The European Union’s antitrust chief has called for regulation of the emerging metaverse, a virtual world where people can interact and do business, to ensure healthy competition.
Margrethe Vestager, the European Commissioner for Competition, said that the metaverse is a “promising new technology” that could revolutionize the way people interact and do business. But she warned that it could also be used to create monopolies and stifle competition.
“We need to make sure that the metaverse is a level playing field,” Vestager said in a speech at the European Parliament. “We need to ensure that the rules of the game are fair and that no one is able to use the metaverse to create a monopoly or to stifle competition.”
Vestager said that the European Commission is already looking into the potential for anti-competitive behavior in the metaverse. She said that the Commission is considering a range of measures, including the introduction of a code of conduct for metaverse companies, the creation of a regulatory framework for the metaverse, and the establishment of an independent body to monitor the metaverse.
Vestager also said that the Commission is looking into the potential for data privacy and security issues in the metaverse. She said that the Commission is considering measures to ensure that users’ data is protected and that their privacy is respected.
The European Commission’s call for regulation of the metaverse comes as the technology is gaining traction in the business world. Companies such as Microsoft, Amazon, and IBM are investing heavily in the metaverse, and the technology is being used for a range of applications, from virtual conferences to virtual shopping malls.
Vestager said that the Commission’s goal is to ensure that the metaverse is a level playing field for all companies, regardless of size or sector. She said that the Commission is committed to ensuring that the metaverse is a fair and open platform for competition.
“We want to make sure that the metaverse is a place where everyone can compete on equal terms,” Vestager said. “We want to make sure that the metaverse is a place where innovation and creativity can flourish.”
The European Commission’s call for regulation of the metaverse is a welcome development for those who are concerned about the potential for anti-competitive behavior in the technology. It is also a sign that the Commission is taking the potential of the metaverse seriously and is committed to ensuring that it is a fair and open platform for competition.
