UAE and OKX Unveil Framework for Metaverse Self-Governance

blockchain.news:

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», t he Dubai Metaverse Strategy envisioned propelling Dubai into the ranks of the