EU AI Act Decoded: What Crypto Businesses Need to Know!

Avroytech is finally back this year, this time with a presentation diving into the EU AI Act’s potential impact on the crypto landscape. 📊

🔑 Key Highlights:

1️⃣ Comprehensive Scope: The EU AI Act's impact is not limited to specific industries & covers a wide range of sectors, incl. finance and crypto.

2️⃣ High-Risk AI Systems: Crypto businesses (e.g. exchanges & third party providers) that develop or integrate AI-powered trading bots and/or KYC services (e.g. with facial recognition) could potentially fall in-scope, and be subject to strict regulatory requirements.

3️⃣ Compliance Roadmap: Overview of requirements for high-risk AI applications (e.g. risk assessment, data governance, human oversight, transparency & user information, record-keeping, incident reporting etc). 

🌐 Final thoughts: As expected, the EU AI Act will present quite a few challenges for crypto businesses, but they also offer opportunities for innovation and establishing AI best practices!