EU Commission to ensure 'healthy competition' in the Metaverse
Considering the regulatory struggle to keep up with ever-evolving innovations, Margrethe Vestager, the executive vice president of the European Commission, recommended a headstart into brainstorming implications of technologies such as the Metaverse and ChatGPT.
Vestager highlighted how digital transition and the shift to a digital economy have brought about risk and opportunities for the masses while speaking at the Keystone Conference about competition policy. She believes that legislations lag behind technological advancements, adding:
While the enforcement and legislative process will continue to stay a step behind tech innovations, Vestager stressed the need to anticipate and plan for such changes. She stated:
She also revealed that EU Commission would enforce antitrust investigations from May 2023 aimed toward the Facebook marketplace and how Meta uses ads-related data from rivals, among others.
Related: The limitations of the EU’s new cryptocurrency regulations
Feb. 15 marked the launch of the European Blockchain Regulatory Sandbox, which provides a space for regulatory dialog for 20 projects per year through 2026.
With our consulting arm OXYGY, today we announce, together with the @EU_Commission, that applications are now open for the first cohort of the European blockchain regulatory sandbox for blockchain/DLT innovators @EuropeanSandbox:#blockchain #sandbox https://t.co/ZNbjUCTubp pic.twitter.com/PtdS0oBS8p
On the other end of the spectrum, European Union lawmakers are in talks about using zero-knowledge proofs for digital IDs. Cointelegraph’s report on the matter highlighted:
Zero-knowledge proofs have recently been at the center of researchers’ attention as a possible means to ensure regulatory compliance
Read more on cointelegraph.com
