Access Alert | UAE government calls to formulate advanced regulations for the metaverse

Access Alert | UAE government calls to formulate advanced regulations for the metaverse

Following the launch of the Dubai Metaverse Strategy at the Dubai Metaverse Assembly, the UAE government is formulating draft regulations for the metaverse. The government noted that regulations around privacy and data protection, cybersecurity, digital identity, digital inclusion, tokenisation, interoperability, and governance, are of importance. Interoperability and safety were identified as existing bottlenecks for metaverse development.

Financial sector regulators are likely to lead when it comes to the creation of metaverse policies and regulations. The Dubai International Financial Centre is drafting metaverse guidelines in consultation with the UAE’s Central Bank and Dubai’s Virtual Asset Regulatory Authority is working on the testing and validation of use cases, as well as the design and development of payment mechanisms.

The UAE government concluded that regulations for a new metaverse world order, would require regulators to wear a “referee’s” hat and move away from a gatekeeper’s mindset, and that collaboration between regulators is key to ensure harmonised regulations that support an interoperable metaverse. Lastly a multistakeholder approach is needed to ensure a “Responsible Metaverse” underpinning fundamental values of protection and safety, financial stability, accountability, and fairness.

Access Partnership is closely monitoring technology, regulatory and policy developments in all regions. For more information please contact Anja Engen at anja.engen@accesspartnership.com.

Related Articles

Access Alert: Landmark agreement reached on EU AI Act

Access Alert: Landmark agreement reached on EU AI Act

After three days of intense negotiations, late on Friday 8 December, EU policymakers reached a milestone political-level agreement on the...

11 Dec 2023 Latest AI Thought Leadership
Access Alert: Singapore launches new national AI strategy and regional LLM project

Access Alert: Singapore launches new national AI strategy and regional LLM project

The government of Singapore recently rolled out its updated national AI strategy, outlining 15 courses of action to implement over...

7 Dec 2023 Opinion
Saudi Arabia’s Race to AI Dominance with Dr. Mejdal Alqahtani – NextGen Tech

Saudi Arabia’s Race to AI Dominance with Dr. Mejdal Alqahtani – NextGen Tech

In this episode of NextGen Tech podcast, Access Partnership’s Rati Kvantaliani and Dr. Mejdal Alqahtani delve into the kingdom’s heavy...

6 Dec 2023 Opinion
Access Alert: European Institutions reach trilogue agreement on Cyber Resilience Act

Access Alert: European Institutions reach trilogue agreement on Cyber Resilience Act

Co-legislators in the EU institutions reached a trilogue agreement on the proposal for a Cyber Resilience Act following a late-night...

4 Dec 2023 Opinion