The EU are planning to introduce their own type of global governance in order to keep the future of the metaverse open and secure, according to a leaked EU paper.

This European Commission document, which CoinDesk claim to have seen, was previously promised last year by Commission President Ursula von der Leyen, and is set to be published sometime next week. The paper states that virtual worlds “bring unprecedented opportunities in many societal areas” while proposing easing regulations in order to allow for innovation to thrive. There seem to be plans to look into the legal obstacles posed by DAOs and similar digital entities. 

In order to accordingly contribute to the growth of the metaverse, the EU suggests international engagement on various tech topics to successfully allow for an “open, secure space” that respects the rules and values of the EU. As such, this “technological shift also involves new forms of global governance” with the document stating the following:

“The Commission will support the creation of a technical multi-stakeholder governance process to address essential aspects of virtual worlds and Web4 that are beyond the remit of existing internet governance institutions.”

By the end of this year, the Commission plans to look into DAOs and similar models, undertaking a study that aims to “identify legal, administrative and economic barriers that prevent their uptake.” Sometime in early 2024, the paper states that there will be “regulatory sandboxes” through which various short-term projects will be tested using relaxed regulations. The EU are also well aware of the dangers that can arise when large “gatekeeper” companies are involved, warning that they may work to block any rival competition, while counterfeit goods could potentially undermine various brands. 

It’ll be interesting to see what else the EU has in store for the future of the metaverse, with this leaked info showing potentially a positive sign that they are heading in the right direction.