​ Artificial Intelligence (AI) is developing at an accelerated pace in many areas of daily life. Despite the advantages of AI applications in different sectors, its activities pose many challenges to public policy makers. The ethical, legal, and regulatory determinants needed to reduce AI negative or unexpected effects on human lives call for new regulatory interventions. In this context, the paper addresses a pivotal question: What is the appropriate approach to regulate AI in a way that achieves the public interest and reduces the ethical and societal risks? In answering this question, the paper differentiates between regulatory approaches and rejects the idea of AI self-regulation. To protect the public interest, there is a need for governments’ intervention by setting relevant regulatory policies. Such an intervention would balance the benefits of AI applications with the potential risks of developing them in isolation from government supervision.