Contemplating the regulatory wrestle to maintain up with ever-evolving improvements, Margrethe Vestager, the European commissioner for competitors since 2014, beneficial a headstart into brainstorming implications of applied sciences such because the metaverse and ChatGPT.

Vestager highlighted how digital transition and the shift to a digital financial system have led to threat and alternatives for the lots whereas speaking on the Keystone Convention about competitors coverage. She believes that legislations lag behind technological developments, including:

“We’ve got actually not been too fast to behave – and this may be an essential lesson for us sooner or later.”

Whereas the enforcement and legislative course of will proceed to remain a step behind tech improvements, Vestager burdened the necessity to anticipate and plan for such modifications. She acknowledged:

“For instance, it’s already time for us to start out asking what wholesome competitors ought to appear like within the Metaverse, or how one thing like ChatGPT might change the equation.”

She additionally revealed that EU Fee would implement antitrust investigations from Might 2023 aimed towards the Fb market and the way Meta makes use of ads-related information from rivals, amongst others.

Associated: The limitations of the EU’s new cryptocurrency regulations

Feb. 15 marked the launch of the European Blockchain Regulatory Sandbox, which offers an area for regulatory dialog for 20 initiatives per yr by 2026.

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 permit residents to determine and authenticate themselves on-line (by way of a European digital identification pockets) with out having to resort to business suppliers, as is the case at present – a apply that raised belief, safety and privateness issues.”

Zero-knowledge proofs have just lately been on the middle of researchers’ consideration as a doable means to make sure regulatory compliance and privateness in digital currencies.