The European Parliament passed the EU AI Law, a comprehensive legal framework for the management and oversight of artificial intelligence technologies. Exploding with the latest Nvidia news, artificial intelligence coins are back in action with the new EU law.
Artificial intelligence coins received the good news from the European Parliament
The European Union recently started the countdown for the landmark MiCA law for cryptocurrency regulation. The new artificial intelligence (AI) law was passed in Parliament in a vote on June 14. Now the next step of the bill will involve individual consultations with members of the European Parliament to refine the details.
The EU’s moderate stance towards cryptocurrencies opens a new door for crypto companies in distress, especially in the USA. Now this includes Blockchain projects that indirectly focus on artificial intelligence technology. The AI law proposed by the European Commission on April 21 proposes comprehensive guidelines for the development of artificial intelligence.
EU AI act: first regulation on artificial intelligence
The use of artificial intelligence in the EU will be regulated by the AI Act, the world’s first comprehensive AI law. Find out how it will protect you ⬇️https://t.co/CQqAi7S8lR pic.twitter.com/GzVfIne7tH— Europarl UK (@EPinUK) June 14, 2023
According to a press release from the European Parliament:
The rules aim to promote the adoption of human-centered and reliable artificial intelligence and protect health, safety, fundamental rights and democracy from its harmful effects.
New AI law may restrict certain AI services
Certain AI services and products will be banned after the law takes effect, while restrictions will be placed on others. Technologies that are completely banned include biometric surveillance, social scoring systems, predictive policing, so-called “emotion recognition”, as well as non-targeted facial recognition systems. However, generative AI models like OpenAI’s ChatGPT and Google’s Bard will be allowed to run, provided their output is explicitly labeled as AI-generated.
AI coins lose momentum after Nvidia news
As we reported as Kriptokoin.com, the AI coin market gained momentum in May, especially when the leading chip manufacturer Nvidia mentioned the increasing interest in this area in its financial report. Then, as investors lost interest, the AI sector lost 25% in volume in June. Meanwhile, the industry has lost 16.7% over the past seven days, compared to a 6.9% contraction in the broader crypto market, according to Lewis Harland, portfolio manager at Decentral Park Capital.
Following the emergence of the new AI law in the EU, the latest situation in the artificial intelligence coin market is as follows:
green board
- ARCONA (Arcona): 6.22%
- MOOV (Dotmoovs): 5.49%
- FLOOR (Cambria): 4.05%
- VR (Victoria VR): 3.32%
- MTC (DOC.COM): 3.31%
- EPK (EpiK Protocol): 2.46%
- DDD (Scry.info): 0.66%
- RAZE (Raze Network): 0.33%
- ALBT (AllianceBlock): 0.08%
- TRV (TrustVerse): 0.28%
red board
- FOAM (FOAM): 45.15%
- ABT (Arcblock): 15.05%
- GOC (GoCrypto Token): 28.77%
- MMAI (MetamonkeyAi): 21.20%
- LAMB (Lambda): 14.02%
- GNY (GNY): 21.88%
- INJ (Injective): 19.92%
- LIME (iMe Lab): 21.55%
- CGPT (ChainGPT): 31.76%
- IMGNAI (Image Generation AI): 18.59%
