According to a study from the European Commission that was leaked, a new type of global governance is necessary for the metaverse to remain open and legal.According to the draft document, which CoinDesk obtained, it wants to examine the legal obstacles to new forms of digital cooperation like decentralized autonomous organizations (DAOs) and also suggests loosening restrictions to encourage innovation.The document, a version of which is scheduled for publication next week, asserted that “virtual worlds bring unprecedented opportunities in many societal areas,” noting advantages for healthcare, education, and culture.New models of global governance are also impacted by this technological change.
To make sure the next generation of the internet “is shaped as an open, secure space, respectful of EU values and rules,” the statement added, international cooperation is required on issues like technology standards, identity management, censorship, and monitoring.In the document, it was stated that “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,” presumably referring to the international organizations that govern today’s online environment, such as the Internet Corporation for Assigned Names and Numbers (ICANN).
The commission stated that it plans to conduct a study to “identify the legal, administrative, and economic barriers that prevent their uptake” before the end of the year in order to explore the potential of new digital cooperation models, such as decentralized autonomous organizations, which serve as the foundation for many novel financial applications.According to the text, it will encourage “regulatory sandboxes” to test out quick projects under a laxer regulatory environment.The study also highlights the danger of powerful “gatekeeper” firms excluding rival competitors and of low-quality goods harming well-known brands.
Ursula von der Leyen, President of the Commission, made a commitment to produce the document in September of last year. According to authorities, they want the metaverse to uphold EU values like privacy and basic rights.An inquiry for comment was not immediately answered by a commission representative.