Following the launch of ChatGPT in November 2022, the topic of artificial intelligence has become a global agenda. This rapidly developing field also greatly interests cryptocurrency investors. While the European Union has not yet fully implemented comprehensive rules on crypto, it is now striving to take action on artificial intelligence.
European AI Office
The European AI Office will be the main oversight, review, and research unit on AI across the EU. With the adoption of AI, we will see an office working on regulation, compliance, safety, robotics, and societal benefits. Recently, an EU institution stated that the complexity of AI cannot be an excuse for non-compliance with rules. This is where the AI Office plays a crucial role.
According to Eurostat, the European Union’s statistical office, only 8% of European companies with more than ten employees leveraged the power of AI last year, especially in Denmark, Finland, and Luxembourg. Here, the AI Office also has a role in discovering benefits and adopting AI to increase efficiency.
AI and Europe
MiCA was a comprehensive effort that many states used as a guide for cryptocurrencies, despite its shortcomings. Now, we will likely see the EU leading other regions in both the adoption and regulation of AI. European Commission Vice President Margrethe Vestager said the following about the recent development:
“The office will evaluate general-purpose AI together with developers and the scientific community. It will test this to ensure AI serves humanity and protects our European values.”
The AI Act, adopted in December, is the world’s first comprehensive law on AI. The law will come into effect after June. This office was also initiated in connection with the law. Lucilla Sioli, currently serving as the Director of AI and Digital Industry within the European Commission, will lead the AI Office.
The office will have a total of 140 employees, and less than half have been selected by the European Commission so far. The identification and selection of the remaining 80 personnel are ongoing.
