- EU lawmakers are looking forward to imposing regulations on virtual worlds.
- The commission is also planning to impose network infrastructure taxes.
- They have released a letter of Intent that describes the EU’s planning for the metaverse in 2023.
European Union lawmakers are looking forward to imposing regulations in the metaverse and all such virtual worlds. The commission is also planning to impose network infrastructure taxes on these virtual worlds.
EU’s internal market commissioner, Thierry Breton in his Twitter post said,
#Metaverse is one of the pressing digital challenges ahead of us.
EU published a Letter of Intent stating its strategies, policies, and priorities for the year 2023. One of the key focus of the bloc is its initiative for the metaverse or similar virtual worlds in 2023.
The Letter of Intent was accompanied by the EU’s president, Ursula von der Leyen’s speech at the State of the European Union. She encourages the EU institutions in her letter to follow the transformative initiatives for digitalization and sustainability and work according to the plan they have agreed on.
In the letter, Leyen said,
This is about building a better future for the next generation and making ourselves more resilient and more prepared for challenges to come.
She also added,
This includes implementing the landmark agreements on the Digital Markets Act (DMA) and the Digital Services Act (DSA) which saw the EU take global leadership in regulating the digital space to make it safer and more open….We will continue looking at new digital opportunities and trends, such as the metaverse.
Thierry Breton also expressed his views on the EU’s entry into the metaverse. In his post, he said that metaverse builders are already under the EU’s laws and regulations. He is quite certain that the EU’s regulatory stake in the metaverse will put a check on the virtual world monopolists who will have to comply with the EU rules such as the recent EU digital rule reboot.
With the DSA and DMA, Europe has now strong and future-proof regulatory tools for the digital space,….We have also learned a lesson from this work: We will not witness a new Wild West or new private monopolies.
We intend to shape from the outset the development of truly safe and thriving metaverses.
The EU commissioner also talks about the commission’s plan to impose taxes on the virtual worlds. According to him, it will help to fund the network providers and aid in improving network connectivity, bandwidth, speed, and capacity. These are necessary network requirements to support the proper functioning of the metaverses.