Given the regulatory struggle to keep pace with ever-evolving innovations, Margrethe Vestager, Executive Vice President of the European Commission for a Europe ready for the digital age and Competition Commissioner since 2014, recommended anticipating the implications of technologies such as the metaverse and ChatGPT.
In his speech on competition policy at the Keystone Conference, Vestager highlighted that the digital transition and move to a digital economy have brought risks and opportunities for everyone. In his opinion, legislation lags behind technological advances:
“We certainly haven’t been too quick to act, and this may be an important lesson for us going forward.”
Although law enforcement and the legislative process will continue to lag behind technological innovations, Vestager stressed the need to anticipate and plan for these changes.. He claimed:
“For example, it’s about time we started asking ourselves what healthy competition in the metaverse should look like or how something like ChatGPT can change the equation.”
The commissioner also revealed that the European Commission would carry out antitrust investigations from May 2023 targeting the Facebook marketplace and how Meta uses data related to its rivals’ ads.
On February 15, the European Blockchain Regulatory Sandbox was launched, which offers a space for regulatory dialogue for 20 projects a year until 2026.
With our consulting arm OXYGY, today we announce, together with the @EU_Commissionthat applications are now open for the first cohort of the European blockchain regulatory sandbox for blockchain/DLT innovators @EuropeanSandbox:#blockchain #sandbox https://t.co/ZNbjUCTubp pic.twitter.com/PtdS0oBS8p
—Bird & Bird (@twobirds) February 14, 2023
With our consulting division OXYGY, today we announce, together with the @EU_Commission, that applications for the first cohort of the European blockchain regulatory sandbox for blockchain/DLT innovators @EuropeanSandbox are now open: #blockchain #sandbox https://t. co/ZNbjUCTubp pic.twitter.com/PtdS0oBS8p
At the other end of the spectrum, European Union lawmakers are in talks about using zero-knowledge proofs for digital IDs. Cointelegraph’s report on the matter highlighted:
“The new DNIe would allow citizens to identify and authenticate themselves online (through a European digital identity wallet) without having to resort to commercial providers, as is the case today, a practice that raises trust, security and privacy issues. .”
Zero-knowledge proofs have recently gained the attention of researchers as a way to ensure privacy and regulatory compliance in digital currencies..
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