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UAE and OKX Unveil Framework for Metaverse Self-Governance

The UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications Office has published a whitepaper on a “Responsible Metaverse Self-Governance Framework” with contributions from OKX, a notable player in the Web3 technology domain. This initiative is an answer to the burgeoning influence of the metaverse across diverse sectors and the consequential demand for a standardized operational paradigm.

The report, orchestrated by Minister Omar Sultan Al Olama alongside the Dubai Department of Economy and Tourism, emphasizes the metaverse’s expansive potential and the necessity for a global consensus on its operational norms as it becomes more ingrained in our daily routines. The metaverse’s ripple effects are discernible across a plethora of sectors including manufacturing, healthcare, tourism, retail, and education. Although the potential is extensive, the absence of clear operational standards, unified regulations, or a global code of conduct presents a significant challenge in this nascent ecosystem.

A core assertion of the whitepaper is the vital need for international cooperation to formulate self-regulatory principles that advocate for transparent, safe, and ethical operation within the metaverse. By encouraging synergy among governments, industries, and civil societies, a unified framework can be molded to guarantee the metaverse’s sustainable expansion while cementing its stance in the global digital economy. The “Responsible Metaverse Self-Governance Framework” is open for public review, available in both English and Arabic languages.

According to an official report titled “Dubai Metaverse Strategy”, the Dubai Metaverse Strategy envisioned propelling Dubai into the ranks of the top 10 global metaverse economies, bolstering its existing foundation of over 1,000 blockchain and metaverse-oriented companies. Through fostering innovation and R&D collaborations, the strategy aims to magnify the economic footprint of the metaverse, while promoting advanced ecosystems via accelerators and incubators. Additionally, it emphasizes nurturing talent and investing in future capabilities by extending support in metaverse education for developers, content creators, and digital platform users within the metaverse community.

Emphasizing the development of Web3 technology, the strategy outlines the creation of new governmental work models and sectoral advancements, notably in tourism, education, retail, remote work, healthcare, and the legal sphere. A significant part of the strategy is dedicated to setting global standards for building safe, secure platforms, and hastening the adoption of metaverse technologies by crafting requisite infrastructure and regulations. Underpinned by technology pillars like data, network, cloud, and edge computing, the strategy also underscores the importance of leveraging real-time data, machine learning, IoT, AI simulation, and blockchain to augment human cognitive processes, all while aiming to support over 40,000 virtual jobs by 2030 as part of a broader UAE governmental vision.

Image source: Shutterstock

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