EU's leaked metaverse strategy proposes regulatory sandbox and new global governance

The Metaverse needs a new type of global governance to remain open and legal, according to a leaked European Commission document, which also proposes deregulation to help innovation and expresses a desire to study decentralized autonomous organizations (DAOs), CoinDesk reported. legal barriers to new types of digital cooperation. The document claims that the Metaverse brings unprecedented opportunities to social fields such as healthcare, education, and culture. “The committee will support the establishment of a technical multistakeholder governance process to address fundamental issues of the Metaverse and Web4 that fall outside the purview of existing Internet governance bodies,” the document states. Early next year, it will promote a "regulatory sandbox" to test short-term projects under a more relaxed regime, the document said.