This paper deals with Europe's Artificial Intelligence Act, the first regulation on the subject and is considered an international milestone. Therefore, the introduction provides a historical overview of legislative developments on Artificial Intelligence in Europe until the current milestone, namely the approval of the AI Act text, which is currently being amended and translated into its official publication. Afterwards, the regulation is dealt with in detail; its nuances are presented, along with the conceptualisation of artificial intelligence in the regulation and the classification of artificial intelligence systems, which is based on risks to users, together with the mechanisms created to make the regulation more efficient, specifically the Artificial Intelligence Office. Ultimately, considering the great innovation on the subject, this work presents different opinions regarding
the application of the regulation, its risk-based analysis and classification, expectations and views on the possible impacts of the act on the market, thereby seeking to expose society's receptiveness to the regulation created. Therefore, based on the discussion points, it can be concluded that the regulation, which will soon be in effect, brings different feelings to citizens and members of the European market, who are still insecure about the risk-based approach used, harbouring feelings of fear about the limitation
of innovation. However, at the same time, there is hope, given that regulation is necessary to guarantee safe innovation in line with the fundamental rights set out by the European Union. It can also be concluded that the approval and forthcoming publication of the act is a small step towards the challenges that will arise. It is certain that, regardless of the different opinions that exist, it is necessary to start implementing the act to analyse its effects on the market, society, politics, the economy and, above all, on innovations in artificial intelligence systems.
