The European Union, South Korea and Japan announce plans to organize the Metaverse | ideas

Significantly every new technology, from cryptocurrencies to drones to artificial intelligence, poses a regulatory challenge. Governments must decide how to classify technology in existing laws, how those existing laws are applied and to what extent new technology requires new legal restrictions. Governments can take action in a number of ways: through new legislation, by reviewing regulations and other policies under existing law, or through litigation. Many national governments and international bodies are having exactly this conversation about the metaverse, with potentially significant implications for metaverse companies, their business partners and end users.

European Union: On September 14, 2022, Thierry Breton, EU Commissioner for the Internal Market, published, “People, Technologies and Infrastructure – Europe’s Plan to Thrive in the Metaverse Region. In part, Bretton noted confidence in existing law on metaverse issues, noting that “with the Digital Services Act (DSA) and the Digital Markets Act (DMA), Europe now has strong and forward-looking regulatory tools for the digital space. But the commissioner also clearly noted that metaverse regulation work has just begun, announcing the launch of the Virtual and Augmented Reality Industry Alliance, “bringing together stakeholders from key metaverse technologies” to develop a roadmap for further development. Breton stressed safety and competition concerns, promising that we “We will not see the new Wild West or the new private monopolies.”

South Korea: South Korea’s National Data Policy Commission announced on September 23, 2022 that it will do so Develop metaverse-specific regulatory modifications. The committee is chaired by South Korean Prime Minister Han Duk-soo and co-led by the Ministers of Science and Information and Communication Technology and the Minister of Interior and Safety.

The ad focused on metaverses as an issue that could “drive the success of national competitiveness”. Specifically, the commission found that South Korea’s existing framework for video games was insufficient to deal with the reverse issues. Earlier in the week, the vice chairman of the Korea Communications Commission, Ahn Hyung-hwan, met with the metaverse platform provider to discuss growing concerns about minors in South Korea. Exposure to sexual harassment on the metaverse platforms.

Japan: Earlier this year, Japan announced the creation of the Office of Web 3.0 Policy under the Ministry of Economy, Trade and Industry (METI) Drafting policies related to metaviruses. The ministry noted that “with metaverses becoming new personal interfaces especially among younger generations like Generation Z, digital spaces and assets could become more important” and that Web 3.0 pioneers may leave the country in search of less regulated options.

United States of America: In the United States, the most direct regulatory statement on the metaverse came in the context of the lawsuit brought by the Federal Trade Commission to Prevent Meta Acquisition of the popular metaverse app. According to the Federal Trade Commission, “the virtual reality industry offers a unique and immersive digital experience that is characterized by a high degree of growth and innovation,” but Meta’s drive to “conquer virtual reality” posed a threat to competition. “Meta, the global tech giant that owns Facebook, Instagram, Messenger and WhatsApp, is the largest provider of virtual reality devices, and also a leading app provider in the United States.” The FTC claims that by purchasing the fitness app, Meta has discouraged anyone else from creating such This application, which reduces future innovation and competitive rivalry.

Whether through the enforcement and expansion of existing laws or the development of new regulations, or through the soft regulation of policies and guidelines, the development of the metaverse will continue to occupy a central place in government debates around the world.

Holland & Knight’s strategic Metaverse team includes experienced attorneys who are recognized thought leaders in the field. The Metaverse strategic team represents dozens of clients, including Fortune 500 companies for tech startups, as these companies navigate the metaverse landscape.

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