Metaverse and NFT Experts Call on EU Officials to Amend Regulations
Metaverse and non-fungible token (NFT) experts demand that EU authorities make the regulations correctly.
According to experts, regulation should focus on use cases rather than technology. Leading names of the industry came together with the European Parliament to discuss future web3 policies.
Metaverse and NFT Experts Draw Attention to Regulations
Ripple’s Markus Infanger said that the industry is still very new and adoption should be supported by regulations.
Stefan Berger, a Member of the European Parliament, who leads the MiCA museums, took part in the meeting.
In the MiCA bill, NFTs were kept more separate from cryptocurrencies.
“It is not the right approach to think of NFTs only as financial instruments,” said Fabian Vogelsteller, the name behind the ERC-20 token standard.
The European People’s Party, which represents the center-right wing of parliament, worked with Blockchain for Europe to organize an educational workshop covering use cases and policy recommendations for NFT and the metaverse.
Industry leaders said NFTs are not an asset class, highlighting their wide-ranging use cases from real estate to entertainment and commerce. It was emphasized that blockchain should be regulated according to different situations and that innovation should not be hindered.
“We welcome the edit – we hope you got it right,” Jeffery Haas, AtomicHub’s chief revenue officer, said at the meeting.
MEPs of the European Parliament Stefan Berger and Stelios Kympouropoulos assured their guests that the talks will continue.
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