European Union to Launch Global Metaverse Regulation Initiative in 2023

In 2023, the European Union (EU), will launch an initiative to address the metaverse. It will also include all interactions and activities that occur in it. This proposal was classified as "key" in the State of the Union Letter of Intent authored by Ursula von der Leyen (President of the European Commission). It will include several initiatives that clarify Europe's expectations and rules for the metaverse.

European Union to Launch Meta Regulation Project

Many countries around the globe are integrating their regulatory frameworks and infrastructure to help support activities in the metaverse. The European Union bloc has announced recently a global initiative to help Europe "thrive" in the metaverse.

Ursula von der Leyen of the European Commission referred to the initiative as "key". It is part of the "Europe fit for the Digital Age" strategy. Von der Leyen said that they will continue to look at "new digital opportunities and trends such as the metaverse" as part of their digital regulation strategy.

This initiative will be delivered by the Commission in 2023. The Commission takes into consideration different activities already taking place in the metaverse.

The importance of initiative

Thierry Breton is the commissioner for the European Union's internal market. He explained how the commission will be focusing on this all-encompassing initiative. It will develop standards to improve interoperability between the various metaverse worlds and propose structures to address them.

Breton made the observation that communication is essential between these metaverses.

Private metaverses must be built on interoperable standards. No one private actor should have the keys to the public square. We won't see a new Wild West nor new private monopolies.

The Virtual and Augmented Reality Industrial Coalition was established to organize the system for grouping providers of technologies that the metaverse is built on — software, middleware, and other platforms included — and it has been successfully launched. This institution aims at bringing together key stakeholders in this area.

Breton also explained that connectivity is a key aspect of the institution's mission. It will need to identify the infrastructure requirements to ensure the metaverse flourishes. Breton stated:

We will conduct a thorough reflection and consultation about the vision and business model for the infrastructure we need to support the data volumes and the continuous, instant interactions that will occur in the metaverses.

Recently, the European Union presented a project to combat counterfeiting using NFTs and blockchain technologies.

What are your thoughts on the European Union's upcoming metaverse-focused regulation initiative? Leave a comment below.

By: Sergio Goschenko
Title: European Union to Launch Global Metaverse Regulation Initiative in 2023
Sourced From:
Published Date: Fri, 16 Sep 2022 13:30:35 +0000

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