EU stays on top of Web3 with metaverse, AI and crypto strategies

Over the past year, European Union leaders have expressed their desire to stay abreast of the latest Web3 developments.

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The European Union has been vocal about its place in the growing ecosystem of emerging technologies.

He has been a leader in establishing clear crypto regulations with his long-awaited Framework for Crypto Asset Markets (MiCA) enacted at the end of May. The EU has also advanced the creation of regulations for the development and deployment of artificial intelligence (AI) systems.

Most recently, on July 11, the European Commission released its latest plan to take the lead in metaverse development and prevent Big Tech from becoming too dominant in an economically viable industry.

A European vision of the metaverse

The latest EU proposal estimates that the size of the global metaverse development market will exceed €800 billion by 2030, up from a year-end value of €27 billion in 2022. McKinsey on the State of the Metaverse even has an estimated value of $5 trillion over the same period.

According to the initiative of the commission, it wants to move forward in the development of the metaverse to reflect the values ​​and fundamental rights of the EU, while encouraging openness and interoperability.

Margrethe Vestager, Vice-President of the European Commission, said the EU must have "people at the center" in order to shape it according to its principles.

"We want to ensure that Web 4.0 becomes an open, secure, trusted, fair and inclusive digital tool...