Experts agree that there are challenges ahead on the regulatory side of the metaverse.
Can the metaverse be defined in a single concept?
Analysis
The metaverse is a concept that covers a broad range of aspects of the internet and cannot be defined itself as a whole. When Facebook rebranded itself to ‘Meta’, it sparked discussions about the concept of the metaverse, and how it should impact the lives of the common internet user.
The metaverse can envision a digital economy, a virtual reality and a digital world. Nowadays, this single all-around concept remains widely discussed when we talk about web3 and emerging technologies.
The fact is that the metaverse industry keeps growing at a very fast pace, with emerging companies strengthening their business units to offer the best of this ‘world’. For the entertainment, economy and eCommerce the metaverse is here to stay.
Even mainstream companies like Meta, formerly Facebook, have started to tread waters in such a booming industry. The metaverse and NFT are concepts that are very compatible with each other and have grown in parallel across the board. So, there is a potential for an emerging technology like the metaverse to keep gaining momentum.
However, there are also discussions about the regulatory aspect surrounding the metaverse. As we discussed in our recent analysis of NFTs, there are concerns about how criminals and bad actors could rely on the metaverse to commit fraud, money laundering, and other cybercrimes, like it could happen in any other digital environment.
Challenges Ahead
Experts who talked with Finance Magnates agree that there are some regulatory challenges ahead for the development of the metaverse.
Jamilia Grier, the Founder and CEO at ByteBao, told Finance Magnates that it presents a range of challenges for governments and lawmakers. “One key question is how to deal with crime in the virtual world. There is really no easy answer, but as this space continues to grow in popularity, it’s inevitable that some users will take advantage of others and that crimes will be committed, and sadly, we can already see some of those happening now. Just as we have laws to address crimes in the physical world, it’s also important to have laws in place to deal with crimes committed in the metaverse,” she commented.
Grier believes that now is actually the ‘best time’ for governments to create new laws or apply existing laws to regulate transgressions in virtual spaces: “Assault, for example, should be addressed on a case-by-case basis by applying the laws of relevant jurisdictions. Some jurisdictions may remain silent, while others may actively pursue bad actors in order to ensure the safety of its current and future users, including our children.”
A Regulation is Needed
Also, Margaret Paproski, the COO, General Counsel and Co-Founder of InvestDEFY, agrees that the metaverse needs some form of regulation. “The challenge is establishing who should be setting those regulations, how they should be set, and what they should be. In the real world, we rely on Governments to implement safeguards, including consumer protections, privacy regulations and protection against fraud. However, these safeguards fluctuate from one country to another, which is not particularly conducive to the metaverse,” Paproski pointed out.
She said that one alternative is to create a separate metaverse government to establish appropriate rules and regulations, although she recognizes there are still challenges to address. “However, there would be challenges around enforcement that would need to be navigated. There are also countries that would not be onboard to allow its residents to be outside of its rules and regime (even virtually).”
Furthermore, experts agree that whatever approach is taken, regulating the metaverse will be a complex and ‘daunting task’ for governments around the world, as Grier highlighted.
The metaverse is a concept that covers a broad range of aspects of the internet and cannot be defined itself as a whole. When Facebook rebranded itself to ‘Meta’, it sparked discussions about the concept of the metaverse, and how it should impact the lives of the common internet user.
The metaverse can envision a digital economy, a virtual reality and a digital world. Nowadays, this single all-around concept remains widely discussed when we talk about web3 and emerging technologies.
The fact is that the metaverse industry keeps growing at a very fast pace, with emerging companies strengthening their business units to offer the best of this ‘world’. For the entertainment, economy and eCommerce the metaverse is here to stay.
Even mainstream companies like Meta, formerly Facebook, have started to tread waters in such a booming industry. The metaverse and NFT are concepts that are very compatible with each other and have grown in parallel across the board. So, there is a potential for an emerging technology like the metaverse to keep gaining momentum.
However, there are also discussions about the regulatory aspect surrounding the metaverse. As we discussed in our recent analysis of NFTs, there are concerns about how criminals and bad actors could rely on the metaverse to commit fraud, money laundering, and other cybercrimes, like it could happen in any other digital environment.
Challenges Ahead
Experts who talked with Finance Magnates agree that there are some regulatory challenges ahead for the development of the metaverse.
Jamilia Grier, the Founder and CEO at ByteBao, told Finance Magnates that it presents a range of challenges for governments and lawmakers. “One key question is how to deal with crime in the virtual world. There is really no easy answer, but as this space continues to grow in popularity, it’s inevitable that some users will take advantage of others and that crimes will be committed, and sadly, we can already see some of those happening now. Just as we have laws to address crimes in the physical world, it’s also important to have laws in place to deal with crimes committed in the metaverse,” she commented.
Grier believes that now is actually the ‘best time’ for governments to create new laws or apply existing laws to regulate transgressions in virtual spaces: “Assault, for example, should be addressed on a case-by-case basis by applying the laws of relevant jurisdictions. Some jurisdictions may remain silent, while others may actively pursue bad actors in order to ensure the safety of its current and future users, including our children.”
A Regulation is Needed
Also, Margaret Paproski, the COO, General Counsel and Co-Founder of InvestDEFY, agrees that the metaverse needs some form of regulation. “The challenge is establishing who should be setting those regulations, how they should be set, and what they should be. In the real world, we rely on Governments to implement safeguards, including consumer protections, privacy regulations and protection against fraud. However, these safeguards fluctuate from one country to another, which is not particularly conducive to the metaverse,” Paproski pointed out.
She said that one alternative is to create a separate metaverse government to establish appropriate rules and regulations, although she recognizes there are still challenges to address. “However, there would be challenges around enforcement that would need to be navigated. There are also countries that would not be onboard to allow its residents to be outside of its rules and regime (even virtually).”
Furthermore, experts agree that whatever approach is taken, regulating the metaverse will be a complex and ‘daunting task’ for governments around the world, as Grier highlighted.
Felipe earned a degree in journalism at the University of Chile with the highest honour in the overall ranking, and he also holds a Bachelor of Arts in Social Communication. In addition, he has been working as a freelance writer and Forex/crypto analyst, with experience gained from several forex broker firms and crypto-related media outlets around the world. He has been involved in the world of online forex trading since 2010 and in the crypto sphere since 2015.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔