• In 2023, the European Union will introduce a global metaverse regulation initiative

  • In 2023, the European Union (EU) will submit an approach to address the metaverse and all of its activities and interactions. The proposal, labeled “essential” in Ursula von der Leyen, President of the European Commission’s State of the Union letter of intent, would provide multiple measures to clarify Europe’s laws and expectations for the metaverse.

    The European Union will launch a project to regulate the metaverse.

    Many countries are integrating and altering their legislative frameworks and infrastructure to support the activities that are already taking place in the metaverse. The European Union is in the midst of doing so, and has lately announced a union-wide initiative to allow Europe to “thrive in the metaverse.”

    Ursula von der Leyen, president of the European Commission, described the effort as “essential.” It is a component of “a Europe fit for the digital era,” according to the most recent State of the Union letter of intent. According to Von der Leyen, they “will continue looking at new digital opportunities and trends, such as the metaverse,” as part of their plan for digital governance.

    Taking into account various activities already taking place in the metaverse, the Commission plans to implement this project in 2023.

    Initiative Defining

    Thierry Breton, the European Union’s commissioner for the internal market, detailed how the commission will focus on preparing this comprehensive plan. The group will propose multiple structures to handle perceived concerns, as well as establish a separate institution to set standards and promote interoperability among the many metaverse worlds.

    Breton emphasized the importance of communication between these various metaverses, saying:

    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.

    The Virtual and Augmented Reality Industrial Coalition, an organization that seeks to unite important stakeholders in these technologies in the area, was already established in order to structure the system for grouping providers of technologies on which the metaverse is based, including software, middleware, other platforms, and 5G.

    On the subject of connectivity, Breton added that the organization must identify the infrastructure requirements for the metaverse’s success. Regarding this, he stated:

    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.

    Additionally, the European Union has unveiled a proposal to combat counterfeiting by utilizing NFTs and blockchain technologies.

    What's your reaction?