Artificial Intelligence (AI) and the regulation thereof is a topic that is increasingly being discussed within various fora. Various proposals have been made in literature for defining regulatory bodies and/or related regulation. In this paper, we present a pragmatic approach for providing a technology assurance regulatory framework. To the best knowledge of the authors this work presents the first national AI technology assurance legal and regulatory framework that has been implemented by a national authority empowered through law to do so. In aim of both providing assurances where required and not stifling innovation yet supporting it, herein it is proposed that such regulation should not be mandated for all AI-based systems and that rather it should primarily provide a voluntary framework and only be mandated in sectors and activities where required and as deemed necessary by other authorities for regulated and critical areas.