This article has been republished with permission from Binance News.
According to Bitcoin.com: The United Arab Emirates (UAE) government revealed a white paper, titled the “Responsible Metaverse Self-Governance Framework”, with a focus on establishing globally recognized operating standards for the burgeoning metaverse. The statement, delivered by the country’s Minister of State for Artificial Intelligence and Digital Economy, Omar Sultan Al Olama, emphasized the potential of the metaverse, as well as the challenges the global community needs to address.
The white paper, produced in conjunction with crypto exchange Okx, highlights the need for international cooperation and self-regulation for a sustainable growth of the metaverse. The authors assert that a collaborative approach can help address acceptance and legitimacy issues in the metaverse.
However, the UAE government acknowledges that there is still a “significant gap” due to the “absence of uniform regulations or a global code of conduct” within this emerging digital ecosystem, and further dialogue is needed to bridge this gap.