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
218
2 min
0
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.
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.
Useful material?
Market
Users who have experienced withdrawal problems in the last two days will be eligible to participate
Mar 28, 2024
Market
Last July, a criminal investigation into the exchange was opened by the US authorities
Mar 27, 2024
Market
The unrealized profit from the deal was $8,9 million
Mar 26, 2024
Incidents
The phasing out began on March 25
Mar 25, 2024
Crypto regulations
The new measures must go through additional stages of approval
Mar 25, 2024
Incidents
The popularity of this kind of project launch format has already led to blockchain overload
Mar 20, 2024