Fun

European Union to Launch Global Metaverse Regulation Initiative in 2023

News Feed - 2022-09-16 10:09:35

European Union to Launch Global Metaverse Regulation Initiative in 2023


The European Union (EU) will present an initiative to address the metaverse and all the activities and interactions happening in it sometime in 2023. 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 to Introduce Metaverse Regulation Project


Many countries of the world are in the process of integrating and adapting their regulatory frameworks and infrastructure to support the activities that are already happening 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 aims to deliver this initiative in 2023, taking different activities that are already happening in the metaverse into account. Initiative Explained


Thierry Breton, commissioner for the internal market of the European Union, explained the way in which the commission will focus to prepare this encompassing initiative. The organization will propose several structures to address perceived issues and will create a specific institution to develop standards and increase interoperability among the different metaverse worlds.


Breton remarked on the need for communication between these different metaverses, stating: 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.


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.


Also, on the connectivity side, Breton explained the institution will have to pinpoint the needs regarding infrastructure to make the metaverse thrive. On this, he declared: 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.


The European Union also recently presented a project to fight counterfeiting by using blockchain technologies and NFTs. Tags in this story european commission, European Union, Metaverse, monopolies, Regulation, thierry breton, Ursula Von Der Leyen, Virtual and Augmented Reality Industrial Coalition, Wild West


What do you think about the upcoming metaverse-focused regulation initiative to be launched by the European Union next year? Tell us in the comment section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Cryptocurrency Is Virtual Property That Is Protected by Law, Chinese Court Rules REGULATION | 1 hour ago South Korea"s Ministry of Foreign Affairs Plans to Revoke Do Kwon"s Passport: Report REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, symbiot / Shutterstock.com Previous articleBitcoin, Ethereum Technical Analysis: ETH Hits 3-Week Low as Bearish Momentum Increases Following The Merge Next articleBiggest Movers: ATOM Moves Closer to 4-Month High, LINK Also Higher Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItSEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale


Grayscale Investments" CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is "a Matter of When and Not ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Craig Wright’s Summary Judgment Denied – Billion Dollar Bitcoin Lawsuit Heads to Trial
Craig Wright"s Summary Judgment Denied - Billion Dollar Bitcoin Lawsuit Heads to TrialOn Monday afternoon, Judge Beth Bloom, from the District Court of Florida, denied Craig Wright&
Helen Partz14 hours agoOpenSea NFT users report massive email phishing campaignOpenSea users have reportedly been targeted with a widespread email phishing campaign, including a fake developer API risk alert and a fake N
Defi’s Raw Deal: Sushiswap Creator Transfers Multi-Sig Control to FTX CEO
Defi"s Raw Deal: Sushiswap Creator Transfers Multi-Sig Control to FTX CEOAfter a number of individuals from the crypto community accused the anonymous developer Chef Nomi of exit sc
Bitcoin layer 2s among catalysts of this bull cycle, Bitcoin OG says
Marco Castrovilli5 hours agoBitcoin layer 2s among catalysts of this bull cycle, Bitcoin OG saysThe emerging Bitcoin layer-2 sector will be one of the main narratives driving BTC’s price to unprecedented highs in this
GRN (G) Is Now Available for Trading on LBank Exchange
GRN (G) Is Now Available for Trading on LBank Exchange press release PRESS RELEASE. INTERNET CITY, DUBAI, Jun. 24, 2022 – LBank Exchange, a global digital asset trading platf
OFAC Sanctions 7 New Bitcoin Addresses Allegedly Associated With Iran-Related Ransomware Activities
OFAC Sanctions 7 New Bitcoin Addresses Allegedly Associated With Iran-Related Ransomware Activities The Treasury’s Office of Foreign Asset Control (OFAC) has published a spe
YIELD App Launches Ethereum Fund, Gives Users up to 20% APY
YIELD App Launches Ethereum Fund, Gives Users up to 20% APY press release PRESS RELEASE. ESTONIA — MARCH 8, 2021 — YIELD App, the DeFi wealth managem
Apple Censors Some Cryptocurrency and Defi Features of Coinbase App
Apple Censors Some Cryptocurrency and Defi Features of Coinbase AppApple Inc. has censored some cryptocurrency features of the Coinbase app. Specifically, Apple has blocked Coinbase
Paraguayan Senate Rejects Presidential Veto to Cryptocurrency Bill
Paraguayan Senate Rejects Presidential Veto to Cryptocurrency Bill The Paraguayan Senate has decided to reject the total veto that President Mario Abdo exerted over a proposed cryp
National Assembly of Panama Advances Discussion of Cryptocurrency Law Project
National Assembly of Panama Advances Discussion of Cryptocurrency Law Project The National Assembly of Panama has advanced a cryptocurrency law project that seeks to regulate crypt
Russia’s Digital Ruble Integrated Into Banking App
Russia’s Digital Ruble Integrated Into Banking App VTB has become the first Russian bank to add the digital ruble to its mobile application. The integration is currently being te
BTC-e founder pleads guilty in $9B money laundering conspiracy
Amaka Nwaokocha14 hours agoBTC-e founder pleads guilty in $9B money laundering conspiracyThe platform was utilized to launder funds acquired from various criminal activities, including computer hacking, ransomware attack