As per a document from the G7, the industrial nations of the Group of Seven are set to agree on a code of conduct for companies developing advanced AI systems on Monday. This voluntary code of conduct will set a milestone for how major countries regulate AI, addressing concerns over privacy and security risks. The code encourages companies to take appropriate measures to identify, assess, and mitigate risks throughout the lifecycle of AI, and to address incidents and patterns of misuse after the launch of AI products. The EU has been at the forefront of regulating emerging technologies, while Japan, the United States, and Southeast Asian countries have adopted a more laissez-faire approach compared to the EU to promote economic growth.