Artificial Intelligence (AI) presents vast opportunities and critical challenges across various sectors, necessitating a comprehensive legal and regulatory framework. This chapter explores the intersection of AI technology and jurisprudence, addressing key questions such as: What is the role of AI in the legal landscape, and how does it impact the rule of law? How should we navigate the regulatory complexities associated with AI while balancing innovation, ethical concerns, and societal needs? The analysis begins by examining the applications of AI and its jurisprudential implications, highlighting the urgent need for clear regulations. The chapter then delves into the multifaceted challenges of regulating AI from economic, social, gender, ethical, and legal perspectives. A model policy and legislative framework is proposed to ensure AI operates within defined legal boundaries. Global regulatory efforts are also discussed, focusing on international and regional initiatives. A crucial part of the chapter is the in-depth analysis of the EU AI Act, exploring its scope, ethical considerations, structural framework, and the mechanisms for administering its provisions. The act is assessed regarding its potential to serve as a benchmark for global AI governance. The findings suggest that while AI regulation is still in its infancy, frameworks like the EU AI Act are pioneering the path forward by embedding ethical standards and fostering a trust-based, responsible AI ecosystem. Ultimately, this chapter underscores the need for robust global collaboration in AI regulation to balance technological advancement with protecting the rule of law, fundamental rights and societal values.