EU Leads Global AI Regulation as Tech Giants Navigate New Landscape

The European Parliament has approved the world's first comprehensive framework for regulating Artificial Intelligence (AI) risks. The AI Act categorizes products based on their potential societal harm, imposing stricter regulations on high-risk systems like those used in critical infrastructure and healthcare, while lighter regulations will apply to low-risk services such as spam filters.

The EU is also tightening its grip on digital services with the Digital Services Act (DSA), which imposes stringent requirements on very large online platforms (VLOPs) for content moderation and consumer protection. Pornhub has contested its classification as a VLOP, arguing its monthly European user base falls below the required threshold, and criticizes the DSA's requirements, including a publicly accessible database of advertisements, as overly burdensome.

In Singapore, OKX has received preliminary approval from the Monetary Authority of Singapore to offer digital asset services, signaling Singapore's open but cautious embrace of digital finance.

Apple's recent adjustments allowing other companies to launch app stores on iPhones, spurred by EU regulatory pressures concerning market monopoly, have sparked criticism. Detractors accuse the company of stifling competition and maintaining a tight grip on the iPhone ecosystem despite regulatory intentions to foster a more competitive environment.

These developments across different segments of the digital and technological landscapes reveal a common thread: the increasing role of regulation in shaping the futures of digital services, AI, and technology at large. Regulatory bodies are actively working to balance technological advancement with societal protection and market fairness.