EU Commission to ensure 'healthy competition' in the Metaverse

Considering the regulatory conflict to support up with ever-evolving innovations, Margrethe Vestager, the enforcement vice president of the European Commission, recommended a headstart into brainstorming implications of technologies specified arsenic the Metaverse and ChatGPT.

Vestager highlighted however integer modulation and the displacement to a integer system person brought astir hazard and opportunities for the masses portion speaking astatine the Keystone Conference astir contention policy. She believes that legislations lag down technological advancements, adding:

“We person surely not been excessively speedy to enactment - and this tin beryllium an important acquisition for america successful the future.”

While the enforcement and legislative process volition proceed to enactment a measurement down tech innovations, Vestager stressed the request to expect and program for specified changes. She stated:

“For example, it is already clip for america to commencement asking what steadfast contention should look similar successful the Metaverse, oregon however thing similar ChatGPT whitethorn alteration the equation.”

She besides revealed that EU Commission would enforce antitrust investigations from May 2023 aimed toward the Facebook marketplace and however Meta uses ads-related information from rivals, among others.

Related: The limitations of the EU’s caller cryptocurrency regulations

Feb. 15 marked the motorboat of the European Blockchain Regulatory Sandbox, which provides a abstraction for regulatory dialog for 20 projects per twelvemonth done 2026.

With our consulting limb OXYGY, contiguous we announce, unneurotic with the @EU_Commission, that applications are present unfastened for the archetypal cohort of the European blockchain regulatory sandbox for blockchain/DLT innovators @EuropeanSandbox:#blockchain #sandbox https://t.co/ZNbjUCTubp pic.twitter.com/PtdS0oBS8p

— Bird & Bird (@twobirds) February 14, 2023

On the different extremity of the spectrum, European Union lawmakers are successful talks astir utilizing zero-knowledge proofs for integer IDs. Cointelegraph’s study connected the substance highlighted:

“The caller eID would let citizens to place and authenticate themselves online (via a European integer individuality wallet) without having to edifice to commercialized providers, arsenic is the lawsuit contiguous - a signifier that raised trust, information and privateness concerns.”

Zero-knowledge proofs person precocious been astatine the halfway of researchers’ attraction arsenic a imaginable means to guarantee regulatory compliance and privateness successful integer currencies.