The European Parliament has passed the AI Act, the first major AI regulatory framework to become law. It is being seen by experts as potentially setting an international benchmark akin to the impact of GDPR on data privacy standards back in 2018. The framework aims to ensure transparent development and utilisation of AI within the EU, establishing guidelines for AI systems deemed high-risk. In response to concerns from the tech industry about potential restrictions on innovations like ChatGPT, the legislation adopts a risk-based, tiered regulatory strategy rather than a broad, one-size-fits-all approach. It also specifies varying compliance timelines based on the perceived risk level of AI applications. The legislation categorises AI according to its risk level, delineating prohibited uses, essential [...]