South Korea Escalates Its Efforts For Metaverse Regulation

Since the beginning of 2022, along with other many countries, South Korea is also focusing on the expansion of its enterprise for the sake of Metaverse. Such expanding efforts are based on the significant investment to formulate the regulatory framework.

South Korea keep on concentrating on the roots of Metaverse and Web3. South Korea is looking forward to carving out a bigger platform by investing around 200 million dollars as after the successful publication of “Metaverse Ethical Principals” and the creation of the Korean Metaverse Ecosystem; governing state is formulating “Metaverse Industry Promotion Law” with the above-mentioned investment.

Announcement of Metaverse Enactment

On the 1st of September, 2022 Heo Eun-ah, an ex-entrepreneur and a distinguished member of the national assembly of South Korea focused on the ongoing agenda related to Metaverse Industry to enact that and for promotional purposes which will ultimately assist the Web3 enterprise. Moreover, Prime Minister’s subordinate committee for Metaverse Policy will review and work on the metaverse expansion for sake of the state’s prosperity.  And many of the members of the national assembly of South Korea appreciated the concerns of Eun-ah and his proposed proposal.

As per the plan suggested in the national assembly revealed that the Minister of ICT and Science will keenly observe and will propose the defined plan for the duration of every three years. The perk of the bill fascinated the members as a special kind of incentive was announced for the companies which will switch their respective operations to an advanced world of Metaverse.

Korean Ministry of Science and ICT (Information and Communication Technologies) also disclosed the state’s designated budget for the Metaverse program which would be approximately 140 million dollars (195.4 billion won) till 2023. And in February 2022 the Ministry of ICT and Science reported that 186.7 million dollars (223.7 billion won) would be designated for the expansion of the Metaverse project or the virtual world.

Such interest in South Korea for Metaverse was significantly noticed since the beginning of 2022 and different firms started taking interest and investing in the virtual world. Not only did such interest was popped out but practicalities were also there as two of the major retailers of South Korea launched artificial intelligence and metaverse integration for sake of an advanced, convenient and more friendly customer experience.

Currently, the Korean government is focusing on related issues like copyrights and personal data protection and the Central Bank of South Korea is also planning to lift ICOs (initial coin offerings) ban as well.

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