By Bitcoin.com - 6 months ago - Reading Time: 2 minutes
UAE Government Unveils White Paper Focused on Metaverse Regulation
The United Arab Emirates government recently announced the unveiling of a white paper which underscores the potential of the metaverse but also the areas “where the global community must strengthen its preparedness.”
Globally Accepted Standards
The United Arab Emirates government recently unveiled a white paper dubbed the “Responsible Metaverse Self-Governance Framework.” According to a statement issued by the country’s Minister of State for Artificial Intelligence and Digital Economy, Omar Sultan Al Olama, this document primarily highlights the importance of having globally accepted operating standards.
The minister added that the white paper, which was produced in conjunction with the crypto exchange Okx, underscores not only the potential of the metaverse but also areas “where the global community must strengthen its preparedness.” Al Olama however warned that there are “several areas” which still “need further dialogue as we have highlighted in our paper.”
Acceptance and Legitimacy
In the 35-page white paper, the document’s authors espouse the importance of self-regulation and double down on why international cooperation is needed.
“Establishment of common minimum self-regulatory principles through international cooperation is one possible approach to counter this challenge. By working together to adopt self-regulatory measures that are effective, equitable and promote the safety and security of the metaverse users, the international community (namely, governments, industry and civil society) can help establish a global framework for responsible and sustainable growth of the metaverse,” authors of the whitepaper concluded.
The authors added that when this is done, it helps the space deal with acceptance and legitimacy issues.
Meanwhile, in a press statement, the UAE ministry conceded that “a significant gap” still exists which it blamed on the “absence of uniform regulations or a global code of conduct for operating within this emerging ecosystem.”
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Original source: Bitcoin.com