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California Passes First AI Safety Legislation In US
The California State Assembly has passed SB 1047, officially known as the Safe and Secure Innovation for Frontier Artificial Intelligence Models Act.
The legislation introduces stringent new regulations for artificial intelligence (AI) development, and will make California a leader in AI legislation in the US if it is enacted into law.
The bill mandates comprehensive safety protocols, third-party audits and strict oversight by California's Attorney General, aiming to address AI-related threats such as cyberattacks and the creation of weapons of mass destruction
Developers must also ensure the ability to promptly shut down AI systems if necessary.
The bill now heads back to the Senate for a final vote, with Democratic Governor Gavin Newsom expected to make a decision on whether to enact or veto the legislation by September 30, 2024.
Latvia Woos Crypto Firms With MiCA Pre-Licensing Consultations
Latvijas Banka has invited companies interested in becoming licensed crypto-asset service providers in the Baltic state to participate in pre-licensing consultations.
This initiative comes in advance of the EU's Markets in Crypto-Assets Regulation (MiCA), which is set to take effect on December 30, 2024 and establish a unified legal framework for the crypto industry across the EU.
Starting in January 2025, Latvijas Banka will begin accepting applications and issuing licences under this new regime.
To facilitate a smooth licensing process, the central bank is offering free pre-licensing consultations.
During this period, experts will guide companies through the regulatory requirements and assist with initial compliance assessments.
These consultations aim to help businesses prepare high-quality applications, ensuring a swift licensing process.
Latvijas Banka has also released detailed guides on the authorisation process and the classification of crypto-assets under MiCA, and will host a webinar on the matter.
