EU repeats call for increased regulation of metaverse risks

European Union lawmakers have called on the 27-nation bloc to take a leading role in introducing new regulatory standards for the emerging metaverse.

The new regime is need to support EU businesses and limit technological dependencies on other countries, according to a report by the European Parliament’s Committee on Internal Market and Consumer Protection on the risks, opportunities, and policy implications of virtual worlds.

The metaverse is a virtual world collection building an imagined future internet that is interactive, shared, and potentially immersive. The committee approved the report with an overwhelming majority.

The EP Committee’s activity follows plans for the metaverse that the European Commission published in July. While the committee did not propose any legislation, it did point out new standards for supervision of the metaverse were needed, as well as global governance.

The EC’s strategy on the metaverse defines virtual worlds as immersive and persistent environments based on extended reality and 3D technologies. According to a BanklessTimes.com data analysis, metaverse users will surpass 600 million by 2016, thanks in no small part to generative Artificial Intelligence (AI).

The report points out that a number of companies outside the EU have developed metaverse projects, which have the needed financial capacity and resources, and calls for the EU to take a leading role.

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