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The move will shape its development in line with European values and principles.
EU Parliament Calls for Metaverse Leadership and Ground Rules
The leaked EU paper proposes easing regulation and introducing a new form of global governance in order to promote innovation while ensuring an open and safe metaverse, with “regulatory sandboxes” featuring short-term projects supposedly planned to be tested in early 2024.
Leaked EU Paper Proposes Global Governance to Enable Open & Secure Metaverse
Margrethe Vestager, the EU antitrust chief, has stated that there is no immediate need to regulate the metaverse, as existing legislation for Big Tech provides sufficient time to explore this new digital frontier.
EU Antitrust Chief Advocates for Caution, Not Haste, in Regulating the Metaverse
The approval of the MiCA regulation by EU finance ministers provides regulatory clarity and compliance requirements for NFT games and gaming companies in the European Union, enhancing security measures and fostering a transparent and trustworthy environment.
EU Finance Ministers Approve MiCA Crypto Regulation :Impact on NFT Games
The MiCA regulation adopted by the European Parliament includes cryptocurrencies but does not seem to include NFTs and DeFi, though specific proposals for them will likely be given in the future.
NFTs and DeFi Are Excluded from the MiCA Regulation Adopted by the European Parliament
The European Union has begun its exploration into how the blockchain sector can help fight against goods counterfeiting and forgery.
EU set to fight Counterfeiting and Forgery with NFTs