It seems regulators will not leave Meta, the parent company behind Facebook and Instagram, alone, even after the company abandoned its cryptocurrency projects. The new regulations drafted in the UK will target Metaverse developments.
If the metaverse concept matures into reality, it will change the way we have known social interaction. However, the question remains. Why take the trouble of creating a metaverse if it is going to be under the control of a few tech giants!
Meta, formerly known as Facebook, was notorious for its somewhat hostile attitude towards cryptocurrencies when it banned cryptocurrency ads. However, the company recently announced that it is rolling back the ban and allowing more crypto ads on its social media platform.
Many cryptocurrency exchanges have had problems with financial regulators in different countries. Some of them have had to shut down or move their operations to other countries. Others have been forced to look for ways to deal with supervisors and improve compliance.