial Intelligence Act (EU AI Act). The EU Council gave it final approval on May 21, 2024, completing its adoption as EU law. It entered into force on August 1, 2024.

The Act takes a risk-based approach: rules depend on how an AI system is used and the harm it could cause. It bans certain unacceptable-risk uses, sets requirements for high-risk systems, and introduces transparency duties for some AI-generated content and general-purpose AI models. Its reach beyond Europe has led many to see it as a potential influence on AI rules worldwide.