One thing EU loves is regulation though, so I expect they will introduce preemptive regulations to enforce strict ID verification as well as regulations to fine big companies for breaching user privacy with strict ID verification policies.
AIUI, they have told Google to find a fix, or else.
I been living in SE Asia for few years each in Thailand, Malaysia, Indonesia, Vietnam and really didn't notice that this is supposed to be like major political problem.
'Fraud' is the same smoke screen and excuse as 'protect the children from social media or pedophiles'.