The term “metaverse” has been widely discussed in the Web3 industry, and a group of experts gathered at the Venus de Milo stage during Paris Blockchain Week 2023 to explore its future. The panel, titled “Metaverse Regulation: Do’s and Don’ts”, delved into the potential interpretation of digital reality in different countries and how businesses can venture into this space.
According to Julie Jacob, a lawyer and founder of Jacob Avocats, privacy, regulation, and ethical standards have different cultural meanings in different countries. She emphasized the need to create regulations that can be applied worldwide, as there is currently no standard to follow. Jacob sees this as an opportunity to develop ethical standards that can govern the metaverse space.
Arnaud Pelletier, innovation director at IBM Consulting France, highlighted the significance of regulation in promoting fairness, competition, and protection of individuals as more businesses enter the metaverse. Pelletier maintained that too much regulation can stifle innovation, lead to too much interpretation, and impede the adoption of metaverse technology.
Andy Albertson, partner and co-lead at Fenwick, also acknowledged that too much regulation in the United States is causing many entrepreneurs to leave for more receptive countries. He advises businesses ready to enter the space to be comfortable with discomfort, as there are still many gray areas that need to be addressed. Strategic risks and business opportunities should be carefully weighed.
Margrethe Vestager, executive vice president at the European Commission, has recognized the need for legislation to catch up with metaverse technology. She stressed the importance of promoting healthy competition in the metaverse, within the jurisdiction of the commission.
The metaverse has enormous potential, but its development should consider the cultural differences of different countries while regulating businesses to ensure fairness, competition, and individual protection. Implementing appropriate regulations can create ethical standards that can be applied worldwide. However, too much regulation may hinder innovation and adoption of metaverse technology, and businesses need to be comfortable with discomfort and carefully evaluate risks and opportunities. Overall, the metaverse needs a comprehensive approach that balances legitimate interests and pursues healthy competition to maximize its full potential.