The metaverse continues to be a hot topic in the Web3 space, as a group of industry professionals took to the Venus de Milo stage at Paris Blockchain Week 2023 to discuss the future of digital reality.
In the "Metaverse Regulation: Pros and Cons" panel, the group discussed how regulators around the world might interpret what happens in the metaverse, as well as how companies should navigate their entry into digital reality.
Lawyer and founder of Jacob Avocats, Julie Jacob, said she believes that privacy, regulation and ethical standards have "different cultures in different countries." According to Jacobs, the new challenge is to create regulations that can be applied worldwide:
โThere is no standard. It's really a fantastic opportunity, in my opinion, now to create rules all together and also to create ethical standards."
Arnaud Pelletier, director of innovation at IBM Consulting France, said regulation is key to ensuring "fairness, competition and the protection of people," especially as more companies enter the metaverse.
However, Pelletier stressed that too much regulation would have โdrawbacksโ such as limited innovation, too much interpretation, and stunted adoption.
Related: South Korea launches 'Metaverse Fund' to accelerate national initiatives
In the United States, this has already started to happen, according to Andy Albertson, a partner and co-head of Fenwick. He said that he is pushing "good, hard-working businessmen" out of the country to others that are more receptive:
โIt also creates an opportunity for countries that want to build on this innovation and provide an appropriate level of regulation.โ
For companies ready to jump into the space, Albertson said they need to "get comfortable with being uncomfortable" to succeed on Web3. As the industry continues to grow, there are still many "grey areas" to work with, he said, adding:
โYou have to be comfortable with strategic risk. I'm not talking about being reckless. I'm talking about marrying the business opportunity with the risk that you couldn't eliminateโ.
Recently, Margrethe Vestager, Executive Vice President of the European Commission, said that current legislation lags behind technology. He also said that the Commission wants to ensure "healthy competition" in the metaverse of its jurisdiction.
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