EU lawmakers want metaverse strategy that supports the bloc's businesses

European Union lawmakers want the bloc to lead in developing virtual worlds that support EU businesses. 

On Tuesday, the European Parliament's Committee on Internal Market and Consumer Protection voted in favor of a report that advocates for developing a metaverse strategy to reduce tech dependency on countries outside of the EU.

"Europe cannot afford to lag behind in the next digital revolution nor can we repeat past mistakes," EU Rapporteur Pablo Arias Echeverría said.  "As we step into web4 with the development of virtual worlds, we have to lay a foundation, rooted in strong EU digital rules, guiding principles, and values. Europe has to lead this transition, placing citizens at the heart of our digital future," he added.

Clear regulatory framework for metaverse development

The report called for a clear regulatory framework to support virtual world development. It stressed that most companies concerned with developing metaverse technologies are domiciled outside the EU.

It added that the EU should "foster a level playing field to bolster European businesses." It was also noted that many metaverse projects have been developed by "a few companies based outside the EU, which have the necessary resources and financial capabilities." The report thus called for the bloc to take a leading role instead.

The Committee on Internal Market and Consumer Protection's adoption of the report follows the European Commission's plans for the metaverse outlined this summer. In July, the bloc's executive body said supervision of the metaverse needs new standards and global governance.

The European Commission, the EU's executive body, has created a strategy on web4 and the metaverse. In this strategy, virtual worlds are defined as "persistent, immersive environments based on 3D and extended reality (XR) technologies."