South Korean officials are working on a Metaverse Industry Promotion Law. This is the newest authorities bid to promote the development of the metaverse industry in the country. It is not the first initiative South Korea has taken to establish a presence in the metaverse and web3 sector.
South Korea Creating Legal Policies For Metaverse
According to local media, the Metaverse Industry Promotion Law was introduced by representative Eun-ah Huh and will concentrate on setting the foundation for numerous metaverse-related regulations.
South Korean authorities are dedicating a separate committee to work on metaverse policy. The Metaverse Policy Review Committee will work with the Minister of Science, Technology, and Information and Communication.
The authorities will discuss various questions related to metaverse industry development, including supporting related industries and protecting users’ rights.
South Korea is a First Mover in Metaverse Industry
South Korean policymakers have concentrated on creating the foundation for a metaverse sector. The country’s government made a $177.1 million investment in the metaverse industry. It is one of the first investments made by a national government in emerging business.
The investment was part of the Digital New Deal agenda that seeks to kickstart the metaverse industry in South Korea by supporting companies and creating 2 million new jobs.
The investment is made in the form of grants to universities and private businesses engaged in a range of endeavors, such as the creation of metaverse platforms, instruction, and holographic and virtual reality (VR), AR, and augmented reality (AR) technology. Creators of Solana blockchain have also announced a $100 million fund for web3 startups in the country.
South Korea’s Ministry of Science and ICT, on August 26th, 2022, released the first set of ethical principles for the metaverse that should set a standard for a new digital frontier.
The priorities that it has laid out are self-identity, safe enjoyment, and sustainable prosperity. Authenticity, reciprocity, autonomy, data protection, fairness, respect for privacy, accountability, and inclusiveness were also emphasized by authorities as being fundamental values. These are intended as guidelines for preventing abuse, harassment, and bullying.
On the Flipside
- Governments must dive deeper into high tech to understand such technology as the metaverse. Also, they will have to make informed decisions in law-making to make sense of both the opportunities and the risks that embracing web3 technology brings.
- One of the numerous issues governments and policymakers will have to address in the following years is how metaverse technology will work with current legislation.
- NFTs, a crucial part of many metaverses, remain in a legal gray area in South Korea. NFTs are not subject to the same rules as cryptocurrencies in the country.
Why You Should Care
South Korea has become a global technology superpower in recent decades, with companies like Samsung (KS:005930), LG, and Hyundai. The metaverse is projected to be the next big thing in the tech world and the next iteration of the internet. If the South Korean government gets its way, metaverse business may be the next big thing for the country.
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