The European Union (EU) plans to launch a program in 2023 to study the metaverse and the ways in which it interacts and functions.
Initiation for Metaverse Regulation Presented by EU
In order to facilitate the metaverse, many nations are coordinating and updating their regulatory and technical infrastructure. As a result, the virtual environment can support a wider variety of activities.
Ursula von der Leyen, president of the European Commission, called the planned proposal “essential.” Europe’s goals and objectives for the metaverse, as well as a number of concrete next steps, will be laid out in the letter of intent.
Furthermore, the EU intends to merge the bloc with the virtual world so that it can explore the metaverse. The Commission anticipates beginning this venture in 2023. Several things in the metaverse have already come together to lead to this conclusion.
EU Commissioner for the Internal Market Thierry Breton has said that the EU Commission will implement concrete measures to reach this objective. When it comes to fixing real issues, the union will propose multiple approaches. Also, a new organization dedicated to standardization and fostering interoperability among VR platforms will be formed.
The European Union (EU) recognizes that there is currently no standardized metaverse and hence seeks to create such a system for the union. The European Union version of the metaverse will feature multiple active participants. Breton further reassured the union that the Internet would not become a new “Wild West” or a place where a single company dominates the market.
Already, the European Union has established the Virtual and Augmented Reality Industrial Coalition. With these rules in place, the metaverse’s service providers can operate more efficiently. The new organization’s focus is to consolidate vital service providers and their corresponding technological infrastructures.
On the other hand, Breton stressed the need of interested universities detailing their specific infrastructure requirements. The EU is currently working to determine the best platforms to launch in order to solve the connectivity issue.
An EU MiCA Bill is Nearing Completion.
On June 30th, parliamentarians and the administration of the European Union zone will discuss over whether or not to unveil the new crypto bill. It is anticipated that the rules governing the market in crypto assets (MiCA) will be finalized before the end of the year.
Services providers dealing with crypto assets will therefore need to register with authorities before they can operate within the bloc.
Still, questions remain regarding the new rule until the guidelines’ final text is made public. An important question for stakeholders is whether or not the legislation covers non-fungible tokens (NFT).
This is so because NFTs can be used as evidence of possession of a digital collection. And distributed ledger technology for NFT is something that the MiCA bill should cover.
The legislation’s stated goal is to standardize the way in which member states of the European Union handle the regulation of virtual currencies. As a result of MiCA’s efforts, a unified licensing framework should be in place, making it simpler for businesses established in one member nation to enter and operate in others.
In preparation for what may be a watershed moment for the digital asset business in the European Union, officials there are making plans.