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

In 2023, the European Union will launch an initiative that addresses the metaverse as well as all interactions and activities occurring there. The proposal, which was qualified as ”key” in the State of the Union letter of intent authored by Ursula von der Leyen, President of the European Commission, will present several initiatives to clarify Europe’s rules and expectations for the metaverse.

European Union will introduce Meta Regulation Project

Many countries around the world are integrating or adapting their regulations and infrastructure in order to facilitate the many activities already taking place in the metaverse. The European Union bloc is in this process, and has recently announced a union-wide initiative to allow Europe to “thrive in the metaverse.”

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

The Commission plans to implement this initiative by 2023. It will take into account different activities in the metaverse.

The importance of initiative

Thierry Breton is the commissioner for the European Union’s internal market. He explained how the commission would focus on preparing this all-encompassing initiative. It will develop standards to improve interoperability between the various metaverses and create institutions to help address them.

Breton noted the necessity for communication among these metaverses.

Private metaverses must be built on open standards. No one private actor should have the keys to the public square. There will be no new Wild West, nor new private monopolies.

To structure the system for group providers of technologies on which the metaverse is based — including software, middleware, other platforms, and 5G — the Virtual and Augmented Reality Industrial Coalition was already launched, an institution that aims to group key stakeholders in these technologies in the area.

Breton said that the institution must identify infrastructure needs to enable the metaverse to thrive. He stated that:

An extensive reflection and discussion will take place on our vision for the infrastructure needed to handle the volume of data as well as the continuous, instant interactions in the metaverses.

Recently, the European Union presented a project that aims to combat counterfeiting using NFTs and blockchain technology.

How do you feel about the European Union’s upcoming initiative for metaverse-focused regulation? Comment below.

Sergio Goschenko

Sergio is a Venezuelan cryptocurrency journalist. Sergio is a cryptocurrency journalist based in Venezuela. He says he was late to the party, having entered the cryptosphere during the December 2017 price increase. His background is in computer engineering, but he also lives in Venezuela and was impacted at the social level by the crypto boom. He offers an alternative perspective on the success of cryptocurrency and the benefits it has for the underbanked.

Images – Pixabay. Wiki commons.

DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of products or services. doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.

Get more Crypto News at CFX Magazine