European Union will launch a global Metaverse Regulation Initiative in 2023

European Union will launch a global Metaverse Regulation Initiative in 2023
Image Credits: Bitcoin.com

As countries rally to introduce new regulatory frameworks for metaverse activities, the European Union bloc has recently announced “thrive in the metaverse,” an initiative meant to build “a Europe fit for the digital age,” and one that was qualified as ”key” in the State of the Union letter of intent authored by Ursula von der Leyen, President of the European Commission.

Thierry Breton, commissioner for the internal market of the European Union, explains several approaches that the commission will take to address perceived issues, develop standards and increase interoperability as “no single private player should hold the key to the public square.”

“Private metaverses should develop based on interoperable standards and no single private player should hold the key to the public square. We will not witness a new Wild West or new private monopolies.”

In his vision, “this new virtual environment must embed European values from the outset. People should feel as safe in the virtual worlds as they do in the real one.” Frameworks such as the Digital Services Act (DSA) and the Digital Markets Act (DMA) will seek to embed that.

Additionally, Breton shared how mastering technologies and investing in research in fields such as photonics, semiconductors or new materials is key to laying a strong foundation for a thriving ecosystem that is already growing throughout Europe. To this effect, he launched the Virtual and Augmented Reality Industrial Coalition, where the commission has developed a roadmap endorsed by over 40 EU organisations active in this space.

These efforts come in line with a recent decision by the EU to fight forgery through blockchain technology.

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.