The EU AI Act establishes the world's first comprehensive AI regulatory framework, taking effect August 1, 2024, with a risk-based classification system requiring different compliance levels for AI applications. The regulation bans AI systems posing unacceptable risks while implementing transparency requirements for general-purpose AI systems within 12 months and high-risk system compliance within 36 months. This landmark legislation sets global precedent for AI governance, potentially influencing international regulatory approaches as it prioritizes safety, transparency, and human oversight over purely innovation-focused policies.