As General Purpose AI (GPAI) models reshape industries, robust governance frameworks be-come critical. This interactive workshop will touch upon the development of the Code of Prac-tice (CoP) for GPAI, examining its role in fostering ethical innovation while addressing compli-ance challenges. Participants will engage in discussions on balancing accountability with flexibility as well as the value of traditional codes of conduct, and alternative compliance pathways under the AI Act’s Recital 117. Through case studies and group activities, at-tendees will identify ways to mitigate barriers for SMEs, ensuring transparency, and enhance transparency, and develop practical self-regulation strategies. Key subjects to be addressed: Challenges startups and SMEs face in CoP adherence and potential solutions. How traditional codes of conduct can address CoP limitations and create market value under Recital 117. Lessons from GDPR’s co-regulatory frameworks to inform effective GPAI self-regulation.