EU Lawmakers Back Metaverse Regulatory Framework in New Report

EU legislators are championing a clear regulatory regime to support metaverse development and support Web3 businesses.

VR glasses with a reflection of lady justice.
Created by Kornelija Poderskytė from DailyCoin
  • The EU wants to become a global leader in metaverse development.
  • The bloc’s legislators voted in favor of a report to further this goal.
  • The report urged the EU Commission to fast-track its metaverse plan.

The European Parliament’s Committee on Internal Market and Consumer Protection is championing a clear regulatory framework to spur metaverse development and make the EU a global leader in the nascent realm.

On November 28, the committee adopted a “draft own-initiative report” on virtual worlds’ opportunities, risks, and policy implications for the EU bloc, with 31 votes in favor, two against, and eight abstentions.

Lawmakers Urge Clear Rules to Support Metaverse Development

According to a press release accompanying the report, Members of the European Parliament (MEPs) want the EU to foster metaverse development in line with the bloc’s values, fundamental rights, and the highest consumer protection standards.

Specifically, the MEPs urged the European Commission to assess the “adequacy of existing digital rules regularly” and to present new legislation for a suitable policy framework that bolsters European businesses in the Metaverse industry.

Notably, EU Rapporteur Pablo Arias Echeverría stated that Europe couldn’t afford to lag behind in the next revolution, nor could the bloc “repeat past mistakes.”

“As we step into Web 4.0 with the development of virtual worlds, we have to lay a foundation, rooted in strong EU digital rules, guiding principles and values. Europe has to lead this transition, placing citizens at the heart of our digital future,” Echeverría remarked.

The report further acknowledged the opportunities and risks presented by metaverse development.

Seizing Opportunities and Navigating Risks in the Metaverse

In the report, MEPs recognized the opportunities presented by the metaverse concept, especially in healthcare, education, art and design, logistics, manufacturing, and engineering.

On the other hand, the lawmakers raised concerns about potential health issues that might arise in a thriving metaverse ecosystem, including addiction, cybersickness, and impact on children’s cognitive development. Other concerns raised include cyber violence, financial fraud, and the processing of sensitive data.

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Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.