European Union Launches Global Metaverse Regulation Initiative in 2023 – Regulation Bitcoin News

The European Union (EU) will present an initiative sometime in 2023 to address the Metaverse and all the activities and interactions that take place there. This proposal was identified as a “key” in the State of the Union Prospectus prepared by Ursula von. European Commission President der Leyen presents several initiatives to clarify European rules and expectations for the Metaverse.

European Union introduces Metaverse regulatory project

Many countries around the world are in the process of consolidating and adapting their regulatory frameworks and infrastructure to support activities already taking place in the metaverse. The European Union bloc is in this process, recently announcing a union-wide initiative to help Europe “throw in the metaverse”.

The initiative, declared “important” by European Commission President Ursula von der Leyen, is part of what her latest State of the Union address calls “Europe fit for the digital age”. “We will continue to consider new digital opportunities and trends such as the metaverse,” said Von der Leyen, as part of a digital regulatory strategy.

The committee aims to deliver this initiative in 2023, given the various activities already underway in the Metaverse.

Initiative description

Thierry Breton, Commissioner for the European Union Internal Market, explained how the Commission will focus to prepare for this comprehensive initiative. This organization will propose several structures to address perceived issues and create specific bodies to develop standards and increase interoperability between the various metaverse worlds.

Breton describes the need for communication between these different metaverses:

A private metaverse should be developed based on interoperable standards and no single private player should hold the key to the public square. We are not witnessing a new Wild West or a new private monopoly.

A Virtual and Augmented Reality Industrial Coalition has already been launched to build a system of group providers of underlying technologies for the metaverse, including software, middleware, other platforms and 5G. area.

And on the connectivity front, Breton explained that institutions need to identify their infrastructure needs for a successful metaverse. On this he declared:

Initiate a comprehensive reflection and discussion of the infrastructure vision and business model needed to carry the massive amounts of data and the immediate and continuous interactions that occur in the metaverse.

The European Union also recently announced a project to combat counterfeiting using blockchain technology and NFTs.

What do you think of the Metaverse-focused regulatory initiative launched by the European Union next year? Let us know in the comments section below.

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