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13th July 2022 APPG Discussion Meeting
A key output objective for the All-Party Parliamentary Group (APPG) on the Metaverse and Web 3.0 is to produce a policy white paper which will be circulated to Parliamentarians, legislative bodies, and key stakeholders across industries. This is intended to be a meaningful resource used directly by policymakers and industry leaders to make better and more informed decisions in the Metaverse and Web 3.0 space. You can read more about it and our call for contributions below.
The APPG on the Metaverse and Web 3.0 is delighted to announce its plans to conduct an inquiry into the Metaverse and Web 3.0 and subsequently produce a policy white paper which will be circulated to MPs and Lords, major legislative bodies, and key industry players. It was decided at the APPG meeting held on 13 July 2022 that there will be an accompanying call for contributions and evidence to assist with the policy white paper.
The aim of the inquiry and subsequent briefing policy white paper is to be a comprehensive and far-reaching analysis of the UK’s approach to the Metaverse and Web 3.0 space, aimed at ensuring future UK Government policy stimulates safe and sustainable innovation, takes advantage of the full potential of these rapidly growing technologies and is a global leader in this space. It is important that the right balance is struck so that the UK is not left behind during this period of great technological change.
The main focus areas for the policy white paper are:
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Highlighting the key opportunities, issues and risks for policymakers to consider in the Metaverse and Web 3.0 space;
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Providing a comparative analysis of the global policy, regulatory and legislative landscape surrounding the Metaverse and Web 3.0 scene internationally, and exploring where regulation is suitable and the extent to which it is required;
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Evaluating the current role and approach of UK regulators and legislators including, amongst others, HM Treasury, the Bank of England, the FCA, the PRA and the ASA; and
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Providing direct policy recommendations to the UK Government and leading stakeholders directly to support informed decision-making.
It is currently a very important time in the lifecycle of this rapidly growing space and the APPG’s goal is to ensure the UK’s timely introduction of forward leaning policy that is favourable for innovation and innovators, safe and sustainable for consumers and investors, and creates a climate of clarity, certainty and shared and lasting prosperity that leaves no one behind. Today’s world is increasingly interconnected, and new technologies intertwine themselves interchangeably between the private and public spheres, presenting opportunities, challenges and risks that necessitate cross-party and cross-stakeholder dialogue and cooperation in response. The APPG’s overarching aim is to ensure that UK policy keeps apace with and leads technological, economic, social, and geopolitical developments in this space across the world.
As the issues and topic areas that will be covered in this inquiry are broad and far-reaching, the APPG is inviting views and insights to draw upon from leading stakeholders; including organisations and corporations, industry experts, technologists, operators, regulators, academics, civil society figures and more from across a variety of sectors within this space. The final white paper resulting from this collaboration is intended to be a meaningful resource used directly by policymakers and industry leaders to make better and more informed decisions.
Additionally, the APPG will be holding several evidence sessions in Parliament to hear from key stakeholders and welcome expressions of interest from potential contributors.
The deadline for expressing your interest in contributing to the inquiry and white paper is 9th December 2022.
Call for Contributions and Evidence:
The APPG invites views from interested parties on the following areas of interest regarding opportunities, challenges and risks in the Metaverse and Web 3.0 space:
The UK’s existing approach to Metaverse & Web 3.0 policy and legislation compared to other countries
How do the UK’s policies and legislation currently compare, and what would make them more effective and sustainable?
Which models have worked most effectively and efficiently in other jurisdictions and why?
How does the current role and approach of UK regulators including the Bank of England, the FCA, the PRA and the ASA in this space compare to other countries’ financial and regulatory institutions and which are most effective?
Geopolitics
How far is the UK effectively working with international partners to further innovation and sustainable growth in this space?
What are the geopolitical considerations and challenges facing the UK in relation to the Metaverse and Web 3.0?
Does the UK have a cohesive approach in relation to these geopolitical considerations?
Infrastructure & Stimulating Responsible Innovation
How do we encourage innovation, whilst supporting and expanding the environment for safe, ethical, inclusive, and sustainable growth?
How far is the UK in developing infrastructure that facilitates the adoption of the emerging technologies in this space for consumers and institutions?
Are the UK’s current or planned infrastructure projects sufficient to position the UK as an innovation hub?
Sustainability
How do we best navigate and deal with the societal, environmental, economic and other implications regarding the space?
Safety for Children & the Vulnerable
How do we safeguard children and the most vulnerable in society when they engage with the space?
What are the parallels that can be drawn between the existing safeguarding failures in the Web 1.0 and Web 2.0 spaces and potential safeguarding risks in the Web 3.0 space, and how can they be addressed pre-emptively?
Education, Skills & Readiness
What tools, spaces, and organisation are necessary to inform the population about the skills and knowledge needed to understand, safely interact with and succeed in this space?
Governance, Cybersecurity & Data Protection
How can public and private regulators provide clarity and direction on the most effective and efficient governance structures, cybersecurity measures and data protection practices?
Consumer Protection
How do we ensure consumers are best protected against risks and crimes so that they can safely operate and engage in this space?
What policy measures are necessary for the UK to best manage and promote the KYC/AML (Know Your Customer/Anti-Money Laundering) risks associated with these technologies?
Tax Reform
What reforms can we make to the current tax system to further encourage and support the space in a fair manner that is both competitive and beneficial to the country?
Supporting and Incentivising Talent & Innovators
What support is necessary for those working in and building companies in the space in order to create the ideal conditions for them?
How do we ensure the best talent and companies come to, build in and stay in the UK? What are the best incentives that can be provided?
Diversity & Inclusion
How do we eliminate barriers to those from minority and low socio-economic backgrounds and ensure that the ecosystem is inclusive and representative?
Access to Capital
How can we best ensure that those working in and building in this space have access to the funding they need to grow and expand?
Levelling Up
How can we ensure that all parts of the country benefit from the full potential of these technologies so that nobody is left behind?
We also encourage submissions on any other relevant issues not listed above.
Submissions should be in Word or PDF format and emailed to contact@appgmetaverseweb3.com, along with some brief information on your experience to date and, if applicable, the organisation or company you represent. Please include citations to any sources featured in your submissions clearly using a consistent referencing style of your choice. Kindly note that we may also invite you to give oral submissions during the course of the inquiry.
The deadline for submissions expressing your interest in contributing to the inquiry and white paper is 9th December 202
13th July 2022 APPG Discussion Meeting
APPG Metaverse and Web3.0 July discussion meeting held on Wednesday afternoon, 13th July 4PM in House of Lords. MP members Baroness Uddin and Simon Fell,and Professor Yu Xiong and UKIIC Group Secretariat invited over 20 experts and young entrepreneurs in the field of Metaverse and Web3.0.
Baroness Uddin and Simon Fell MP gave welcome speech and Professor Yu Xiong introduce the background of the meeting and . Weixing Chen gave speech on Cryptocurrency Legislation and have panel discussion with experts to empathizes the importance of transparency, fairness and justice of Metaverse and Web3.0. Harry Zhang explained the Metaverse and economic system of Pixie. Deepali Shukla shared her opinion on the impact of Tokenomics.
Baroness Uddin and Simon Fell MP emphasis thhele importance for policy maker to listen to experts and understand the practice from experts and young entrepreneur. It’s important for APPG on Metaverse and Web 3.0 to provide the newest information and profound analysis for policy maker and protect the young generation from harm.
This is not an official website of the House of Commons or the House of Lords. It has not been approved by either House or its committees. All-Party Parliamentary Groups are informal groups of Members of both Houses with a common interest in particular issues. The views expressed in these webpages are those of the group.
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