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Governments Join the Metaverse Battle: Will Regulation Follow?

In recent months, the Metaverse business, in conjunction with non-fungible tokens (NFTs), has become one of the hottest digital areas.

Financial experts even predicted that the market price might reach billions of dollars in the near future.

However, limitless potential is a plus for cyber criminals.

For the first time in history, the Metaverse was debated during China’s Two Sessions, the country’s most important annual political gathering.

The “Two Sessions,” also known as Lianghui, is one of China’s most important national events. The meeting was held on Saturday, March 5th this year. One of the key features is the inclusion of Metaverse in the event’s scope.

The phrase “metaverse” has recently gained popularity among Chinese cryptocurrency supporters.

As tech behemoths enter the fray, the space is fast expanding. Tencent Group, the world’s most powerful internet and technology company, filed 100 metaverse-related trademarks for its messaging app, music streaming platform, and game.

ByteDance, NetEase, and Baidu are among the Chinese multinational technology firms that have applied for metaverse patents.

During the discussions, Kong Falong, a deputy delegate to the National People’s Congress and the party secretary of a rural credit cooperative in Jiangxi’s southern province, proposed the formation of a new metaverse national research agency.

In the face of rising industry concerns, the delegate also stressed the vital need for proper regulation to manage data security, curb speculation, and secure information.

The metaverse is subject to control, according to Zhang Ying, a member of the Chinese People’s Political Consultative Conference, and the government should begin to respond.

Because China is notorious for having strong Internet restrictions, the future of the metaverse in China is a significant topic.

Regulators previously prohibited bitcoin trading, resulting in tighter supervision over the gambling industry. As a result of the emergence of virtual universes. So, many authorities have issued warnings about investing in stocks related to the metaverse.

Despite rumors that the government has banned NFT. Then, China looks to be welcoming to digital assets and the metaverse as a whole. It’s worth mentioning that China’s attitude differs from that of the rest of the globe on a regular basis.

China, on the other hand, is obviously one of the countries that realizes the metaverse’s potential.

According to Tencent CEO Martin Lau, the government prefers to favor the development of metaverse technology. That’s, as long as the user experience is appropriate and within the regulatory framework.
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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.