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European Union to Launch Global Metaverse Regulation Initiative in 2023 – Regulation Bitcoin News


The European Union (EU) will present an initiative to tackle the metaverse and all the activities and interactions occurring therein by 2023. The proposal, considered “key” in the letter intentions of the Confederacy written by Ursula von. der Leyen, President of the European Commission, will present several initiatives to clarify European rules and expectations for the metaverse.

The European Union introduces the Metaverse Regulation Project

Many countries around the world are in the process of integrating and adapting their regulatory frameworks and infrastructure to support ongoing and ongoing activities in the metaverse. The European Union is in this process and recently announced an alliance-wide initiative to enable Europe to “thrive in the metaverse”.

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

The committee aims to launch this initiative by 2023, taking into account the various activities already taking place in the metaverse.

Initiative explained

Thierry Breton, Commissioner for Internal Markets of the European Union, explain how the committee will focus on preparing for this comprehensive initiative. The organization will propose several structures to deal with perceived problems and will create a concrete institution to develop standards and increase interoperability between different metaverse worlds.

Breton commented on the need to communicate between these different metaverses, stating:

Private metavers should evolve against interoperable standards, and no private player should keep the keys to the public. We will not see a new Wild West or new private monopolies.

To structure the system for a pool of technology vendors based on the metaverse – including software, middleware, other platforms, and 5G – Virtual Reality and Augmented Reality Industry Alliance was launched , an organization that aims to group key stakeholders in these technologies into the region.

Also, in terms of connectivity, Breton explains that the organization will have to pinpoint the infrastructure-related needs to make the metaverse thrive. Regarding this, he stated:

We will provide a comprehensive reflection and consultation on the vision and business model of the infrastructure we need to carry the volume of data and instant and continuous interactions that will occur in the future. conversions.

The European Union is also nearby present an anti-counterfeiting project using blockchain and NFT technology.

What do you think of the metaverse-focused regulatory initiative to be launched by the European Union next year? Tell us in the comments section below.

Sergio Goschenko

Sergio is a crypto journalist based in Venezuela. He describes himself as a latecomer to the game, entering the crypto world when the bull run occurred in December 2017. Has a computer engineering background, lives in Venezuela and is affected by the volatility. crypto boom on a social level, he offers a different perspective on the success of cryptocurrency and how it helps the unbanked and underserved.

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