EU stays on top of Web3 with metaverse, AI and crypto strategies 💼

🌐 The European Union has been vocal about its place in the rapidly expanding ecosystem of emerging technologies.

💼 It has been a leader in establishing clear crypto regulations with its long-awaited Markets in Crypto-Assets (MiCA) framework signed into law in late May.

🧠 The EU has also been pushing forward on creating regulations for the development and deployment of artificial intelligence (AI) systems.

🌍 Most recently, on July 11, the European Commission released its latest plan to take the lead in metaverse development and prevent Big Tech from becoming too dominant in an economically viable sector.

🏛️ The latest EU proposal estimated that the global market size for metaverse developments will exceed 800 billion euro by 2030, compared with its end-of-year value of 27 billion in 2022.

💡 According to the commission’s initiative, it wants to get ahead on metaverse development to reflect EU values and fundamental rights, along with a push for openness and interoperability.

🗣️ Margrethe Vestager, the vice president of the European Commission, said the EU needs to have "people at the center" in order to shape it according to its principles.

🌍 The commission held European Citizens' Panels in February and April of 2023, which focused on the metaverse. It aimed to formulate suggestions for a "vision, principles, and actions" that ensure EU-based virtual worlds are fair.

⭐ According to the commission, 140 EU citizens were randomly selected for participation, which resulted in 23 recommendations that guided the strategy.

💪 The current pillars that the EU has decided on for its metaverse strategy include empowerment and reinforcing skills to create a pool of specialists in the field of virtual worlds, supporting an EU Web3/4 on a business level, supporting societal progress and virtual public services, and shaping standards for open and interoperable virtual worlds.

#EU #MetaverseStrategy #Insights

Read the article: https://cointelegraph.com/news/eu-web3-metaverse-ai-crypto-strategy

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