Policy Interpretation | One article counts the policies and attitudes of various countries in the world towards Metaverse

The blockchain industry is still moving forward with heavy burdens, but Meta Universe is quickly out of the circle, especially after Facebook changed its name to Meta, the short-term popularity has soared to its peak. Many countries have actually begun to actively explore Meta Universe, but it is difficult to conceal policy concerns under the heat. . Then, what kind of explorations did each country make on the meta-universe? What other policies and regulations applicable to Metaverse have been promulgated?

 

picture

United States: Take the lead in proposing the concept of “Metaverse”, and supervision is concerned about data security

Americans are very rich in imagination, and their confidence and optimism for the future are driving Americans to continuously explore and innovate. It is these elements that created the soil for the meta universe to take the lead in the United States.

In 1992, the famous American science fiction writer Neil Stephenson put forward the concept of Metaverse in his novel “Avalanche.” The later meta-universe evolved from it.

In the description of “Avalanche”, due to the development of science and technology in the future, the concept of the country no longer exists. The entire world is managed by some large companies, and people no longer need to go out. In other words, the metaworld depicted in this novel satisfies all people’s illusions about the virtual world of Great Harmony.

In order to further explore the meta-universe, the United States established the first meta-universe company Roblox. The company believes that at least eight key characteristics must be met to construct the meta-universe: identity, friends, immersion, anytime, anywhere, diversity, low latency, economy and civilization. The concept of meta universe has been further refined because of the existence of this company.

After taking the lead in establishing Meta Universe, the current CEO of American Internet giant Facebook, Mark Zuckerberg, announced at the Facebook Connect conference last month that Facebook was renamed Meta, detonating Meta Universe on a global scale. In the United States, after Facebook changed its name, American companies such as Microsoft, Google, and Nvidia announced plans to deploy Metaverse.

While embracing Metaverse, US regulatory agencies focus on data security and privacy protection. After all, in Metaverse, whether it is directly provided by users or indirectly generated information data, such as biometrics, location and banking information, consumption Habits, gaming habits, etc., belong to the category of data security and privacy protection.

In order to curb data abuse and privacy leaks, US regulators have taken enforcement actions: In 2018, the Federal Trade Commission imposed a fine of $5 billion on Facebook’s consumer data breaches and imposed a $5 billion fine on the social media platform. Stricter privacy restrictions have been implemented. The heavy blow of the regulatory authorities has forced Internet companies to treat user data more cautiously.

While taking enforcement actions, U.S. regulators put forward ideas about data security: US Commodity Futures Trading Commission (CFTC) commissioner Brian Quintenz suggested that if smart contract codes are clearly foreseeable, they will be used by Americans to violate CFTC regulations. The contract’s code developer may be sued. This proposal of the regulatory authority has aroused widespread concern about data security during the development of blockchain projects.

The United States is the forerunner in the meta-universe field, and US regulatory agencies focus on data security and privacy protection issues.

 

South Korea: The government has the fastest response to the meta-universe and is actively exploring the meta-universe

On a global scale, the South Korean government has the fastest response to Metaverse and has established the Metaverse Association. According to October data, more than 200 Korean companies, including Samsung, have joined the association.

In addition, the Seoul Metropolitan Government, the capital of South Korea, recently announced that it will create a “Meta Universe Platform” to provide public services to citizens. By then, the Seoul Metropolitan Government will become the first local government in South Korea to provide a Metaverse service platform.

The South Korean government is also exploring ways to apply Metaverse to the tourism industry. According to the “Recovery and Re-Leap Forward Plan for the Tourism Industry” recently finalized by the South Korean government, the South Korean government will use the Metaverse platform to build a “Korea Travel Universe Platform” that integrates major Korean attractions and popular film and television drama locations, and promotes virtual reality such as Metaverse. The “dual track” system of tourism and actual visitor smart tourism.

With the support of the government, the Metaverse ETF is booming in South Korea. Data show that in October this year alone, South Korea launched four new ETFs focused on meta universe. In addition, this year the Korean Won Universe ETF attracted a total of approximately US$300 million in capital inflows. By the end of this year, the size of these funds is expected to exceed $600 million.

South Korea is an excellent student in the field of Metaverse, and the government’s active exploration has created good policy conditions for the development of Metaverse in this country.

 

Russia: Putin pointed out the direction for the development of Metaverse and regarded the formulation of the law as a challenge

In the view of Russia’s current President Putin, the value of Metaverse lies in allowing people to communicate, work, study, and implement joint innovation projects and commercial projects together no matter how far apart, not the purpose of people escaping from the imperfect real world. land.

In his view, in order for Metaverse to play its due value, it is necessary to regulate the economic and social relations of this “new world”. For legal scholars, this is a real challenge. The safety of individuals in cyberspace, as well as the safety of individuals’ virtual avatars in the metaverse, also require legal protection.

Putin has pointed out the direction for the development of Metaverse and expressed his determination to face the challenge directly, which has provided a larger imagination for the development of Metaverse in the country.

 

China: Enterprises are intensively deploying meta-universe, and speculation of risks becomes the focus of supervision

 Our country is not lagging behind on the track of exploring the meta-universe.

According to the data, as of November 17, my country has applied for 4368 “Meta Universe” trademarks, involving 689 companies. Among them, 4366 applications were filed in 2021, involving 688 companies. In other words, 99.9% of the “Yuan Universe” trademarks were registered and applied in 2021. On a month-by-month basis, there were 1995 applications for the “Yuan Universe” trademark in September this year, and a total of 1,515 applications for the “Yuan Universe” trademark in October. This is the peak month of applications this year.

In China, although there is no fund product directly named after Meta Universe, there are 7 Meta Universe themed funds. Among them, China CSI Animation Game ETF, Cathay Pacific CSI Animation Game ETF, and Huatai Bai Rui CSI Animation Game ETF are the most popular. .

It is worth mentioning that, following the establishment of the Metaverse Association in South Korea, the China Mobile Communications Federation’s Metaverse Industry Committee held an inauguration ceremony, marking the official inauguration of the first approved Metaverse Industry Association in China.

The meta-universe exploded in the country and gave birth to many meta-universe concept stocks. However, when the meta-universe concept sector is gaining momentum, regulators have issued letters of concern to companies such as Zhongqingbao and Tianxiaxiu that are suspected of being popular with the meta-universe, indicating that domestic regulators are highly concerned about the risks of meta-universe speculation.

In terms of law, the “Personal Information Protection Law of the People’s Republic of China” will be implemented on November 1, 2021, which includes strengthening the protection of sensitive personal information such as biometrics, and strengthening the control of personal information by individuals through the setting of limited portability. Breaking the platform data monopoly and setting different obligations and responsibilities for enterprises of different sizes provide feasible legislative ideas for controlling the information security risks caused by the explosion of the meta-universe.

The domestic way to explore Metauniverse currently remains on the preemptive registration of Metauniverse related trademarks, and similar hotness behavior has aroused the attention of regulatory agencies.

 

Concluding remarks

Although meta-universe is currently being actively explored at home and abroad, meta-universe is still a very new concept, and almost all countries have not issued relevant policies and regulations. It is expected that governments of various countries will tie the reins of joint supervision to the sustainable development of Metaverse.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/policy-interpretation-one-article-counts-the-policies-and-attitudes-of-various-countries-in-the-world-towards-metaverse/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.