metaplatforms inc. is urging lawmakers to postpone creating new rules governing the metaverse.

In a policy paper released Friday, Meta argues that many of the world’s existing laws and regulations will also apply to activity in the metaverse, a catch-all term referring to an immersive virtual world that doesn’t yet exist in which users could one day work, play, shop and interact.

Edward Bowles, Meta’s head of fintech policy, told reporters that regulators could “hinder innovation” if they create an entirely new regulatory scheme for the metaverse.

It is common for corporations, particularly…