European Union to Launch Global Metaverse Regulation Initiative in 2023

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The European Union (EU) will present an initiative to address the metaverse and all activities and interactions taking place in it sometime in 2023. The proposal, which qualified as the “key” in the State of Intent letter written by Ursula Vaughan. Der Leyen, President of the European Commission, will present a number of initiatives to clarify Europe’s rules and expectations for the metaverse.

EU to present Metaverse Regulation Project

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Many countries in the world are in the process of integrating and optimizing their regulatory framework and infrastructure to support the activities already taking place in the metaverse. The EU bloc is in the process, and has recently announced a union-wide initiative to allow Europe to “throw in the metaverse”.

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The initiative, which was qualified as a “key” by European Commission President Ursula von der Leyen, is part of the latest State of the Union letter of intent “Europe fit for the digital age”. Von der Leyen said that as part of their digital regulation strategy, they “will continue to look at new digital opportunities and trends, such as the metaverse.”

The Commission aims to take this initiative in 2023 taking into account the various activities that are already taking place in the metaverse.

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Explanation of Initiative

Thierry Breton, commissioner of the EU’s internal market Explained The way the Commission will focus on formulating this comprehensive initiative. The organization will propose a number of structures to address the perceived issues and create a specialized institution to develop standards and increase interoperability between the different metaverse worlds.

Breton commented on the need for communication between these different metaverses, saying:

The private metaverse should develop based on interoperable standards and no private player should hold the key to the public class. We will not see a new Wild West or a new private monopoly.

The Virtual and Augmented Reality Industrial Coalition was already launched, an organization that aims to group key stakeholders in these technologies, to structure systems for a group of providers of technologies – including software, middleware, other platforms, and 5G. region.

Also, on the connectivity side, Breton explained that the institution needs to point out the needs with regard to infrastructure for the metaverse to flourish. To this he declared:

We will begin a comprehensive reflection and consultation on the infrastructure approach and business model we need to address the amount of data and the immediate and continuous interaction that will take place in the metaverse.

The European Union also recently submitted a project to fight counterfeiting using blockchain technologies and NFTs.

What do you think about the upcoming Metaverse-focused regulation initiative to be launched by the European Union next year? Tell us in the comment section below.

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