Margrethe Vestager: Metaverse Hasn't Raised Competition Concerns

Head of EU antitrust, Margrethe Vestager, (photo: twitter @vestager)

JAKARTA - Metaverse, a shared cyberspace that can be accessed via the internet, has not raised concerns or needs for legislation to control it. This was said by the EU's antitrust chief, Margrethe Vestager, on Thursday, July 6.

"The initiatives to be put forward regarding the metaverse next week aim to help competition regulators understand the dynamics of the industry," Vestager said.

Facebook owners Meta Platforms, Microsoft, and Apple are developing metaverse products or services, sparking fears that these companies could benefit unfairly compared to smaller competitors like Roblox.

But Vestager said he had no concerns about competition.

"Actually, we see that there is a lot of innovation when it comes to cyberspace. I don't think any company can claim that they will master it, just like that, but that's what we want to find," he told reporters on the sidelines of the conference.

The initiative to be announced next week proposes guidance to participate in cyberspace and measures to counter counterfeiting, according to documents seen by Reuters.

Also proposed standards for open and interoperable cyberspace to avoid dominance of only a few companies and the introduction of regulatory sandboxes.

"The Commission (Europe) aims to create a Web 4.0 supported by open and highly distributed technology as well as standards that enable interoperability between platforms and networks, as well as freedom of choice for users," the document said.

Vestager said that a series of legislation adopted in the last five years to regulate Big Tech, from privacy to market power and future artificial intelligence regulations, could also be applied to the metaverse.

"In Europe, now we have a digital legislature. I think we have time to explore, to find out that we shouldn't jump directly into regulations as a first safety tool," Vestager said.

"We have to be very careful because now there will be a lot of work to be done for implementation, both for the Commission and member states."