BEIJING, February 21 (TMTPOST) — China Mobile Communications Association (CMCA)’s Metaverse Industry Commission has released an industry convention on Monday, the association announced on its website.

The convention points out that the metaverse industry should serve the real economy and warns against speculative investments in the metaverse industry. In addition, the convention highlights the importance of compliance, industry cooperation and social responsibilities.

The convention points out that the industry should work together and oppose investment projects that use the metaverse concept to only raise funds and illegal financial activities such as issuing digital currencies in the metaverse. The convention also warns that the industry should be wary of speculative investments that might be incentivized by virtual real estate properties in the metaverse. Any suspicious activities shall be reported to the relevant authorities, according to the convention.

The CMCA Metaverse Industry Commission was established in October 2021 as a subsidiary unit of the CMCA. It is a non-governmental organization that dedicates to the healthy and sustainable development of the metaverse industry in China.

As of February 19, 2022, there are 84 companies and 40 individuals that are members of the commission. 21 of the 84 companies are publicly listed, including Shenzhen Zhongqingbaowang Network Technology, Inmyshow Digital, BlueFocus Communication Group, Yuanlong Yato and Zhejiang Jinke Tom Culture Industry.

“The metaverse is a popular concept in the market. It naturally draws the attention of criminals who wish to use it to scam others,” Shen Yang, Professor at the School of Journalism at Tsinghua University said. “The authorities have made timely warnings. The industry itself should also oppose speculation. It is imperative to have consensus and discipline in the industry to ensure healthy development of the metaverse industry. A consensus would provide constraints and standards for enterprises to some extent.”

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