The European Union Artificial Intelligence Act (the Act) took effect on August 1, starting a 24-month countdown until full enforcement begins for most of the regulations. The Act is one of the first binding, comprehensive AI legislations, and its impact will be felt far beyond Europe. Multinational businesses running any AI workloads in the EU will need to comply. Also, the Act will likely serve as inspiration for future AI regulations in other jurisdictions, just as the GDPR did for data privacy. While there could be greater fragmentation in the global AI regulatory framework as countries try to move AI…

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