The EU Aims to Lead in the Development of the Virtual World, Focusing on Web4 and Metaverse Strategy

European Union lawmakers aim to lead in developing the virtual world to support EU businesses.

On Tuesday, the European Parliament’s Internal Market and Consumer Protection Committee voted in favor of a report endorsing the development of a metaverse strategy to reduce dependence on technology from non-EU countries.

EU rapporteur Pablo Arias Echeverría stated:

“Europe cannot lag behind in the next digital revolution, and we cannot repeat the mistakes of the past. As we enter the web4 alongside the development of the virtual world, we must build a foundation based on the strong digital rules, guiding principles, and values of the EU. Europe must lead this transformation, placing citizens at the center of our digital future.”

Clear legal framework for metaverse development The report calls for a clear legal framework to support the development of the virtual world. It emphasizes that most companies involved in metaverse technology development are headquartered outside the EU.

They further state that the EU should “promote a level playing field to boost European businesses.” The report also notes that many metaverse projects have been developed by “some companies based outside the EU, companies with sufficient resources and necessary financial capabilities.” Therefore, the report calls for the bloc to take a leadership role instead.

The European Parliament’s Internal Market and Consumer Protection Committee’s report aligns with the European Commission’s plans for metaverse, outlined earlier this summer. In July, the EU’s governing body stated that overseeing the metaverse requires new standards and global governance.

The European Commission, the EU’s executive body, has created a strategy for web4 and metaverse. In this strategy, the virtual world is defined as a “vibrant, sustainable environment based on 3D technology and extended reality (XR).”

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