Meta urges policymakers to keep hands off metaverse regulation

Meta urges policymakers to keep hands off regulation of the metaverse. According to Bloomberg.

According to the analytical paper, many of the existing rules and norms will also apply to activities in the metaverse. Meta’s head of fintech policy Edward Bowles said regulators could ‘hamper innovation’ if they craft an entirely new regulation for virtual worlds.

Meta’s statements came amid governments’ fight with the consequences of the collapse of the cryptocurrency exchange FTX. However Bowles said the document appeared long before the current crisis.

“I really urge people to think very carefully about how to respond to specific incidents, rather than apply a universal approach,” he said.

The document calls for closer cooperation between government and the private sector with any new rules that arise in the future, and to step back when the industry creates its own standards.

“Regulators should foster forward-looking, collaborative relationships with industry participants. Where they convene to work on open forums, we urge governments to consider ways to support and adopt standards,” the document says.

Earlier, Margrethe Vestager, the EU’s digital technology chief, urged regulators to study metaverses closely. French authorities have also proposed extending EU privacy rules to the technology.

In October, Mark Zuckerberg confirmed the company’s bet on the metaverse.

In the same month, Meta reported the division’s losses of $3.7 billion.

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