As the budding metaverse assumes form, it seems a demand for innovative global governance takes center stage. In a report caught sight of by CoinDesk, from the European Commission, there’s a call for a fresh kind of governance to keep this expanding virtual reality open and law-abiding. They believe this can spur advancements in societal segments like healthcare, education, and culture.
While touting digital cooperation forms such as decentralized autonomous organizations (DAOs), the document also hinted at the need to ease off regulations to boost innovation. The commission’s drive to evaluate legal barriers to these new-age digital forms of collaboration becomes clear thus. In essence, the digital shift is unnerving, needing advanced global governance protocols.
To shape the next-gen internet as an open, secure domain that respects EU values, the document implores international stakeholder engagement. The focus areas include technological standards, censorship, surveillance, and identity management. This move indicates an effort that supersedes the current limits of known internet governance institutions.
Before the year runs out, the European Union plans to dive into and unravel the potential of new digital cooperation models, such as DAOs. And to clear the path for these high-tech financial applications, a study will happen to identify potential legal, economic, and administrative hurdles standing in their way.
As we approach 2023, the European Commission also anticipates trialing regulatory sandboxes—controlled environments for innovative projects with reduced regulations. The goal here is to provide some breathing space for short-term pilot projects.
However, concerns about the emergence of powerful gatekeeper companies pushing out competitors hover in the background. This, along with the surge in counterfeit products that could potentially mar brands, is part of the document’s darker forecast.
The European Commission’s stance since their president, Ursula von der Leyen, vowed to prepare for the metaverse last year, appears unchanged—they want to ensure the metaverse upholds EU principles like privacy and fundamental rights. While we eagerly await official comments, it’s clear here that the approaching digital future will stir up innovative regimes and possible friction between regulation and innovation. We just have to wait and see how this all pans out.
Source: Coindesk
