Crypto Asset Law passed by Turkish Parliament

The regulation referred to as the “Crypto Asset Law”, which aims to regulate trading of crypto assets on internet platforms, was passed by the Turkish Parliament. It stipulates that crypto asset service providers (e.g. Binance) must obtain permission from the Turkish Capital Markets Board to be established and operate.

AI Act approved

The Council of Europe (“Council”) has approved the EU Artificial Intelligence Act (“AI Act”) which will enter into force 20 days after its publication in the official journal. The AI Act will apply two years after its entry into force (with some exceptions for certain provisions).

First international AI convention adopted

The Council has adopted the first international convention on rules governing the use of AI systems by public authorities and private companies acting on behalf of public authorities. The convention requires an AI model to respect human rights, the rule of law and democracy. It also requires each party to the agreement to establish an independent mechanism to oversee compliance with the agreement and raise awareness of AI. The convention will be opened for signing on 5 September 2024 at the Conference of Ministers of Justice in Vilnius.

OECD’s AI Principles revised

The Organization for Economic Co-operation and Development (“OECD”) announced revisions to its Principles on AI. Accordingly, revisions have been made to address the emergence of general-purpose and generative AI and challenges related to privacy, intellectual property, security and information integrity.

Secure AI Bill proposed to Congress

The Secure AI Act of 2024 has been introduced to the US Congress by US Senators. The bill specifically aims to improve the monitoring and processing of safety and security incidents and risks associated with AI.