EU Lawmakers Call for Bloc to Lead Metaverse Development

According to CoinDesk, European Union lawmakers are urging the 27-nation bloc to take the lead in shaping the metaverse to reduce technological dependencies on other countries and support EU businesses. The call was part of a report by the European Parliament's Committee on Internal Market and Consumer Protection on the opportunities, risks, and policy implications of virtual worlds. The committee adopted the report on Tuesday with 31 votes in favor and two against. The committee's work follows the European Commission's plans for the metaverse published in July. The EU executive body did not propose any laws to cover the virtual worlds but said supervision of the metaverse needs new standards and global governance. The commission's strategy on Web4 and the metaverse defines virtual worlds as 'persistent, immersive environments based on 3D and extended reality (XR) technologies.' The committee report notes that metaverse projects have been developed by 'a few companies based outside the EU, which have the necessary resources and financial capabilities' and calls for the EU to take a leading role instead. Pablo Arias Echeverría, the rapporteur shepherding the initiative through the parliament, said, 'Europe cannot afford to lag behind in the next digital revolution nor can we repeat past mistakes. As we step into Web 4.0 with the development of virtual worlds, we have to lay a foundation, rooted in strong EU digital rules, guiding principles and values. Europe has to lead this transition, placing citizens at the heart of our digital future!' The lawmakers call for 'fostering a level playing field to bolster European businesses' and creating a suitable policy framework engaging other countries. The report also highlights the need to address risks related to mental health, data protection, consumer protection, and cyberviolence.