China to set up guidelines for metaverse regulation

Beijing is looking for ways to regulate the upcoming next iteration of the internet.
China plans to establish a working group to develop standards for the metaverse, as the country sees great potential in this technology.
According to a report from Reuters, the Ministry of Industry and Information Technology (MIIT) of China has released a draft proposal to create a working group for the metaverse, recognizing it as a crucial emerging technology sector.
The MIIT acknowledges that the metaverse still faces numerous challenges, and therefore, the government should ensure its healthy and orderly development through standardization and guidance.
While the ministry recognizes that the metaverse is an innovative integration of various cutting-edge technologies, it also highlights that the concept of virtual reality lacks clear definitions, leading to speculation in the market by capitalists and companies.
China Mobile, the country’s telecoms operator, proposed the development of a new system called the “Digital Identity System” in August 2023. This system aims to enable Chinese citizens to identify themselves in virtual reality by using different personal information. Additionally, it is designed to control and improve the behavior of Chinese citizens in the metaverse by implementing various ranks and scores.
Meanwhile, analysts at JPMorgan suggest that Chinese tech stocks could see an increase in value once the metaverse gains traction. According to their analysis, Chinese internet giants such as Tencent, NetEase, and Bilibili are expected to benefit the most from metaverse development. Non-web companies like China Mobile, Sony, and Agora could also reap the rewards if the country adopts this technology.
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