South Korea expands efforts to regulate Metaverse

The country has been very active in the development of the Metaverse since the beginning of 2022, teasing big investments and a regulatory framework.

South Korea continues its immersion in Web3 and the Metaverse. After investing nearly $200 million in creating its own metaverse ecosystem and publishing the "Metaverse Ethical Principles", the country's government is now preparing a "Metaverse Industry Promotion Act".

As reported by local media on September 1, Heo Eun-ah, a National Assembly member with an entrepreneurial background, proposed the enactment of the Metaverse Industry Promotion Law to support the metaverse industry. Web3. A number of other members of the National Assembly supported Eun-ah's proposal.

According to the bill, the Metaverse Policy Review Committee, directly subordinate to the Prime Minister, would deliberate on policies promoting the development of the Metaverse in the country, while the Minister of Science and Technology of the information and communication should define a final plan every three years.

The bill also includes incentives for companies that switch their operations to Metaverse while meeting benchmarks of excellence such as protecting users' personal data.

According to data from the Ministry of Information and Communication Science and Technology, the government budget for major metaverse-related projects will reach 195.4 billion won (about $140 million) in 2023. February, the ministry said 223.7 billion won ($186.7 million) would be allocated to the virtual world platform as part of the extended virtual world.

Related: Crypto Winter? The DeFi, Metaverse and NFT job market is still hot - Recruiters

Reports of the South Korean government's growing interest in the Metaverse began to surface since early 2022, when two major retailers launched Metaverse and AI integration for their platforms in order to...