While other regions flex their regulatory muscles for artificial intelligence (AI), Japanese regulators are loosening their grip over the local ecosystem in a valiant effort to attract investment.
According to a report by Nikkei Asia, the Far East nation is seeking to lure leading AI companies to set up shop within its borders by adopting a “regulatory-light approach.” Japanese regulators will favor industry-led oversight rather than proceeding with hard laws that are enforceable in the courts.
The newly minted AI Strategy Council is expected to lead Japan’s AI quest to be the most AI-friendly nation in the world but faces stiff competition from other jurisdictions. Apart from attracting investment, the flexible approach to regulation is expected to attract a swathe of AI experts to Japan to support the growing ecosystem.
“Japan is not thinking of implementing strict regulation, and there will be as few regulations as possible,” said the Chairman of the LDP’s project team on AI Masaaki Taira. “We are asked that …