Regarding the Metaverse, according to the Minister of Foreign Affairs of the United Arab Emirates (UAE) on artificial intelligence, the authorities should create new laws to prevent users from committing crimes.
Why does the Metaverse need specific rules?
Metaverse refers to a virtual world where people can live, work and play through their avatar. Although it has not existed, there have been many technology companies investing billions of dollars in developing this technology. However, there are some safety concerns associated with the development of the field.
Speaking at the World Economic Forum in Davos, Switzerland, Omar Sultan Al Olama said the realistic nature of any metaverse into reality could allow people to be terrorized in ways currently not possible.
“If I go into the Metaverse and it’s an actual world that we’re talking about in the future, and I kill you, and you see that, it takes you to a certain extreme that you don’t have. you need to forcefully enforce the world because everyone agrees that certain things are unacceptable.”
Minister Al Olama said
In addition, Al Olama also said that migrating from one platform to another also needs to be possible, which means creating interoperability between separate this platforms developed by other companies. Agreeing with the Minister, Chris Cox – product manager of Meta (formerly Facebook), also affirmed that the world should bring international standards to this space.
For metaverse monetization, Chris Cox revealed Meta’s recent efforts in the crypto industry, such as rebranding the company, trademark registration for crypto tokens, wallets, and more. Coins and exchanges, launching their tickets for institutional applications, will help Meta generate revenue from the Metaverse through advertising to pull back a loss of nearly $3 billion in Q1 2022 for the suite alone. Company’s metaverse division.
“If you want quality services at scale, advertising becomes the most natural business model.”
Minister Al Olama shared
Minister Al Olama has reasons to be concerned about the Metaverse’s legality. Because in March, one of the emirates of the UEA, Dubai, officially issued a new regulatory framework for cryptocurrencies after the UAE Securities and Assets Authority completed the final steps to clear the way. Legal welcome crypto companies.
Not only that, but the newly established Virtual Asset Management Authority of Dubai (VARA) has set foot in the metaverse space through the establishment of a simulator headquarters on The Sandbox.
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