During critical political meetings in China, the Metaverse Regulation Studies found themselves at the debates’ center. The Chinese delegates, all aware of the impact of this sector in the future, wished to establish their regulations during their discussions.
They believe that urgent action is needed to prevent this sector from endangering data security and encouraging speculation.
The Metaverse is gaining momentum in China, and it raises questions. It was integrated into the government plans at the beginning of the year; now, the Chinese authorities point out that its development is not without consequences.
The government is well aware of the challenges of this sector in the field of data security.
The Metaverse Regulation Studies in China
After scrutiny of the industry, the government saw the importance of governing data security and ensuring information protection in this booming industry.
In addition, significant speculation is observed in the middle of the metaverse. There are many frauds and illegal fundraising schemes related to this sector in China.
More and more dishonest people are launching fake metaverse projects to extort large sums of money.
The Chinese authorities have decided to take measures to end these situations. To that end, MP Kong Falong suggests the establishment of a national research institution in the metaverse. Action will also be taken against sponsors of illegal projects in the sector.
When considering the regulation of the metaverse sector, the Chinese government intends to contribute to the development of this sector.
MP Kong told local media that we must support the technological development of the metaverse sector to position China as a leader in this field. According to the town’s newspaper, one of the measures taken to this end is launching a fund of $158 million to develop this industry further.
The Tongzhou government in Beijing, which does not want to remain on the sidelines of the development of the metaverse, has also taken action.
He intends to subsidize the rental costs of all the premises installed in his district to work on the metaverse.
The Chinese government quickly understood that the metaverse is less and less compatible with respect for privacy.
They also noted that with the development of this sector, more and more speculations are observed.
Therefore, they decided to take action to curb these situations before they escalate by regulating the Metaverse. At the same time, it intends to participate in developing this sector through concrete actions.