How should we go about establishing strong AI regulation?

This week, Alphabet CEO Sundar Pichai and IBM CEO Ginni Rometty called for AI to get its own regulation system. Alphabet CEO Pichai stated that it was "too important not to", going on to expand by explaining that sectors within AI technology, such as autonomous cars and healthtech, needed their own sets of rules. IBM CEO Rometty joined the discussion with the idea of'precision regulation', stating that it is not the technology itself, but how it is used that should be regulated, using facial recognition as an example of technology that can harm people's privacy as well as having its benefits, such as catching criminals. Asheesh Mehra, co-founder and CEO at AntWorks, explains why regulating AI is important. Without it, the technology won't take the world by storm These announcements have come in spite of recent setbacks in the sphere; just last week it was revealed that the European Commission were considering a five year ban on facial recognition, and Google's last attempt to assemble an AI ethics board lasted under two weeks due to controversy over who was appointed.