EU Wants the Metaverse to Be Competitive
The European Commission is keeping its finger on the pulse of the digital world and wants to prepare for change well in advance due to the red tape.
Margrethe Vestager, the executive vice president of the European Commission for a Europe fit for the digital age, and Commissioner for Competition, has delivered a speech where she touched upon the metaverse and ChatGPT’s development.
In her view, the digital markets have not fulfilled their promise for small businesses to achieve scale and greater reach with fewer physical barriers to get in their way.
Speaking at the Keystone Conference, she acknowledged that the European Commission has not been too quick to act, which is also an important lesson for the EU in the future adding that it should anticipate and plan for change due to the red tape.
“For example, it is already time for us to start asking what healthy competition should look like in the Metaverse, or how something like ChatGPT may change the equation,” she said.
Vestager also added that in the last three years, a massive shift has occurred in how regulators approach digital markets. “This calls for optimism as we now move into a different enforcement environment. There is much greater scrutiny around the globe and a wider political debate that digital markets need careful attention,” she noted.
The European Union has been closely scrutinizing digital assets since their inception. In January, Gagarin News reported that European regulators began discussing the need for the Markets in Crypto-Assets (MiCA) regulation. They increase consumer protection while forcing more work for cryptocurrency projects at the same time.
Meanwhile, the eurozone is also working on the development of the digital euro. The European Central Bank selected five companies, including Amazon, to help develop user interfaces for a digital euro.
Previously, Gagarin News reported that Interpol is figuring out how to scrutinize the metaverse.
