EU announces initiative to regulate metaverses

As part of it, the European Commission will create interoperability standards between different virtual worlds platforms

16.09.2022 - 16:15

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What’s new? The European Union will present an initiative to regulate metaverses and all activities taking place in virtual worlds. The initiative, which European Commission President Ursula von der Leyen called “key,” is part of what the latest State of the Union letter called “A Europe Fit for the Digital Age.” Von der Leyen said that as part of the digital strategy, the commission “will continue looking at new digital opportunities and trends, such as the metaverse.” The EU intends to implement the initiative in 2023.

EU letter

How will the preparations take place? Thierry Breton, the commissioner for the internal market of the EU, explained how the commission will focus on preparing a comprehensive initiative. It will propose several structures to address existing problems and create a special institution to develop standards and increase interoperability between the different metaverses. Breton also noted the need for communication between the different platforms. He added:

“We will launch a comprehensive reflection and consultation on the vision and business model of the infrastructure that we need to carry the volumes of data and the instant and continuous interactions which will happen in the metaverses.”

Changpeng Zhao, head of the cryptocurrency exchange Binance, earlier said that the European Union's Markets in Crypto-Assets Act (MiCA) would become a “global regulatory standard copied around the world.”

In May, UAE Minister for Artificial Intelligence Omar Sultan Al Olama announced the need for international security standards to prevent virtual crimes in metaverses. According to him, the realism of metaverses could allow “people to be terrorized in ways that aren’t currently possible.” He believes that virtual crimes such as “murdering” an avatar can harm the psyche of users.

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