Contemplating the regulatory battle to maintain up with ever-evolving improvements, Margrethe Vestager, the manager vp of the European Fee for a Europe match for the digital age, and commissioner for competitors since 2014, beneficial a headstart into brainstorming implications of applied sciences such because the metaverse and ChatGPT.
Whereas speaking about competitors coverage on the Keystone Convention, Vestager highlighted how the digital transition and the shift to a digital economic system had introduced dangers and alternatives for everybody. She believes that laws lags behind technological developments, including:
“We now have definitely not been too fast to behave — and this may be an vital lesson for us sooner or later.”
Whereas the enforcement and legislative course of will proceed to remain a step behind tech improvements, Vestager pressured the necessity to anticipate and plan for such modifications. She said:
“For instance, it’s already time for us to begin asking what wholesome competitors ought to appear like within the metaverse or how one thing like ChatGPT could change the equation.”
The commissioner additionally revealed that the European Fee would implement antitrust investigations from Might 2023 aimed on the Fb market and the way Meta makes use of ads-related knowledge from rivals.
Associated: The restrictions of the EU’s new cryptocurrency laws
Feb. 15 marked the launch of the European Blockchain Regulatory Sandbox, which supplies an area for regulatory dialog for 20 tasks per yr by means of to2026.
With our consulting arm OXYGY, right this moment we announce, along with the @EU_Commission, that functions are actually open for the primary cohort of the European blockchain regulatory sandbox for blockchain/DLT innovators @EuropeanSandbox:#blockchain #sandbox https://t.co/ZNbjUCTubp pic.twitter.com/PtdS0oBS8p
— Chook & Chook (@twobirds) February 14, 2023
On the opposite finish of the spectrum, European Union lawmakers are in talks about utilizing zero-knowledge proofs for digital IDs. Cointelegraph’s report on the matter highlighted:
“The brand new eID would enable residents to establish and authenticate themselves on-line (by way of a European digital id pockets) with out having to resort to industrial suppliers, as is the case right this moment – a follow that raised belief, safety and privateness considerations.”
Zero-knowledge proofs have lately been on the middle of researchers’ consideration as a means to make sure regulatory compliance and privateness in digital currencies.