Given the regulatory struggle to keep up with ever-evolving innovations, Margrethe Vestager, Executive Vice President of the European Commission for a Europe fit for the digital age and Commissioner for Competition since 2014, said: , Metaverse and ChatGPT.
in the meantime busy On competition policy at the Keystone Conference, Vestager highlighted how the transition to digital and the digital economy has brought risks and opportunities. She believes the law has lagged behind technological advances, adding:
“We certainly didn’t act too fast. This could be an important lesson for us in the future.”
Enforcement and legislative processes continue to lag behind technological innovation, but Vestager stressed the need to anticipate and plan for such changes. she said:
“For example, it is already time for us to start thinking about what healthy competition should look like in the metaverse and how something like ChatGPT could change the equation.”
The Commissioner also revealed that the European Commission will conduct an antitrust investigation from May 2023 aimed at Facebook Marketplace and how Meta uses advertising-related data from rivals. .
Related: The limits of the EU’s new cryptocurrency regulation
On February 15th, the European Blockchain Regulatory Sandbox was launched. It will provide a forum for regulatory dialogue on 20 projects per year until 2026.
OXYGY, our consulting arm, announced today that @European Commissionthe application of the first cohort of the European blockchain regulatory sandbox for blockchain/DLT innovators is now open @EuropeanSandbox:#Blockchain #sandbox https://t.co/ZNbjUC Tubp pic.twitter.com/PtdS0oBS8p
— Birds and Birds (@twobirds) February 14, 2023
At the other end of the spectrum, European Union lawmakers are discussing the use of zero-knowledge proofs for digital identities. Cointelegraph’s report on the matter highlights:
“The new eID will allow citizens to identify and authenticate themselves online (via European digital ID wallets) without relying on commercial providers as they do today. and practices that have raised privacy concerns.”
Zero-knowledge proofs have become a hot topic for researchers as a way to ensure regulatory compliance and privacy in digital currencies.