The EU has rolled out its "First Draft General-Purpose AI Code of Practice," aiming to tame the wild west of AI by prioritizing transparency, risk management, and legal compliance. Crafted by a diverse group of nearly 1,000 stakeholders and independent experts, this guide seeks to balance innovation with societal safeguards. Tech firms and enthusiasts have until November 28, 2024, to chime in before the final draft takes shape in May 2025. SMEs and open-source AI providers get a friendly nod, ensuring the regulations aren’t one-size-fits-all.