Considering the regulatory struggle to keep up with ever-evolving innovations, Margrethe Vestager, the executive vice president of the European Commission, recommended a headstart into brainstorming implications of technologies such as the Metaverse and ChatGPT.

Vestager highlighted how digital transition and the shift to a digital economy have brought about risk and opportunities for the masses while speaking at the Keystone Conference about competition policy. She believes that legislations lag behind technological advancements.

While the enforcement and legislative process will continue to stay a step behind tech innovations, Vestager stressed the need to anticipate and plan for such changes. She stated:

“For example, it is already time for us to start asking what healthy competition should look like in the Metaverse, or how something like ChatGPT may change the equation.”

She also revealed that EU Commission would enforce antitrust investigations from May 2023 aimed toward the Facebook marketplace and how Meta uses ads-related data from rivals, among others.

(By ARIJIT SARKAR)