See More

Why UK PM Does Not Want to Rush AI Regulations

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • UK Prime Minister, Rishi Sunak, expresses concern over rushing AI regulations, emphasizing a need for understanding the technology.
  • Sunak warns that fast-evolving AI technology could potentially facilitate cyber attacks, spread disinformation, and even lose human control.
  • As the UK prepares for a global AI summit, it is also making progress with crypto regulations, including provisions for seizing illicit assets.
  • promo

The Prime Minister of the UK, Rishi Sunak, has stated that he does not want to rush to regulate artificial intelligence (AI) as the country prepares to host a global AI summit next week.

AI and crypto are the latest challenges for regulators worldwide. As the technology is relatively new, lawmakers must figure out the most effective way to regulate them.

Humanity Could Lose Control of AI, Says UK PM Rishi Sunak

Sunak spoke at the Royal Society in London, highlighting the need to not rush about the AI regulations. According to the Financial Times, he is concerned about writing the laws for AI without fully understanding the technology.

He warned:

“The fast-evolving technology could make it easier to build chemical and biological weapons, perpetrate cyber attacks, spread disinformation, and commit child sexual abuse. In the most extreme cases, humanity could lose control of AI completely.”

Read more: Will AI Replace Humans?

Meanwhile, Sunak issued a gentle caution about hastily implementing AI regulation, yet he simultaneously reassured the populace, promising that the nation’s measures would prioritize their safety. On the brighter side, a survey revealed that half of the participants in the UK are using generative AI to enhance their work-life balance.

The UK will host a global AI summit next week at Bletchley Park. The US Vice-President Kamala Harris is one of the confirmed speakers at the event.

UK Crypto Bill Passed by Parliament

While the UK is working on AI regulation, it has also been making progress with the crypto regulations.

Read more: The 6 Hottest Artificial Intelligence (AI) Jobs in 2023

The UK parliamentary bills website shows that the “Royal Assent” of the Economic Crime and Corporate Transparency Act 2023 is scheduled for Thursday. In the UK, after Parliament passes the bill, it needs approval from the monarch.

Royal Assent, Economic Crime and Corporate Transparency Act 2023
Economic Crime and Corporate Transparency Act 2023 at the Royal Assent stage. Source: UK Parliament website

Amid various provisions in the bill, one of the provisions allows the authorities to seize illicit crypto assets without conviction. This is one of the steps taken by the UK government to tackle crypto crimes. Earlier this year, BeInCrypto reported that the UK National Crime Agency launched a specialized crypto cell to deal with crypto crimes.

Do you have anything to say about the UK AI regulation, crypto regulation, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto platforms in the US | February 2024



All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.