The UAE introduces a “Responsible Metaverse Self-Governance Framework” emphasizing the need for globally accepted standards. Collaboration with Okx and a call for international cooperation in self-regulation are at the forefront.

The United Arab Emirates government, in collaboration with crypto exchange Okx, has introduced a 35-page white paper called the “Responsible Metaverse Self-Governance Framework.” This initiative underscores the importance of self-regulation and highlights the need for international cooperation in establishing common self-regulatory principles. By doing so, the international community, including governments, industry, and civil society, can pave the way for responsible and sustainable growth in the metaverse.

The authors of the white paper stress that the absence of uniform regulations or a global code of conduct has created a significant gap in the metaverse’s development. This document aims to address this challenge by promoting effective, equitable, and secure self-regulatory measures. It seeks to enhance the acceptance and legitimacy of the metaverse while acknowledging that further dialogues are needed to navigate certain areas. The UAE’s commitment to fostering globally accepted operating standards marks a significant step in the evolution of the metaverse.