Meta recently issued a document recommending that the government suspend the new Metaverse regulatory rules, Meta urges that excessive regulations will stifle its growth and innovation.

According to Bloomberg News, Meta issued a policy document on Friday, urging policymakers to pause the development of new rules to regulate the Metaverse.

Meta is urging policymakers to hold off on creating new rules governing the metaverse

— Bloomberg Crypto (@crypto) December 3, 2022

The tech company believes that many of the world’s existing laws and regulations will also apply to operations in the metaverse, and that over-regulation could stifle innovation.

As previously reported, Meta CEO Zuckerberg said at the “New York Times” DealBook Summit on Wednesday that he remains optimistic about Metaverse’s prospects in “five to 10 years”. But he also acknowledged that Meta needs to operate in a “more efficient and disciplined manner” in the short term as the macroeconomic crisis forces the company to cut spending.

He noted that part of carrying things through in the long run was overcoming misgivings about its aspirations.

Mark Zuckerberg’s company has poured billions of dollars into its Reality Labs section, which is in charge of those V.R. and A.R. activities, and changed its name from Facebook to Meta in the last two years.

Even so, the release of a stark financial report revealed a $9.4 billion annual deficit for its metaverse sector. As a result, the company also laid off more than 11,000 workers in the first significant wave of layoffs in the social media giant’s history.

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