European Union lawmakers have called for a new legal framework for the burgeoning metaverse, referring to a study by the European Parliament’s Committee on the Internal Market and Consumer Protection. The report argues in favour of global oversight and management of the metaverse to help EU companies reduce technological dependence.

• Lawmakers in the European Union have called on the 27 member states to take the lead in creating new legal guidelines for the metaverse
• The European Parliament’s Committee on the Internal Market and Consumer Protection has published a study on the risks, potential and policy implications of virtual worlds.
• The study concludes that a new system is needed to support businesses in the EU and reduce technological dependence on other countries.

Legislators in the European Union have called on the 27 countries of the Union to take the lead in creating new legal guidelines for the evolving metaverse.

The European Parliament’s Committee on the Internal Market and Consumer Protection has published a study on the risks, potential and policy implications of virtual worlds. It states that a new system is needed to support businesses in the EU and reduce technological dependence on other countries.

It is a list of virtual worlds that make up the collaborative, interactive and potentially immersive internet of the future. The report was adopted by the Committee with broad support.

The work of the EP Committee is in line with the proposals on the metaverse published by the European Commission in July. The Commission did not propose legislation, but stated that global governance and new guidelines for monitoring the metaverse were needed.

Virtual worlds are defined in the European Commission’s Metaverse programme as immersive, sustainable experiences based on augmented reality and three-dimensional (3D) technologies. A statistical study by BanklessTimes.com predicts that the number of metaverse users will soon exceed 600 million, mainly thanks to advances in generative artificial intelligence (AI).

The paper calls on the EU to lead the way and points out that several non-EU companies have launched metaverse projects because they have financial capacity and other resources.