No immediate concerns over metaverse regulation, says EU antitrust chief
Vestager asserts that existing digital legislation, such as privacy regulations, market power rules, and forthcoming AI guidelines, can also be applied to the metaverse.
The EU antitrust chief Margrethe Vestager stated that the metaverse, the realm of shared virtual worlds, has not raised concerns or prompted the need for immediate legislation. Vestager is of the opinion that existing legislation, such as privacy and market power rules, can be extended to the metaverse. Emphasising the need for careful examination and exploration before implementing regulations, she recognises the vast scope of innovation present in virtual realms. Additionally, Vestager firmly rejects the idea that any individual company can claim complete ownership over the metaverse.
Vestager will introduce (next week) an initiative featuring a toolbox to help competition regulators comprehend the metaverse’s dynamics. The toolbox includes guidelines for participation, counterfeiting prevention, and standards for open and interoperable virtual environments.