Delving into the symbolic realms of monsters and fairy tales, this chapter navigates through the current regulatory and ethical dilemmas surrounding AI. As these systems have the potential to cause harm when not properly designed and regulated, understanding AI Ethics helps to identify potential risks and develop strategies to mitigate them, thereby minimizing the negative consequences of AI deployment, such as biases, discrimination, and privacy violations. This work aims to provide a digestible state-of-the-art of AI Ethics. It explores the current state of AI Ethics, encompassing an examination of current regulations, how to understand them, and how to operationalize them. It focuses on explaining key AI principles while it also highlights existing blind spots and limitations in the ethical discourse, since the consideration of regulations alone is insufficient for a comprehensive ethical dialogue. It is imperative to critically examine emerging limitations and blind spots to cultivate a genuine, global conversation on AI Ethics. The comprehensive understanding of the ongoing discourse it empowers individuals and organizations to anticipate and proactively address future challenges, ensuring that AI development and deployment aligns with societal values and norms.