AI, Healthcare and Cryptocurrency: Legal Trends to Watch in 2024

Legislative trends are ever-evolving, and we are seeing some exciting shifts in 2024. These trends are shaped by ongoing global events, technological advancements and shifts in diligence procedures. As a part of our responsibility towards the legal environment, aligning with the laws is the key to staying updated. The trends that we can look forward to are:

• Data Privacy and Protection: 

The General Data Protection Regulation (GDPR) framework has been expanded to such an extent that Data Privacy has become a primitive aspect for corporations adopting AI and integrated systems. In response, regions across Asia-Pacific and Latin America are implementing laws to protect user data and ensure corporate transparency. These laws are aimed at safeguarding citizens’ fundamental right to privacy, even in the digital world. 
New regulations have been introduced to regulate the usage of Artificial Intelligence, emphasizing transparency, accountability, and ethical use of AI systems. Businesses need to ensure their AI systems adhere to the existing AI and Data Protection Laws. Key features in GDPR adoption are Data Subject Rights, Consent Requirements, Data Breach Notifications, Accountability and Governance, Penalties and Enforcement. 

• ESG Reporting: 

ESG (Environmental, Social and Governance) monitoring has been phenomenal in corporations across the globe. ESG Disclosures mainly focus on factors like reporting on Carbon Emissions, Diversity and Inclusion efforts, and Board Governance practices. This trend looks for the commitment of businesses to adopt and implement Sustainability Standards, Ethical Business Practices, ESG compliances and changing regulations and business practices. 

Climate Risk Reporting helps in identifying how organisations assess and manage climate risks, enabling them to better enhance and adapt to frameworks like the Task Force on Climate-related Financial Disclosures (TCFD). This system tracks any inconsistencies in disclosures that the corporations fail to comply with the environment.  With the continuous monitoring of ESG standards and their compliance, corporations can proactively identify the risks associated with environmental impact, and undertake social responsibility, governance practices and make consistent contributions to sustainability standards.

• Labour and Employment Laws: 

Remote work has become the new normal. Temporary or Permanent remote work arrangements call for ensuring the protection of Employee Rights, Work Safety, Data Privacy and Security, Taxation, Social Security and Labor Rights. Some jurisdictions call for differentiation of employees based on entitlement benefits, independent contractual agreements etc. Considering these criteria the workers must get due protection of their rights.  Employment Contracts highlight the importance of employees working in an environment that is suitable and conducive to the employees’ growth and well-being. Laws have been specifically amended for Unionization, Collective Bargaining and representation in the workplace, and involvement in the decision-making process.

Modern Slavery Prevention is a top priority for different legal codes throughout the globe. Governments and Organizations are implementing various measures to combat forced labour and forms of slavery being practised across various channels of employment. The Slavery Act requires companies to annually report on the risks of modern slavery in their operations and the ways with which the risks associated with the same have been combated. It also encourages countries to adopt measures to eliminate forced labour. There is a push for stronger protections for Gig Economy workers, including benefits, minimum wage requirements, and collective bargaining rights.

• Taxation and Financial Regulations: 

The growing trend towards regulating cryptocurrencies and digital assets, includes requirements for transparency, Anti-Money Laundering (AML), and relevant digital asset disclosures. Uniform Commercial Code deals with the emerging digital technologies. In 2024, most countries are expected to adopt and enact amendments on a wide range of commercial transactions, including sales of goods, leases, negotiable instruments, bank deposits, letters of credit, bulk transfers, warehouse receipts, and secured transactions. Countries are also implementing digital services taxes targeting fair payment of taxes. 

• Health & Safety Regulations: 

The COVID-19 phase has led businesses to adopt strict health and safety measures that protect individuals and communities pre and post-pandemic. Emphasis on Workplace Safety during the pandemic has led to OSHA (Occupational Safety and Health Administration) issuing guidelines and Emergency Temporary Standards (ETS) for COVID-19 safety in the workplace.  Protocols that ensure the cleaning and disinfecting of public and private workplaces have been implemented.  Many businesses have encouraged their employees to implement remote work policies, taking into account the population at the workplace. COVID-19 preventive measures, vaccinations, and local regulations have been a necessary element of Public Health Education and Communication. 

If you are a Legal Enthusiast eager to deepen your general knowledge, then staying informed on legal trends is a must. Health and Safety regulations, in particular, are the need of the hour as they will shape future healthcare practices and regulations. We can also expect some new digital currency regulations to make a larger shift in international trade transactions. Sensitivity to global social shifts and innovations is a sign of a healthy and future-forward legal system. 

To summarize, change is evident, it always has been, making the amendments obviously acceptable. Whether it is crypto, health laws, employment codes, or sustainability reports, legal codes change, and they change our perspectives on how we look at the existing framework of legislation.