- This was stated by Margrethe Vestager
- She believes it is time for the EU to change antitrust laws
- The block will present a global strategy for the metaverses in May
Today, March 2, the head of EU antitrust law, Margrethe Vestager, announced the need to assess competition in the metaverse market. And already in May of this year, the European Commission will present its strategy regarding the regulation of this sector.
“It’s time for us to ask ourselves, what should be healthy competition in the Metaverse?” Vestager emphasized in his statement.
Notably, in December last year, the EU issued a warning to Meta about the consequences of violating antitrust laws. In this way, the bloc is trying to keep the big tech giants from trying to dictate their terms in the new market.
And just a few days ago, the representative of the European Commission, Ivo Volman, stressed that the new EU policy should take into account issues of discrimination, security and data control.
It is obvious that the EU is trying to introduce the “rules of the game” in this segment in advance. Microsoft has not escaped suspicion, which now has a virtual monopoly in the AI-based software market with the ChatGPT application.
In her address, Vestager made it clear that the EU would not tolerate this. And the bloc plans to tighten antitrust requirements:
“There is a much broader debate that digital markets require close attention. I think all jurisdictions are moving forward on this issue in one form or another.”
What exactly will be the new format of the regulatory framework is unknown. But one thing is clear, the EU is trying to avoid a “concentration of power”, and this is always good for a developing segment. More “players” means more interesting products and solutions.
