At the National People's Congress, a decision was put forward to take immediate action on the regulation of the metaverses in order to ensure data security.
The metaverses have become the focus of government scrutiny after the telecommunications giants Tencent, ByteDance, NetEase и Baidu showed interest in them. In addition, companies have actively begun to stamp out patent applications for developments and branded products.
National Intellectual Property Administration of China (CNIPA) stated that approximately 16 trademark applications containing the word "metaverse" have been received.
According to the participants, inSechinese People's Assembly it has been noted that the metaverses are still in their infancy and therefore it is necessary to immediately implement the adopted regulatory measures so that the metaverses do not become a problem.
At the National Assembly, tasks were set to create rules for managing the metaverses, taking into account the specifics of Chinese laws. When developing the rules, it was recommended to pay attention to the construction of the legal system, laws and judicial interpretations in terms of confirming digital assets, preventing digital addiction and strengthening content security, as well as introducing innovations in the metaverse control mechanism.
The task was to develop standards and specifications for products related to virtual and real integration, such as interactive terminals. Also create a system of digital space standards, and increase attention to illegal activities.
China Banking and Insurance Commission (CBIRC) came out in February about illegal fundraising schemes disguised as metaverse scams, blockchain games, digital real estate, and cryptocurrencies. In this regard, the Supreme Court of China ruled that it would consider illegal any collection of funds in digital currencies, equating these transactions with fraud.
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