The European Union (EU) has made a historic stride in the realm of technology regulation. The bloc’s trailblazing Artificial Intelligence (AI) law has received final approval from lawmakers, setting the stage for it to take effect later this year.

The AI Act, a world-leading set of rules for the rapidly advancing technology, was overwhelmingly endorsed by lawmakers in the European Parliament. This comes five years after the regulations were first proposed. The Act is anticipated to serve as a global beacon for other governments wrestling with the challenge of regulating this fast-evolving technology.

“The AI Act has nudged the future of AI in a human-centric direction, where humans are in control of the technology and where it — the technology — helps us leverage new discoveries, economic growth, societal progress and unlock human potential,” said Dragos Tudorache, a Romanian lawmaker who was a co-leader of the Parliament negotiations on the draft law.

Tech giants have generally expressed support for the need to regulate AI, while lobbying to ensure any rules work in their favor. OpenAI CEO Sam Altman previously suggested that the ChatGPT maker could withdraw from Europe if it couldn’t comply with the AI Act. However, he later clarified that there were no plans to leave.

This legislation marks a significant milestone in the journey towards a more regulated digital world. It underscores the EU’s commitment to ensuring that AI technology is developed and used in a manner that is beneficial to society.