As the metaverse industry develops, delegates say regulation is needed to govern data security.
China set a three-decade low GDP growth target at Saturday’s Two Sessions, the country’s most important set of political meetings, but the dim economic outlook didn’t stop the delegates’ heated metaverse discussion.
For the first time, the metaverse was studied at a national level. Over the past year, several tech giants in China have applied for patents related to the sector.
Kong Falong, a deputy to the National People’s Congress and a party secretary of a rural credit cooperative, told local media that he proposed building a national research institution.
Kong said that the country could take a leading position in the new race if it poured in more money to nurture talent and support metaverse technology developments.
Kong said that issues related to data security, information protection and speculation should be regulated.
China’s metaverse sector focuses too much on entertainment experience upgrades and lags behind in key technology developments according to a member of the Chinese People’s Political Consultative Conference.
The current state of the metaverse shows that there’s a need for regulation. Two more members of the CPPCC called for metaverse regulations in separate interviews with local media.
Chinese companies are going after the wave. The National Intellectual Property Administration said last month it had received at least 16,000 trademark applications.
Not all these projects are related to the metaverse.
China’s Banking and Insurance Commission issued a warning against fake metaverse projects, digital real estate, and cryptocurrencies.
“Strictly speaking, the CBIRC warning doesn’t mean it was suppressing the investment in the metaverse, but it was simply reining in on fraud and illegal fundraising surrounding ‘guarantees for high returns,’” Tony Wang, a partner of Beijing-based Tianyuan Law Firm.
“The warning, coupled with local governments’ action plans, shows that the country still wants to develop the metaverse amid the ongoing wave,” he said.
Local governments are also interested in opportunities.
According to People’s Daily, the Hongkou district government in Shanghai launched a fund for metaverse developments.
Beijing’s government announced measures to attract metaverse development to its district. There will be subsidies of up to 100% for metaverse-focused offices in the district.
Featured photo source unsplash.com
