According to a paper from the European Commission that was leaked, a new type of global governance is necessary for the metaverse to remain open and legal.
Leaked Strategy Document Shows New Regulations Coming for Metaverse
Decentralized autonomous organizations (DAOs), one of the new forms of digital cooperation proposed in the draft document, would be exempt from some rules, and the text also suggests examining the legal obstacles preventing innovation. The document, a version scheduled for publication next week, asserted that “virtual worlds bring unprecedented opportunities in many societal areas,” noting advantages such as healthcare, education, and culture.
This technological shift also involves new forms of global governance.
The Document
Details About the Content of the Document
To ensure that the future generation of the internet is shaped as an open, safe place respectful of EU values and regulations, the document added that international participation on issues like technology standards, identity management, censorship, and monitoring is necessary.
The document likely referred to the international organizations that support the modern internet, such as the Internet Corporation for Assigned Names and Numbers (ICANN). Moreover, it stated that the commission would support the development of a technical multi-stakeholder governance process to address critical aspects of virtual worlds and Web4 that fall outside the purview of the existing internet governance institutions.
Regulatory Sandboxes Will Be Encouraged
According to the document, it would promote regulatory sandboxes early in the following year so that startups can test out their ideas in a less restrictive environment. Additionally, the paper highlights the dangers of big gatekeeper firms stifling rivals’ competition and of fake goods damaging well-known brands.
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