Skip to main content

UAE Government Unveils White Paper Focused on Metaverse Regulation

UAE Government Unveils White Paper Focused on Metaverse Regulation

The United Arab Emirates government recently announced the unveiling of a white paper which underscores the potential of the metaverse but also the areas “where the global community must strengthen its preparedness.”

Globally Accepted Standards

The United Arab Emirates government recently unveiled a white paper dubbed the “Responsible Metaverse Self-Governance Framework.” According to a statement issued by the country’s Minister of State for Artificial Intelligence and Digital Economy, Omar Sultan Al Olama, this document primarily highlights the importance of having globally accepted operating standards.

The minister added that the white paper, which was produced in conjunction with the crypto exchange Okx, underscores not only the potential of the metaverse but also areas “where the global community must strengthen its preparedness.” Al Olama however warned that there are “several areas” which still “need further dialogue as we have highlighted in our paper.”

Acceptance and Legitimacy

In the 35-page white paper, the document’s authors espouse the importance of self-regulation and double down on why international cooperation is needed.

“Establishment of common minimum self-regulatory principles through international cooperation is one possible approach to counter this challenge. By working together to adopt self-regulatory measures that are effective, equitable and promote the safety and security of the metaverse users, the international community (namely, governments, industry and civil society) can help establish a global framework for responsible and sustainable growth of the metaverse,” authors of the whitepaper concluded.

The authors added that when this is done, it helps the space deal with acceptance and legitimacy issues.

Meanwhile, in a press statement, the UAE ministry conceded that “a significant gap” still exists which it blamed on the “absence of uniform regulations or a global code of conduct for operating within this emerging ecosystem.”

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/k4yZMIh
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more