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This article discusses the need for AI regulation in light of the recent launch of Open AI’s ChatGPT, a chatbot developed from its foundational large language models. It examines the arguments for and against regulating AI development, and looks at the British government’s approach to AI regulation. It also looks at the Asilomar AI Principles, which advocate for research into the question of how legal systems can keep up with AI developments, and that of the ethical values that should be used to underpin the development of AI.