In 2023, the European Union (EU) will introduce an initiative to address the metaverse and its interactions and operations.
EU Proposes Metaverse Regulation Initiative
Many countries are integrating and adjusting their regulatory frameworks and infrastructure to prepare for the metaverse. This is to accommodate the various tasks in the virtual ecosystem.
The proposed plan is labeled “key” by Ursula von der Leyen, President of the European Commission’s State of the Union. The letter of intent will present numerous action plans to specify Europe’s expectations and standards for the metaverse.
Moreover, the European Union plans to integrate the bloc into the virtual space to allow the union to venture into the metaverse. The Commission intends to launch this endeavor in 2023. This is based on multiple events already taking place in the metaverse.
According to the EU’s commissioner for the internal market, Thierry Breton, the Commission would take specific steps to achieve its aim. The union will recommend several frameworks to resolve genuine problems. In addition, it will establish a separate entity to create standards and improve interoperability among the various virtual worlds.
Considering that there is no uniform metaverse, the EU wants to develop a unified system for the bloc. In the EU version, there will be no single player in the metaverse. Breton added that the union would not witness another Wild West or monopoly in the virtual environment.
The EU has already launched the Virtual and Augmented Reality Industrial Coalition. This is to assign guidelines for service providers in the metaverse. The new entity aims to group key service providers and their technologies.
However, Breton added that interested institutions must point out their infrastructure needs. The connectivity issue will need some systems to launch, and the EU is working on sorting out the right platforms.
EU’s MiCA Bill will Soon be Ready
June 30 signals a landmark event for the EU zone as lawmakers and the government deliberate on launching the new crypto bill. The market in crypto assets (MiCA) regulations are expected to be ready before the end of the year.
As a result, crypto-asset services providers will have to register with regulators before they can offer services across the bloc.
However, before the final text of the guidelines is released, there are still some uncertainties about the new rule. Stakeholders want to know if the bill applies to non-fungible tokens (NFT).
This is because NFTs provide owners with proof of ownership of their digital collections. And the use of distributed ledger technology on NFT is another area that the MiCA bill needs to address.
The law is intended to establish guidelines for how each of the EU’s member countries will regulate cryptocurrency. It is anticipated that MiCA will establish a common licensing system, making it easier for companies based in one member country to expand into others.
The EU is gearing up for what is expected to be a defining moment for the digital asset industry within its bloc.
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