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‘Get comfortable with discomfort’ for Web3 success: PBW 2023

A group of professionals in Web3 took to the Venus de Milo stage at Paris Blockchain Week 2023 to discuss the dos and don’ts of metaverse regulation.

Virtual world is once again a hot topic in Web3 interior space, and a group of industry professionals stepped onto the Venus de Milo stage at Block chain Technology week in Paris, France, in 2023 to discuss the future of data real life.

In the panel discussion on "Virtual World Governance: what to do and what not to do", the panel discussed how regulatory organizations around the world are likely to explain what is happening in the virtual world and how companies should access the data reality.

Julie Jacob, a master and founder of Jacob avocado, said that in her view, privacy, regulation and moral standards "will have different culture and art in different countries." Jacob feels that the new challenge is to develop policies and regulations that can be applied internationally:

"there is no norm," he said. I think this is really a great opportunity to set standards together and ethical standards.

Arnaud Pelletier, director of breakthrough at IBM France's consulting management firm, says regulation is the key to ensuring "fairness and business competition", especially as more companies enter the virtual world.

However, Pelletier noted that many regulations will have "defects", such as limited independent innovation, too much expression and obstacles in selection.

Yang Zi Albertson, Fenwick partner and head of the joint meeting, says such things are now starting to happen abroad. In his view, this has driven "outstanding, hardworking entrepreneurs" out of the country to other receptive people:

"it also creates opportunities for countries that are looking to participate in this indigenous innovation while providing an appropriate level of regulation."

Albertson says that for companies that are prepared to jump into this field in advance, he needs to "blend in with discomfort" to succeed at Web3. With the steady growth of the industry, there are still a lot of "black zones" to address, he said, adding:

"you must be very satisfied with the strategic risk. I'm not talking about recklessness. I'm talking about combining entrepreneurial opportunities with risks you can't get rid of.

Margaret Vestager, deputy executive secretary of the European Commission, recently made it clear that the law at this stage lags behind technicality. She also made it clear that the federation looked forward to ensuring "mutual cooperation" in virtual reality technologies within its jurisdiction.

by Savannah Fortis
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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