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South Korea Joins EU in Establishing Comprehensive AI Legislation

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James Morales
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Key Takeaways
  • South Korea’s National Assembly has passed the “Basic Act on the Development of Artificial Intelligence and the Establishment of Trust.”
  • The new legislation combines 19 separate proposals from different political parties.
  • Like the EU’s AI Act, South Korea’s AI regulation imposes stricter requirements on high-impact AI systems.

In the final days of 2024, South Korea’s National Assembly has passed the “ Basic Act on the Development of Artificial Intelligence and the Establishment of Trust” (the AI ​​Basic Act).

The new law  makes South Korea the second jurisdiction after the European Union to establish a comprehensive regulatory framework for AI that could set the tone for other countries to follow suit.

The AI ​​Basic Act

The AI ​​Basic Act consolidates 19 separate AI-related proposals from different political factors into a unified framework, aiming to foster AI innovation while addressing ethical, safety and societal concerns.

Key provisions of the Act include transparency requirements, the establishment of ethical guidelines for the use and development of AI and a classification framework to identify high-impact AI systems.

To ensure adherence to the new rules, businesses that fail to comply may face fines of up to 30 million KRW (approximately $20,500).

Similarities With EU AI Act

South Korea’s AI Basic Act mirrors key themes found in the EU AI Act.

Emphasizing a risk-based approach to AI regulation, both frameworks classify AI systems based on their potential impact on human rights and safety, imposing stricter requirements on high-risk or high-impact AI applications.

Additionally, both Acts stress the importance of transparency, ethical guidelines and the establishment of oversight bodies to ensure responsible AI development.

An Emerging Global Consensus

After years of debating the best way to regulate AI, recent legislation passed in the EU and South Korea suggests an emerging international consensus on the best way forward.

While some industry insiders have argued that overregulating could spur innovation, policymakers around the world increasingly recognize the need for dedicated new legislation to govern the technology.

Other jurisdictions, including the U.K. and Japan, are also actively discussing AI legislation, with potential new laws anticipated in 2025. These developments reflect a growing emphasis on robust regulatory frameworks that balance AI innovation with ethical considerations and public safety.

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James Morales

Although his background is in crypto and FinTech news, these days, James likes to roam across CCN’s editorial breadth, focusing mostly on digital technology. Having always been fascinated by the latest innovations, he uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
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