As technology becomes more entrenched in our lives, the need to regulate areas such as the metaverse, AI and cryptocurrencies becomes more pressing. In response to this development, the United Arab Emirates recently presented a white paper to structure the world of the metaverse.
A white paper for a clear vision of the metaverse
The metaverse is gradually being integrated into our daily interaction with technology. While this integration offers advantages, it also raises challenges. Faced with this situation, the government of the United Arab Emirates has developed an innovative plan to regulate this field.
On October 13, Omar Sultan Al Olama, the Minister of State for Artificial Intelligence, teamed up with Web3 technology specialist OKX to unveil a white paper entitled “Framework for Responsible Metaverse Self-Governance”. This document underlines the need for universally recognized operational standards.
Al Olama emphasizes the incredible opportunities offered by the metaverse, while pointing out areas requiring further thought.
The essence of this 35-page document is based on the idea of self-regulation. Faced with the meteoric rise of the metaverse, the author proposes that principles of self-regulationare the way forward.
The ambition is well defined: by encouraging cooperation between public institutions, industry and civil entities, it is possible to set up a robust framework for sustainable growth of the metaverse and consolidating its role in the digital economy.
Faced with the rapid growth of this digital universe, the introduction of appropriate regulations for the metaverse is proving inescapable. United Arab Emirates are pioneering a path towards balanced regulation of the metaverse and cryptocurrencies.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.