Governments around the world are working on constructive regulations for the crypto industry. The European Union is considered one of the most progressive governments when it comes to crypto and blockchain. Crypto Asset Markets (MiCA) must put the EU at the forefront. If Parliament has its way, good policies will be introduced Metaverse on.
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The EU wants better rules for metaverse and crypto
On Tuesday, the EU Committee for the Internal Market and Consumer Protection (IMCP) voted on new ones Metaverse lines. The country bloc wants to ensure that it is less dependent on other countries for the metaverse. It must also support European companies in their development. The proposal was adopted with 31 votes in favour, 2 against and 8 abstentions.
The European Parliament wrote this in a press release It must promote European values and even fundamental rights and consumers must also be well protected. The creators are calling for a “level playing field” and a leading role for the EU.
The committee also warns of possible health problems caused by Metaverse services. These include addiction, sleep problems, negative influences on cognitive development and “cybersickness”. The latter means that eye and joint problems can occur if, for example, you stare at screens for too long.
Echeverria, from the Spanish EPP, noted that Europe cannot afford to be left behind in the next digital revolution. According to him, the EU must try with all its might not to make the same mistakes as in the past.
Europe is leading the way in crypto regulation with MiCA
The EU is working hard when it comes to rules for crypto. And now also in terms of rules outside of crypto. The Metaverse is bigger than just the Metaverse projects that use blockchain. Facebook parent company Meta is also active in this area.
Earlier this year, Parliament approved MiCA. This regulatory package is now called MiCAR and the crypto industry is happy with it. Last summer, the EU attracted a huge amount of capital thanks to MiCA and three European cities immediately became a “crypto hub”.
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