A key committee of lawmakers in the European Parliament have approved a first-of-its-kind artificial intelligence regulation — making it closer to becoming law.

The approval marks a landmark development in the race among authorities to get a handle on AI, which is evolving with breakneck speed. The law, known as the European AI Act, is the first law for AI systems in the West. China has already developed draft rules designed to manage how companies develop generative AI products like ChatGPT.