In the year 2024, at the London Blockchain Conference, a significant announcement was made by the Swiss Metaverse Association. They presented their Regulatory Position Paper, which is supposed to help politicians in Switzerland and worldwide adopt suitable regulations for the fast-developing metaverse sector. This was arguably the most anticipated announcement during the three-day event, with people interested in understanding more about the possibilities of blockchain and virtual worlds.
The discussion was initiated by Dr. Daniel Diemers, a co-founder and a board member of the Swiss Metaverse Association. Since he comes from Zug, which is called Switzerland’s ‘crypto valley,’ his perspectives on the regulated advancement of the metaverse were very helpful. Surprisingly, Diemers received a positive response from the audience even though it was anticipated that there would be some form of resistance towards regulation in such a novel idea as metaverse. This shows that there is increasing recognition of the need for compliance and regulation within the blockchain and fintech industry.
Diemers elaborated on the reasons behind the Regulatory Position Paper, emphasizing the ongoing progressivity of the metaverse, like AI and the blockchain. He stressed that although people might speak and hear about metaverse more or less, it is here to stay as a permanent fixture. He wanted to ensure that researchers, young businesses, and regulatory authorities could engage in constant dialogue regarding the complex scenario of the metaverse.
The document titled ‘Establishing Clarity for the Metaverse’ classifies this emerging space into four distinct ecosystems: The topics of interest include Non-Fungible Tokens (NFTs), blockchain technology and digital assets, gaming and electronic sports, brands, influencers and creators, cloud computing and key technology players. These categories are essential in the formation of the structure of the metaverse and also show the kind of players that are converging in this environment.
To meet this goal, SMTV has created several working groups that deal with various aspects of the metaverse. These comprise arts and culture, insurance and payments, technology and infrastructure, consumption and fashion, regulation, tax, legal, and policy. In his presentation, Diemers focused on how their position paper will raise awareness among politicians about the upcoming regulation challenges in the metaverse.
Having seen the active involvement of these organizations in developing progressive legislation for blockchain and digital assets within the Swiss authorities, Diemers believes that a similar process can be successfully launched for the metaverse. The proposed strategy focuses on critical areas like virtual communication, learning, data privacy, property rights, taxation, identity checks, legal entities in this space, license requirements for virtual assets, and employment regulations.
Diemers emphasized the importance of using clear and concise language in their paper, as their work was to explain complicated technological concepts to policymakers. This was a continuing discussion during the conference.
In the last few minutes of the presentation, Diemers described a vision of modern society in which digital assets are linked to the metaverse. These assets shall be synchronized with advanced technologies such as artificial intelligence and blockchain. In a way, the final words of his speech were full of optimism about the possibilities of the metaverse coupled with a call to ensure proper guidance and governance of the new frontier. He urged the congregation to accept these developments positively while cautioning them that they should be well governed.
In doing so, he laid out an exciting and engaging vision of how science, rules, and their impacts on the world can blend in the future.
