Rethinking Public Acceptance Mechanisms and Ethical Frameworks for emerging technologies in the EU: The example of Virtual Reality

Manuel Resende Protásio (PhD candidate at the School of Law of University of Minho | FCT research scholarship holder – Bolsa UI/BD/152801/2022)

Introduction

The European Union (EU) faces a profound challenge in the regulation and oversight of rapidly advancing technologies such as Virtual Reality (VR). As technological progress accelerates, the mechanisms that assess, accept, and regulate such innovations are being tested like never before. This article seeks to unravel the complexities of these mechanisms, exploring how the EU addresses ethical, social, and economic challenges arising from VR through public consultations, impact assessments, and legislative initiatives such as the “Better Regulation” agenda.

Drawing attention to key institutions such as the European Commission and advisory bodies like the European Group on Ethics in Science and New Technologies (EGE), we examine their roles in shaping the regulatory landscape. At the heart of this inquiry is the question: how can the EU balance the often competing demands of innovation, public safety, data protection, and ethical standards?

By delving into real-world applications and regulatory obstacles—such as the effects of VR on mental health, consumer protection, and data concerns—this article presents an in-depth analysis of the current regulatory framework. Ultimately, the aim is to advocate for more transparent, inclusive, and adaptive approaches to governance, which are vital for fostering innovation while safeguarding societal interests.

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“Fintech”: in search of a legal definition

by Carlos Goettenauer (PhD Candidate at University of Brasília)

During the last decade, the term “fintech” gained popularity and became a topic of discussion among market agents and financial regulators all around the world. The term’s origin, however, can be traced to the early 1990s, when Citigroup established the “Financial Services Technology Consortium”[1]. As with any other nascent buzzword, its meaning remains a subject of debate and controversy among many social actors. Market agents tend to associate the term “fintech” with innovations on financial systems and on so-called “market disruptions”, linking it to other common Silicon Valley tropes, such as “disintermediation” and “consumer-empowerment”. On the other hand, financial industry incumbents, and even its regulators, may wish to broaden the meaning of the term “fintech”, in order to fit all sorts of technological innovation under its umbrella. Considering its many possible meanings, it is time we ask whether there is space for a legal definition of “fintech”.

The law often plays a major role in reducing polysemy in contested expressions. Legal predictability and normative stability require terms to be precisely defined and agreed upon. This way, a legal definition (or even a statutory definition) of “fintech” would aid authorities in grounding their regulatory efforts, thus producing a more stable and predictable legal environment for both entrants and incumbents.

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The importance of a conceptual reform in the regulation of emerging technologies

by Manuel Resende Monteiro Protásio (LL.M Law & Technology, Tilburg University)

Whenever a different situation or circumstance emerges in society, we, as a group of individuals, instinctively react by trying to comprehend it. The first individual and social construction that we build to understand reality in a consensual way is language itself.

Although our thoughts and concerns on how we perceive society may differ, as language, legal concepts try to establish a consensus between Law and almost every aspect of human life. If we add a new element to our human interactions, like technology, one should ask the question if this new element in our reality requires new language to understand it, or new legal concepts to regulate it.

The need to conceptualize the way we interact with our environment is inherent to our nature. In fact, Language and Law are the most established and sophisticated social constructions that people designed to control their interpersonal relations as well as the environment around them. Both are models of interpretation of our reality and tools that we created to control what we perceive. If we consider the impact of emerging and disruptive technologies in our society, we must assume that the need for a new conceptual approach to regulate technologies is undeniable.

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