EU Announces Metaverse Regulation Initiative Plans

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Happenings across the globe show that many countries are working toward integrating and aligning their regulatory systems to accommodate Metaverse activities. That said, the European Union (EU) bloc is one of the global regions in this process and recently announced a Eurozone initiative that will allow Europe to “thrive in the metaverse.”

The initiative, which has been lauded by European Commission (EC) President Ursula von der Leyen, is said to be a part of what the latest State of the Union letter calls “a Europe fit for the digital age.” Von der Leyen recently revealed that one of their digital regulation strategies is that they “will continue looking at new digital opportunities and trends, such as the metaverse.”

The EC aims to have this initiative ready by 2023, through the analysis of activities already taking place in the Metaverse.

European Commission (EC) President Ursula von der Leyen

EU Official Narrates Roll-Out Plans

Thierry Breton, the commissioner for the internal market of the European Union, told the press how his organization plans to prepare this robust initiative. According to him, the EC will propose various structures to address all issues that may emanate and will create a body to develop standards and increase interoperability among the various Metaverses.

Speaking on the need for interoperability between Metaverses, Breton noted:

“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.”

On connectivity, Breton explained that the proposed institution will have to identify the infrastructural needs to make the Metaverse thrive. 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.”

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.