EU Lawmakers Advocate for Regulatory Framework to Foster Metaverse Growth

The European Parliament’s Committee on Internal Market and Consumer Protection has championed the establishment of a comprehensive regulatory framework to promote metaverse development and solidify the EU's position as a frontrunner in this emerging realm.

Key Takeaways:

• The committee adopted a “draft own-initiative report” on the metaverse’s prospects, risks, and policy implications for the EU bloc, with an overwhelming majority in favor.
• MEPs emphasized the need for clear rules to support metaverse development in accordance with the EU’s values, fundamental rights, and stringent consumer protection standards.
• They urged the European Commission to regularly assess the adequacy of existing digital regulations and introduce new legislation tailored to the metaverse landscape.
• EU Rapporteur Pablo Arias Echeverría stressed the importance of Europe taking a proactive approach to avoid falling behind in this technological revolution.
• The report acknowledged the metaverse’s potential benefits, particularly in healthcare, education, arts, logistics, and engineering.
• MEPs also raised concerns about potential health risks, including addiction, cybersickness, and impacts on children’s cognitive development, as well as cyber violence, financial fraud, and data privacy issues.

The EU’s commitment to crafting a robust regulatory framework for the metaverse signals its intention to foster responsible innovation and shape a future where the metaverse aligns with European values and safeguards user well-being.