European Authorities Will Be The First To Regulate The Metaverse. It Must Be Done Before It's Too Late
Laws are implemented after the problems they were supposed to regulate. Behind a need felt by citizens, politics, or after serious mistakes are made and redone by companies or sectors of the population.
Today, Europe is anticipating the times, creating regulations for the Metaverse.
The digital world is not yet populated by many people. Serious problems have not arisen. But, along the lines of the problems encountered online, the European Community authority will want to create something new and theoretical.
This new set of rules and laws not only provides greater security for the user but also protection against the abuse of some features, such as adulteration of content or manipulation of the Metaverse.
But let’s look at Europe’s ideas.
EUROPE THINKS ABOUT A REGULATION FOR THE METAVERSE
The proceedings were opened in May by the European Commissioner for Competition Margrethe Vestager:
“As of now, it is necessary to start reflecting on how to regulate a new technological paradigm that is already here, and which in the near future will also pose important issues on the front of competition and market organization.”
Javier Olivan, Vice President of Cross-Meta Products and Infrastructure, added this a few months ago:
“We are helping build the Metaverse, a new phase of the internet, built around interconnected virtual experiences that can unlock access to create new social and economic opportunities.”
When we talk about society and the economy, we can’t help but give ourselves clear rules to protect everyone, especially the weakest.
Europe will need to firmly establish what and how certain values and rights must be protected:
– It will be necessary to implement the dialogue between community institutions (and others) and the companies that in various capacities are contributing to the creation of the Metaverse, in all its variants.
– During the development of this new technological frontier, devising specific communication channels to act in a timely and efficient manner also on a legislative level.
– It is all the more useful and profitable if adopted immediately due to the new challenges that innovation will put before the body’s national and international representatives.
– In light of what emerges, it appears clear how the same political and legislative solutions can benefit from the stimulus offered by innovation in order to find new regulatory paths and new methodologies.
THE METAVERSE IS AN OPPORTUNITY FOR EUROPE
Recently, the President of the European Commission, Ursula von der Leyen also expressed her point of view:
“The great digital and green transformations we started together have gained more importance after the pandemic, the lockdowns, and now a war on our doorstep,” wrote von der Leyen
“It’s about building a better future for the next generation and making us more resilient and better prepared for future challenges.”
“We will continue to look into new digital opportunities and trends, such as the Metaverse,” he concluded.
THE PILLARS OF THE NEW REGULATION
We list the cardinal points on which in my opinion a Metaverse regulation card should be developed:
– User safety – Regulated Transactions – Transaction records – Illegal actions – Behaviors to keep – Transparency in transactions
With these pillars, Europe is preparing to face the challenge of regulating a new and still unexplored world of the Metaverse, pursuing greater transparency and protection of users.
The road will certainly be full of obstacles, but successfully navigating it would be a big step for our society.
How can users be protected, for example?
First of all, it guarantees the protection of computer security and privacy, and accountability policies towards users to minimize the abuse of the Metaverse.
An accurate tracking system of activities within the Metaverse can help ensure user safety and help identify any illegal behavior in a timely manner.
Finally, adopting guidelines for managing the Metaverse can ensure that all users participate in a safe and fair environment.
Rules can ensure that virtual goods generated within the Metaverse are adequately protected against illegal actions such as intellectual property infringement or financial fraud.
A BODY GUARANTEEING ALL THIS WILL BE NECESSARY
To ensure that each point listed above is respected it will be necessary to set up an independent regulatory body with the aim of monitoring the prohibited activities within the Metaverse. If such things are violated, apply appropriate sanctions.
This body will need to have a strong presence in the EU and be supported by millions of euros as part of the new Digital Innovation program of the European Union.
The EU will have to collaborate with various experts in the field and ensure that existing legislation is properly applied to the Metaverse.
REGULATION IS NEEDED AS SOON AS POSSIBLE
Let’s think about what happens to social networks today, such as Facebook.
Among the reasons why users are becoming disaffected with it are fake news, anonymous users, and a whole series of habits that make that environment full of hate, critical people, and a gloomy and pessimistic climate.
Some of these characteristics certainly cannot be forced, such as mood. Having no rules and regulations has deteriorated Facebook. Causing a loss of numbers and advertising to what is now called Meta.
If people know that some Metaverses are not safe, the rules are not respected, and whoever has more economic power commands or more firepower in information technology, many users will stay away.
the development of adequate regulation by the European Union is necessary as soon as possible in order to prevent unwanted situations. These safeguards will ensure that users can confidently access and contribute to this new virtual reality.
A Metaverse rulebook may be the key to creating tons of opportunities for future generations. It is essential that Europe is ready, in order to guarantee the safety of its citizens and a promising future for the Metaverse
The United States will not stand idly by. Global regulation of the Metaverse is necessary to ensure the development of this new universe.
Only with adequate privacy and cybersecurity safeguards can we be confident that the Metaverse is accessible and safe for everyone.
At the base of the Metaverse, unlike social networks TikTok or Instagram, there will be commerce. In addition to a real parallel life of the people.
So safety and compliance with rules become even more essential
At the base of the Metaverse is the desire to provide its users with a safe, fair, and transparent environment. Proper regulation can ensure that the user experience is the best possible while ensuring that your privacy and rights are protected.
Proper Metaverse regulation will ensure that all participants enjoy a fair and protected environment while encouraging the development of new ideas and opportunities in this new virtual reality.
While it will take years to reach full technological maturity, the creation of a global rulebook is a critical step toward fully integrating the Metaverse.
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