- The strategy proposes lax regulations to support innovation
- EC President Ursula von der Leyen promised the strategy in September last year
- The EC will explore DAOs and other new digital cooperation models
Amidst another delay of the European Commission’s metaverse strategy, which was due next week, real policy concerns have emerged about how it will cope with issues like privacy and property rights, CoinDesk reported, citing a draft document.
Strategy proposes lax regulations
The strategy also proposes lax regulations to support innovation. The EC claims it wants to review the legal barriers to DAOs and other novel forms of digital cooperation. According to the report, the document states that the metaverse will bring unprecedented opportunities in many facets of life and this technological shift will involve a new kind of global governance.
Global engagement is encouraged
The draft document goes on to say that global engagement on surveillance, censorship, identity management, and technological standards is required to ensure the next internet generation is built as a secure and open space that’s respectful of EU rules and values. It adds:
The Commission will support the creation of a technical multi-stakeholder governance process to address essential aspects of virtual worlds and Web4 that are beyond the remit of existing internet governance institutions.
It’s believed the document refers to international institutions that govern the internet of today, such as the Internet Corporation for Assigned Names and Numbers (ICANN).
Document has been delayed since last September
EC President Ursula von der Leyen promised the strategy in September last year. EC officials insist they intend for the metaverse to preserve basic rights and values like privacy.
The EC assures it will explore the potential of DAOs and other innovative models of digital cooperation, on which many new financial applications are based, by the end of 2023. The EC will carry out a study to identify economic, administrative, and legal barriers that “prevent their uptake.”
The Commission plans to promote “regulatory sandboxes” at the beginning of 2024 to test short-term projects under an easier regime. The document warns of the risk of counterfeit goods undermining brand items and bigger companies monopolizing the market.
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